Abount disability insurance in Canada
Disability insurance can help offer you the protection you need if you are injured or become ill and can no longer work. A freak accident or unforeseen event could impair your ability to work or function for weeks, months, years or even permanently. During the time you take to recover your bills will keep coming in. This coverage can help ensure you have financial means during this time.
The need for this insurance is more common than most realize. It is estimated that about 2 in 5 Canadians become disabled for 3 months or more before they reach retirement age. Below we will provide you with more information about what disability insurance is, why you should consider it, and what it covers. You’ll also receive answers to common questions about this type of insurance.
What is disability insurance?
Your ability to earn an income over your career is one of your most valuable assets. Protecting your ability to earn is vital for your financial security. Disability insurance provides you with financial relief when you cannot work because of an injury or illness. It provides you with regular payments to help replace your income when you cannot earn. Plans cover between 60-85% of your income, subject to a payment limit and for a defined time.