Disability Insurance
Safeguard Your Income, Secure Your Future
Disability Insurance provides a financial safety net by replacing a portion or all of your income if you become disabled and are unable to work. Disabilities can arise from various causes, including injuries, serious illnesses, or mental health issues, and can last for either a short or long term.
While many prioritize auto and home insurance to protect their assets, fewer consider safeguarding their income—the foundation of their financial stability. Unexpected income loss due to injury or illness is one of the leading causes of mortgage defaults and savings depletion. Disability Insurance ensures you and your loved ones are financially secure, even during challenging times.
Reasons to consider Disability Insurance
Buying disability insurance is a very important decision of your life. While you are thinking about the premium you will be paying, it also important the possible benefits you will receive, if you happen to meet with a disability.
- Financial Security During Disability: An injury or illness resulting in disability can significantly impact your ability to earn an income, making it difficult to pay bills or maintain your standard of living.
- Limited Support from Worker’s Compensation: Worker’s compensation only provides benefits for work-related injuries, leaving gaps in coverage for disabilities caused outside the workplace.
- Insufficient Unemployment Insurance: Unemployment insurance typically covers only up to 26 weeks, which is rarely sufficient for managing serious injuries or long-term disabilities.
- Minimal Benefits from Government Plans: Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) offer limited disability benefits, which may not fully support your financial needs during extended periods of disability.
- Inadequate Group Coverage: Group insurance plans often have limited coverage and may not address all types of disabilities, leaving you vulnerable in case of unexpected situations.
Disability insurance provides a safety net to ensure financial stability, helping you maintain your lifestyle and focus on recovery without the stress of income loss.