As you embark on your career journey, the thought of being unable to work due to a temporary or permanent disability probably doesn’t cross your mind. Yet, life can take unexpected turns, and you may find yourself facing this challenging situation. When disability strikes and you’re no longer able to earn an income, your financial responsibilities don’t disappear. Planning for such an unforeseen event is inherently difficult.

We understand that there’s no advance warning for disability, making it challenging to prepare for this life-altering scenario. If disability does occur, rendering you unable to work or significantly reducing your income, disability insurance in Canada can serve as a financial safety net for you and your family. This insurance is designed to provide financial support, ensuring the well-being of your family until you’re able to return to work. Instead of resorting to drastic measures like depleting your savings or retirement funds, let us assist you in finding the right disability insurance policy to support your family when you need it most.

How Disability Insurance Functions?

Disability insurance offers a means to replace a portion of your income in the event that you are unable to work due to a disability. Disability strikes without warning, and its causes can vary, but this insurance is tailor-made to provide you with assistance during the uncertainties that accompany such a period. You can choose between short-term or long-term policies, or a combination of both to ensure comprehensive coverage, regardless of what life throws your way. The payouts from these policies may or may not be considered taxable income, but we can clarify these details to ensure your complete understanding of the policy. Disability insurance typically replaces anywhere from 60% to 85% of your usual annual income, and you may also be eligible for medical benefits while you are unable to work. It’s worth noting that life insurance and disability insurance are often bundled together, but this isn’t always the case. It’s entirely possible to be approved for a life insurance policy but not a disability policy. We can help you assess which policies you qualify for and the coverage amounts available to you.

Determining the Right Coverage?

To estimate the coverage you’d need in the event of disability, it’s wise to examine your current expenses. By understanding the financial requirements to maintain your current lifestyle, you can gain a clear picture of the financial support required. In the event of disability, your income will typically be limited to a maximum of 85% of what you previously earned. If you’re currently living at the upper limits of your budget, it may be necessary to make some adjustments or plan for cost-cutting measures. Additionally, you should consider any outstanding debt obligations, such as mortgages, loan payments, or car loans, to ensure you don’t default on these commitments during an extended period of time off work. We’re here to help you assess your complete financial situation and determine the most suitable policy for your needs. Feel free to complete the form below for a quote or give us a call to explore the policies you qualify for and the coverage amounts available to you.