Get Disability Insurance Rates in Minutes

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.