If you work for a living, you probably expect to be able to go to work and do your job every day.
Compare Disability Insurance
You could save thousands of dollars by comparing prices before you buy disability insurance policies
What is Disability Insurance?
Disability insurance is also called income protection insurance because that is what this insurance it is meant to do. It covers you when you are unable to work. Much like Critical Illness as well as Mortgage Insurance, it protects your income when you are disabled due to sickness or accident.
What is Disability Insurance?
"What would happen if you were in an accident tomorrow morning and had to temporarily stop working? Could you meet your financial obligations? Disability insurance protects your income, and that's valuable! It allows you to take time to get back on your feet with peace of mind while your insurance benefits pay for your house, car, and groceries. With the right disability insurance, you get a monthly payment that adequately replaces your income. Benefits are usually between 60% and 85% of your income. If you have mortgage insurance that includes disability, keep in mind that it only covers you for the payment of your mortgage while you are unable to work. The monthly income you get with disability insurance, meanwhile, covers your other financial obligations and may even allow you to continue saving for retirement."
The definition of disability
Disability refers to a mental or physical condition that prevents an individual from supporting himself or herself. Be careful, as not all insurance companies define disability in the same way. For example, your disability could be partial or total, or it could involve your regular occupation or any job. The implications are quite different depending on which definition prevails. In some cases, as soon as you are able to work at any job, you cannot be compensated. For this reason, it is essential to understand your contract.
Disability insurance for salaried employees and the self-employed
Disability insurance relieves the stress from a situation that prevents you from working and earning an income for yourself and your family. You may already be covered by group insurance at work. If you currently have coverage, it is important to check with your employer and supplement your coverage with individual disability insurance. Group insurance is often offered to all members of the same group, such as all employees of a company. You are probably obliged to subscribe to it and cannot personalize your coverage. There is nothing to stop you from purchasing an individual plan in addition to your group insurance. By combining your group insurance with an individual plan, you can choose your own coverage. A more complete coverage will protect your family from the financial impact of your disability. For self-employed workers and business owners, it is even more crucial to purchase this type of insurance. A disability that prevents you from working could have disastrous consequences on the continuation of your business
Some tips for saving money on your next disability insurance policy in Canada
Learn more about disability insurance
Disability insurance is just one of the ways you can protect your income if you can’t work due to an injury or
Short-term disability insurance could help save your bacon. If a medical condition temporarily renders you unable to work, you may get short-term
Find out more about insurance
If there’s one thing Canadians love more than hockey and poutine, it’s getting the best bang for our buck. Whether it’s a
Very simply put, an insurance broker is an individual or company that acts as an intermediary between a person seeking insurance and
If you’re about to buy a house or already have one, you were likely offered mortgage life and disability insurance. If you