Disability Insurance
Protect your most valuable asset — your ability to earn an income.
Disability Insurance is truly a basic concept. It is an insurance product designed to replace up to 67% of your gross income. Income could be tax-free or taxable depending on how it is structured.
Should sickness or illness prevent you from earning an income, this product can make the difference between a good quality of life and a marginal existence that erodes the fruits of your life's work.
Important to Know
These insurance policies can be very different. This is not a product where you can simply shop for the most competitive rate. Terms and conditions are important features of a disability contract. Let us help you navigate the differences.
Key Features to Compare
- Definition of Disability — "Own occupation" vs. "any occupation" makes a critical difference
- Elimination Period — How long before benefits begin (30, 60, 90, or 120 days)
- Benefit Period — How long benefits last (2 years, 5 years, or to age 65)
- Cost of Living Adjustment — Indexing to protect against inflation
- Partial Disability — Coverage if you can work part-time but not full-time
- Non-cancellable vs. Guaranteed Renewable — Level of premium and renewal guarantees
Who Needs Disability Insurance?
If you depend on your income to pay bills, support a family, or fund your retirement, you need disability insurance. Statistics show that one in three working Canadians will experience a disability lasting 90 days or more before age 65.
Self-Employed
No employer coverage means you're fully responsible for protecting your income.
Primary Earners
If your family depends on your income, disability insurance is essential.
Mortgage Holders
Protect your ability to make mortgage payments even if you can't work.