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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.

What are the levels of coverage?

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.

What is the cost of Disability Insurance?

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:

Short-Term Disability Insurance

It typically replaces 70% of your salary for up to 6 months if you become unable to work due to a disability. Before purchasing this type of Disability Insurance, check if it is provided by your employer. If your employer does offer it, they may require you to use up your other employment benefits (such as sick leave or vacation days) before your coverage kicks in. You can still purchase a Short-Term Disability Insurance policy if you are dissatisfied with your employer’s coverage.

Long-Term Disability Insurance

Long-Term Disability Insurance replaces on average 60% of your salary for two or more years, depending on your chosen coverage. However, your benefits take effect after Short-Term Disability Insurance or Employment Insurance coverage ends, and you have exhausted your employee benefits such as sick leave and paid vacation days.

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.

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Got Employer Coverage?

Reduce your premiums by adjusting your plan to only fill the gaps in the coverage provided by your employer.

When Is Your Birthday?

Your age bracket impacts your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Are You a Smoker?

Smokers can pay up to a 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

Bundle Your Coverage

Disability Insurance is often purchased alongside Life Insurance or other coverages. Get your policies from the same provider for a discounted rate.

Got Employer Coverage?

Reduce your premiums by adjusting your plan to only fill the gaps in the coverage provided by your employer.

When Is Your Birthday?

Your age bracket impacts your premiums. Avoid higher rates by purchasing a policy before your next birthday.

Bundle Your Coverage

Disability Insurance is often purchased alongside Life Insurance or other coverages. Get your policies from the same provider for a discounted rate.

Are You a Smoker?

Smokers can pay up to a 100% more for the same level of coverage. Consider quitting for a considerable reduction in your premium payments.

Compare Rates from Canada’s Most Reliable Insurers

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