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Disability insurance typically covers a percentage of your pre-disability income, often ranging from 50% to 70%. The exact coverage and benefits depend on the policy and its terms. Some policies may offer additional benefits, such as cost-of-living adjustments to account for inflation, rehabilitation benefits, and partial disability benefits.
Disability insurance policies often have a waiting period before benefits kick in. This is the period of time the insured must be disabled before receiving benefits.
The occupation of the insured person can impact the cost and terms of disability insurance. Some occupations are considered riskier, and individuals in those professions may face higher premiums.
It's crucial for individuals to carefully review and understand the terms of their disability insurance policy to ensure it meets their needs and expectations in the event of a disability. Consulting with our licensed insurance advisor or financial planner can help you make informed decisions based on your unique circumstances.
Premiums for disability insurance can vary based on factors such as age, health, occupation, and the level of coverage. Generally, the younger and healthier the individual, the lower the premiums.
Disability insurance benefits are typically considered taxable income. However, if the premiums are paid with after-tax dollars, the benefits may be received tax-free.
In Canada, disability insurance may be referred to by various alternate names, including:
Income Protection Insurance
Disability Income Insurance
Income Replacement Insurance
Wage Loss Insurance
Business Income Protection Insurance
Disability insurance provides a source of income if you are unable to work due to a disability, helping you meet financial obligations.
It helps maintain your standard of living by covering ongoing expenses such as mortgage or rent, utilities, and other daily costs.
Provides financial security and peace of mind, knowing that you have a safety net in case of disability-related income loss.
Some policies offer additional benefits like rehabilitation support and coverage for medical expenses related to the disability.
Allows you to focus on recovery without the immediate pressure to return to work, fostering a healthier and more sustainable recovery process.
Policies can be tailored to fit individual needs and circumstances, offering flexibility in coverage and premium options.
Helps prevent depletion of savings or retirement funds to cover living expenses during a disability.
Provides support for dependents by ensuring a steady income stream even if the insured is unable to work
Premiums paid for disability insurance may be tax-deductible, providing potential tax benefits.
Policies vary in how they define disability, impacting when benefits are paid.
The waiting period before benefits start, ranging from weeks to months.
Specifies how long benefits will be paid once the elimination period is satisfied.
Policies may have limits on the amount or duration of benefits.
Your occupation influences policy terms and premiums.
Vary based on factors like age, health, and chosen coverage.
Policies may define disability based on the ability to perform "own occupation" or "any occupation."
Some policies may have exclusions or limitations related to pre-existing health conditions.
Additional options that can be added to customize coverage, such as cost-of-living adjustments or partial disability benefits.
