Personal Life & Health:
Disability Insurance serves as an income replacement benefit—paid monthly over a period of time that you are unable to work due to a disability. This provides extra protection for you and your loved ones, in the event you are totally, partially, or proportionately disabled due to injury or sickness.
Types of disability
- Total Disability – You are unable to perform the substantial duties of your job due to injury or sickness.
- Partially Disabled – You are able to work full or part-time, but unable to perform certain daily duties due to injury or sickness.
- Proportionately Disabled – You are able to work full or part-time, but unable to earn more than 80% of your prior income due to injury or sickness.
Why do I need Disability Insurance?
Disability can affect anyone, at any age, and at any time. In fact, according to insurance statistics, one in four group claims are made by individuals under the age of 40. Investing in Disability Insurance protects you, your family, and your lifestyle should you suffer from injury or sickness, rendering you unable to work.
Over 16 million Canadians live with a chronic disease. This includes cancer, cardiovascular, chronic obstructive lung disease, diabetes, and mental illness. Chronic disease also accounts for 87% of disability.
Disability Insurance is one of the most important plans you can get. Check with your employer about the Disability Insurance you currently have. You may find that the coverage your employer provides is inadequate, which necessitates a private plan to cover the difference between what you’re already receiving and what you would ideally like to have for peace of mind.
If you do not have Disability Insurance through your employer or if you are self-employed, make sure to do your research and request a quote today. Disability Insurance may be more costly than your other coverages, however, it is protecting your most valuable asset.