Also referred to as income protection insurance, this insurance product offers protection against loss of income in a situation when you cannot go to work anymore. This can be due to illness or a sudden accident. The coverage period can be both long and short term and it can offer up to 60 to 85% of your regular income regardless of the type of illness or condition. 

The short term benefit can cover from anywhere between 6-26 weeks to as long as 52 weeks. It can be used for minor health issues, accidents and sports injuries. Coming long-term disability insurance, the coverage period can be anywhere between 2-5 years and it lasts till the age of 65. This type of insurance is generally used for clients who suffer from musculoskeletal problems, severe accidents and more.

Age: Age is a major factor determining the cost of Disability Insurance. The younger you are the lower the chance of you experiencing a disability. In short, if you apply for Disability Insurance at a young age, you pay less

Smoking: If you do smoke, then you may have to pay a high premium amount for your Disability Insurance. But if you don’t, you can get substantial health benefits at affordable premium rates.

Health and occupation: If you have lived a healthy life without suffering from any Critical Illnesses in the recent past, the cost of your Disability Insurance policy will be low. The same goes for individuals who have high earning desk jobs compared to skilled tradesmen and manual laborers.

Yes, you are. We understand that many Canadians do not like the idea of a 9 to 5 job and starting their own businesses. We have customized Disability Insurance plans for self-employed individuals. All you have to do is show necessary documents of proof of income, that’s it. We will take care of the rest. You can contact Rupinder Rai to resolve any queries you may have.

When it comes to insurance policies, Disability Insurance might be something that may not be comfortable to talk about. No one likes to talk about a Critical Illness which may affect your livelihood and income. But under certain circumstances when you are not able to go to work for the short and long term, Disability Insurance can help you protect you and your family from financial problems. Contact Rupinder Rai for further details