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Both permanent and temporary disabilities are more common than you may think. Ensure your financial protection in the event you are rendered unable to work.
What is Disability Insurance?
In the event you become temporarily or permanently disabled, Disability Insurance will replace between 60% to 85% of your income. Disabilities are more common in Canada than you may think, with almost 25% of population aged between 45 and 64 living with at least one disability.
You also need to consider common temporarily disabilities, such as a broken arm or leg, that can prevent you from working for several months depending on your profession. Furthermore, if your occupation involves intense physical activity, then injuries and accidents may be more prevalent within your field, making Disability Insurance that much more desirable.
Insurance companies differentiate between coverage for being unable to work in “own occupation” or “any occupation”. “Own occupation” coverage provides income replacement if you cannot continue working at your job after becoming disabled (either temporarily or permanently). “Any occupation” coverage, however, applies to becoming unable to work in any occupation that is aligned with your education and experience.
For example, if a construction worker breaks an arm and is unable to work for 60 days, under “own occupation” that individual would receive partial income replacement. However, under “any occupation” coverage the construction worker could be relegated for time being to office work (planning, scheduling, supplier relations), and not receive benefits. Accordingly, “any occupation” coverage has lower premiums.
Like with most other insurance products, the younger and healthier you are, the lower your premiums. However, the cost of Disability Insurance is also heavily impacted by your occupation. If you work in an environment prone to workplace accidents, your premium will be higher than that of an office worker.
Other factors that affect your premiums include your salary, amount of coverage, and duration of benefits. Depending on your circumstance, you can expect to pay anywhere between 1% to 5% for either Short-Term or Long-Term Disability Insurance.
Types of Disability Insurance in Canada
You can get either Short-Term Disability Insurance or Long-Term Disability Insurance, or both, depending on your situation:
How to Save Money on Disability Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.