Disability Insurance Canada

Disability Insurance is (security you need & the protection you deserve in case of any eventuality)

disability insurance canada

If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Our disability insurance canada plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.

Disability Insurance Canada is primarily intended for the self-employed and independent contract workers who cannot afford to miss extended periods of work and are not covered by an employer’s insurance policy.

Whether you are a sole owner or have a partner, the financial risks to your business and family are very significant if you suffer a serious accident, injury or illness that prevents you from working for an extended period of time. Not only does your current income stop, future income also stops and, in most cases, many of the business and personal expenses continue. There are leases, loans, salaries and other commitments to be met and no income.

If you have Workers Compensation, it will pay a percent of your income but only 8% of disabilities are covered by workers compensation as the accident occurs off the job or it is an illness. These payments will likely be less than what you will need. One of the leading causes of divorce is the financial stress that accompanies a long-term illnesses. Picking the right disability insurance for Your Needs is very important decision

Disability Insurance Canada

Disability Insurance in Canada: 5 Essential Buyers Tips

Disability insurance Canada helps you with monthly tax free income if you are unable to work due to an injury and/or illness. There are many factors to consider before coming to a conclusion to buy a disability insurance policy in Canada, the following 5 points will help you choose the plan that is right for you:

1. check that the insurance is injury only / injury and sickness disability protection. Injury and sickness disability coverage provides much more complete coverage and pays out your monthly tax free benefit in the event you are disabled to do an injury and/or sickness.

2. Check if you want a cancelable or non-cancelable insurance policy. Non-cancelable coverage is more in cost, but the insurance company has to honour its premium and coverage. With a cancelable policy the insurance company has the option of increasing your premium or canceling your policy on a class wide basis.

3. See if you qualify for an association and/or occupational discounts. Certain occupations qualify for a preferred premium classification. Some companies also offer multi life discounts.

4. Know the elimination period and benefit period which best suits your budget. The elimination period refers to how long until you begin to receive your monthly benefit. The benefit period refers to how long you will receive your monthly benefit for. These two variables combined with your monthly benefit help determine the plan's monthly premium.

5. Work with an independent broker who can provide you unbiased independent advice and select a disability plan which best suits your financial situation.

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