Disability Insurance

disabilityEarning an income is not only important to maintaining your quality of life, it also lets you provide an education for your children, planning for retirement, and dealing with emergencies. Disability insurance protects your income in the event that you cannot work due to an injury or handicap. Disability insurance is designed to protect you from the possible loss of income. What’s the possibility of this happening? It’s more than you’d imagine. Why should you consider it? It’s the only sure way to provide guaranteed coverage and guaranteed premiums.

What’s the possibility of this happening?

Chances of becoming disabled for 3 months or longer before age 65*

Percentage 58% 54% 50% 48% 40% 30% 23%
Age 25 30 35 40 45 50 55

* Derived from 1985 Commissioners Individual Disability Table A

Why should you consider a personal disability insurance plan?

  • 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 insurance plan will provide you with guaranteed coverage and guaranteed premiums.

Plan Overview
Short Term Disability Short-term disability insurance (STD) is a type of disability insurance that pays a portion of your regular income, typically around 70 percent, when a disability prevents you from working and your work benefits or sick leave runs out. The terms of short term disability insurance generally last between 15 and 52 weeks.
Long Term Disability Long-term disability insurance (LTD) is a type of insurance that takes effect after your short term disability or employment insurance runs out. Long term benefits typically last up to an additional two years, and you may need to participate in work rehabilitation plan for your benefits to continue longer.
Disability for the Self-Insured Disability Insurance for self-employed business owners can be a valuable solution to cover overhead costs or bank loans in the event that you are disabled. Disability insurance may also be bought for key employees to ensure that operations may continue as smoothly as possible if they can no longer work.