Disability Insurance
Your Income, Protected! No Matter What Happens.
Disability insurance provides a tax-free monthly benefit if an illness or injury prevents you from working, helping to replace a portion of your income and maintain financial stability.
Key Benefits:
- Income Replacement: Typically replaces 60%–90% of your regular income, up to a set maximum, if you can’t work due to illness or injury.
- Tax-Free Payments: Benefits are paid tax-free, helping cover living expenses while you recover.
- Coverage Options: Choose short-term (up to 6 months) or long-term coverage (potentially to retirement age), with customizable features like inflation protection and partial disability benefits.
- Eligibility: Available to working Canadians aged 18–69, including employees and self-employed individuals.
- Flexible Use: Use benefits for any expenses—mortgage, bills, or medical costs—while you’re unable to earn an income.
Disability insurance is a crucial safety net, protecting your income and financial goals if you’re unable to work due to illness or injury. It ensures you can meet your financial obligations and maintain your lifestyle during recovery.
Frequently asked questions (FAQ)
No, anyone who relies on their income—including office workers and professionals—can benefit from disability insurance, as illnesses or mental health conditions can also prevent you from working.
You may still qualify, but coverage for your specific condition could be limited or excluded, depending on its severity and your insurer’s policies.
Short-term disability covers you for a few weeks up to six months, while long-term disability can provide benefits for several years or until age 65 if you remain unable to work.
Yes, many policies cover disabilities resulting from mental health conditions such as depression or anxiety, not just physical injuries or illnesses.
If you pay the premiums with after-tax dollars, your benefits are usually tax-free. However, if your employer pays the premiums, benefits may be taxable.
Some policies allow you to increase your disability coverage at certain times—such as after a promotion—without additional medical exams, helping your protection keep pace with your earnings.
