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Disability Insurance
Rest easy with replacement income in case of disability
Whether you’re employed, self-employed or run your own business, a disability that leaves you unable to work is downright nerve-wracking. You are your most valuable asset. What would happen if an accident or an illness suddenly prevented you from working? This is where disability insurance comes into play. It gives you time to get back on your feet without worrying about income.
Real-Life Scenarios: The Importance of Disability Insurance
- Gabriel, a construction worker in Quebec City who earns $75,000 a year, took out disability insurance to cover all his expenses, such as bills and groceries, if he were to have an accident.
- Sarah, a self-employed hairdresser in British Columbia with an annual income of $40,000, does not have group insurance. She wants to protect her income and her business in the event of a disability. This monthly income allows her to cover her work-related expenses and more.
- Paul, an administrative employee in Ontario with an annual salary of $65,000, works for a small company that does not offer benefits such as disability insurance. He decided to take out a policy to cover his loss of income in the event of a disability.
Our benefits
What is covered by disability insurance?
Disability insurance typically covers both short-term and long-term disabilities resulting from illnesses, injuries, or mental health conditions that prevent you from working. Coverage details vary, so it’s essential to review your policy to understand the specific conditions and length of coverage offered.
How much of my income will disability insurance replace?
Most disability insurance policies replace a portion of your income, usually between 50% and 80% of your regular salary. The exact percentage depends on your policy and the coverage options you choose.
Do I need to undergo a waiting period before receiving benefits?
Yes, disability insurance policies usually have a waiting (or elimination) period, which is the time you must be disabled before benefits start. This period can range from a few days for short-term policies to several months for long-term policies, and you can select a waiting period that suits your needs.