Disability Insurance

There is an old question in insurance, and it goes a little something like this: if you had an atm in your home and it printed money for your family, would you insure it? Well believe it or not, this is you! The person with the most earning power should be seen as a valuable asset to the financial health and lifestyle of the family. Disability insurance is a product that protects your monthly income by offering you monthly payments in the event of your injury. While illness insurance focuses on serious conditions, disability focuses on injuries that prevent you from doing your regular work, regardless of whether you got injured on or off the job. Injury insurance is very specific to a persons occupation and can include certain exclusions based on this. 

What does disability insurance cover?

Whether you get into a car accident or are struggling with mental illness, disability insurance covers a wide range of situations. As long as your condition makes you unable to work for an extended period, you will receive benefits.

What can you use the disability benefits for?

Anything you want. The insurance company deposits the disability payments directly into your bank account at the same time every month. You can use these for everyday expenses like mortgage payments, medical bills, living expenses, and more.

Do you need disability insurance?

If you’re a working Canadian and rely on your income to support your lifestyle, the answer is a resounding “yes”. Your most valuable asset is your ability to earn an income, and it’s essential to protect this asset.

Even if you have group disability insurance coverage at work ( Individual disability insurance) you need to be clear on what that covers. The definition of disability in the policy, what the insurance covers and the length of coverage are all important questions to ask.

Disability benefits from the Government of Canada can help supplement your other sources of income if you are living with a disability. However, Employment Insurance benefits only offer up to 15 weeks of sickness benefits. Disability Insurance therefore adds that peace of mind that your income will be covered if you need it.

Speak to us today to find out what is the right fit for you!