An insurance protection against any loss of income if a disability prevents you from earning an income. Generally, the insurance company can replace between 60% to 85% of your income for a short- or long-term duration. A disability can be caused by a variety of reasons, including an accident, a serious illness or mental health issue.
If you are self-employed or independently contracted, there are options that will cover business expenses if you are unable to work.
When should you consider Disability Insurance?
If you’re the breadwinner or rely on your income to cover your lifestyle (mortgage/rent, family, debts) you want to protect your income. This insurance is worth considering.
Speak to one of our Expert Advisors and find out if this option is right for you.
Canadian Fact: 22% of Canadians had at least one disability. This represents 6.2 million people.