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 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.
This is an insurance product designed to replace anywhere from 45-60% of your gross on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Every disability insurance policy from every insurance company is very different, this is not a product to simply shop for the most competitive rate. To buy the cheapest disability insurance policy on the market is to throw money away. The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract.
According to a recent study, most people estimate they have only a 16% chance of becoming disabled during their working years, in spite of the following startling facts:
If you're under age 35, chances are one in three that you will be disabled for at least six months during the course of your career.
Men have a 43% chance of becoming seriously disabled during their working years.
Women have a 54% chance.
At age 42, it is four times more likely that you will become seriously disabled than that you will die during your working years.
The truth is there's no way to predict who will become disabled during their 40 or so working years. And no matter how careful you may be, there's no foolproof way to prevent it.
Sources: 1. Gallup survey, conducted for UNUM Corporation (508 respondents, aged 30 to 65), reported by Best's Review. 2. "Why Disability" booklet, published by National Underwriter
The truth is there's no way to predict who will become disabled during their 40 or so working years. And no matter how careful you may be, there's no foolproof way to prevent it.
What else you should know ?
Worker's Compensation only covers work related accidents.
Unemployment insurance only covers 15 weeks.
Canada Pension Plan: Are you comfortable relying on the government for a benefit that can change?
Group and association coverage can fill a valuable role in long-term disability protection. However, the benefit may be limited by the definition of disability and coverage amount. Remember, a custom designed individual disability plan will provide you with guaranteed coverage and guaranteed premiums.
The peace of mind that Personal Disability Insurance can provide is available for professionals, business owners, business executives, and full-time, part-time or home-based workers. Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, we can help by providing a comprehensive and portable plan you can rely on throughout your working years.
