Disability insurance
What is disability insurance? It protects your ability to earn a living. If you get too sick or injured to work, it replaces a portion of your income so you can pay your bills. Disability is more common than you may think: about 5% of working Canadians experience a short-term disability each year — and most don’t originate at work, so they aren’t covered by workers’ compensation.¹
Income protection you can count on to help you pay your bills when you can’t
Get disability insurance for yourself
Affordable long-term disability plans for the self-employed and people who want to supplement coverage from work.
Get disability insurance for your employees
Protect the financial wellness of employees with short and long term coverage that can be managed in lockstep with other leave requirements..
Disability insurance basics
Who is disability insurance for?
If you depend on the income you receive through work to pay your expenses, then you should probably consider disability insurance. It ensures that you can continue to receive partial income if you become too sick or injured to work.
What does disability insurance do?
Policies typically pay a percentage of your income if you have a serious illness or injury that prevents you from working. Short-term plans cover you immediately after an incident, while a long-term policy can pay for many years even through retirement age… If your disability lasts for an extended lasts for an extended period.
How do you get disability insurance
Some employers offer short and long term group disability plans to their employees. You can also purchase supplemental disability insurance for added income protection. Or, if you don’t have coverage through work, you can get an individual disability policy
A history of protecting
Why choose Quote Genius for disability insurance?
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Why every working adult should have disability insurance
What would happen if you were suddenly unable to work and earn an income? Accidents and injuries happen, and we can’t always anticipate if or when we’ll be diagnosed with a serious illness or medical condition. A disability policy can help protect you and your family by providing income to help pay your bills if you can’t collect your normal paycheck.
Disabilities are more common than you may think
While the term “disability” is sometimes applied to catastrophic conditions, such as paralysis from a car accident or a debilitating stroke, it covers far more conditions than you might think. Disabilities are more typically the result of less severe injuries, and people often need disability coverage for more common conditions such as pregnancy, back pain, depression, and digestive disorders.
Leading causes of disability claims*:
FAQs
Top questions about disability insurance
The two main types of disability insurance are short-term disability insurance and long-term disability insurance.
Short-term policies provide benefits for a limited period, such as a few weeks or a few months. Payments start after a short waiting period — often one or two weeks. This type of insurance, usually available through an employer, is designed to cover temporary medical conditions or injuries that prevent you from working.
Long-term disability insurance pays for a longer period. Policies differ, but benefits can last several years — even until the disabled person reaches retirement age, or is able to return to work. This type of plan can help you maintain your lifestyle if a more serious or even permanent disability prevents you from earning income for years.
Anyone who relies on their income to support themselves or their family should consider disability insurance. It can help provide financial support if you are unable to work due to an illness or injury that leaves you disabled and unable to earn an income.
While many people get coverage from their employer, self-employed individuals and business owners should also look into getting a policy, as a disability could not only threaten their income but the viability of their business. In addition to protecting your personal income, disability insurance for business owners can help protect the key areas your absence would impact, including:
Coverage for business expenses
Help protect your ability to pay business loans
Protect your firm if your business partner becomes too sick or injured to work
The answer will depend on who pays the premium, and at what point the premium is deducted. If you pay the premium with post-tax dollars, the disability payments will be tax-free, which helps payments go farther. Conversely, if your employer pays the insurance premium, or the premium is paid on a pre-tax basis, the disability benefit may be subject to tax, reducing the benefit amount you receive.
Individual disability insurance can be an excellent option for anyone who doesn’t receive disability coverage through work, including the self-employed.
Income protection supports financial wellness
Around 5% of working Canadians a year will experience a short-term disability leave due to a pregnancy, injury, or illness.⁴ The truth is that people of all ages, demographics, and professions have roughly the same potential to experience an income-disrupting injury or illness. More than 25% of today’s 20-year-olds can expect to become disabled and be out of work for at least a year during their career.⁵
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