Maintain Your Lifestyle
Helps cover essential expenses like mortgage/rent, utilities, groceries, and car payments, preventing a drastic change in your standard of living.
Disability Insurance: Protecting Your Most Valuable Asset – Your Income
Secure Your Financial Future if You're Unable to Work Due to Illness or Injury
What is Disability Insurance?
Disability Insurance (often called DI or income protection) is designed to replace a portion of your regular income if you become unable to work due to an illness or injury. It provides a monthly benefit to help you cover your living expenses, pay bills, and maintain your financial stability while you focus on recovery.
Why is Disability Insurance Crucial?
Your ability to earn an income is your most significant financial asset. An unexpected illness or accident could jeopardize that. Disability insurance offers vital protection:
Focus on Recovery, Not Finances
Reduces financial stress, allowing you to concentrate on getting better without the worry of how you'll pay your bills.
Protect Your Savings & Investments
Prevents you from having to deplete your retirement savings (RRSPs, TFSAs) or other long-term investments to cover daily expenses.
Preserve Your Financial Independence
Ensures you don't have to rely solely on family, friends, or government assistance during a period of disability.
Avoid Accumulating Debt
Helps you stay on top of your financial obligations, preventing the accumulation of debt while you're not earning an income.
Essential for Self-Employed & Business Owners
Particularly critical for those who don't have access to group disability benefits through an employer.
Key Features of Disability Insurance Policies:
- Benefit Amount: Typically replaces 60-85% of your pre-disability gross monthly income, up to a maximum amount. Benefits are usually tax-free if you pay the premiums personally.
- Waiting Period (Elimination Period): The length of time you must be disabled before benefits begin (e.g., 30, 60, 90, 120 days, or longer). A longer waiting period generally means lower premiums.
- Benefit Period: The maximum length of time you can receive benefits (e.g., 2 years, 5 years, or until age 65 or 70).
- Definition of Disability: This is a crucial aspect. Common definitions include:
- Own Occupation: You are considered disabled if you cannot perform the main duties of your specific occupation, even if you could do other work.
- Regular Occupation: You are disabled if you cannot perform the duties of your regular occupation and are not engaged in any other gainful occupation.
- Any Occupation: You are considered disabled if you cannot perform the duties of any occupation for which you are reasonably suited by education, training, or experience.
- Riders: Optional additions to enhance your policy, such as Cost of Living Adjustment (COLA), Future Income Option (FIO), Partial Disability Benefit, and Return of Premium (ROP).
Policy details, definitions, and available riders vary significantly between insurers. We'll help you understand these critical components.
Our Trusted Providers for Disability Insurance
We offer disability insurance solutions from reputable Canadian insurers including Industrial Alliance (IA), Equitable Life, Manulife Insurance, and others, ensuring you have access to quality plans designed to protect your income.
Secure Your Income, Secure Your Future
Don't leave your financial well-being to chance. Disability insurance provides a vital safety net. Contact us for a personalized assessment and quote.
Protect Your Income - Get a QuoteCall 647-709-3400 or email info@oneprotection.ca to discuss your needs.