Disability Insurance

Disability Insurance

Disability Insurance

Disability Insurance works while you can’t!

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What is Disability Insurance?

Disability insurance replaces your income in the event that an illness or accident prevents you from working. This type of insurance provides you with a portion of your regular income, usually a percentage of your salary, during the period when you are unable to work. The amount you receive and the length of time you receive payments depend on the specific policy you purchase.

Disability insurance can help cover your living expenses, such as rent, mortgage payments and utility bills, as well as any medical expenses that may arise due to your disability. It's an essential type of insurance for anyone who relies on their income to cover their living expenses. It provides monthly tax-free income to help cover expenses. You can customize your coverage by adding different benefits for an extra fee, such as a return-of-premium rider that refunds up to 50% of your annual premiums. A cost of living benefit adjusts the monthly disability compensation annually to combat inflation. Your advisor can help you choose which additional benefits are best for you.

Types of Disability Insurance

In Canada, disability insurance is typically categorised into short-term and long-term coverage options. They complement each other well as there is usually a waiting period before benefits start. A typical benefit period is up to age 65 and it gives you a tax-free monthly benefit that also helps to replace your earnings and pay your expenses. The two different types are mentioned below for further reference.

Short-term Disability Insurance

Short-term disability insurance is usually provided by an employer and covers up to 6 months when you get sick or hurt. Waiting times for short-term disabilities are usually less than those for long-term disabilities.

Long-term Disability Insurance

Long-term disability insurance may also be provided by an employer, but the coverage may not be sufficient. It's important to carefully review the coverage with your HR professional to ensure you have enough. Individual disability insurance provides full coverage if you become disabled for an extended period.

Product Highlights

Disability Insurance Coverage Options

Income Replacement

Disability insurance provides crucial financial protection by replacing a portion of your income if you become disabled and unable to work. This ensures you can maintain your lifestyle and meet financial obligations during the disability period.

Flexible Benefit Options

Disability insurance policies offer flexible benefit options tailored to your needs. You can select the waiting period, which is the time between disability onset and benefit commencement, and the benefit period, which determines how long benefits are payable. Adjusting these options allows you to strike a balance between premium affordability and extended coverage.

Own Occupation Coverage

Certain disability insurance policies provide "own occupation" coverage, deeming you disabled if you are unable to perform the duties of your specific occupation. This offers stronger protection, acknowledging the unique skills and requirements of your occupation.

Rehabilitation and Return-to-Work Support

Disability insurance policies often include rehabilitation and return-to-work programs. These programs assist you in recovering from your disability and reintegrating into the workforce. They may offer vocational training, job placement assistance and support services to facilitate a smooth return to work.

Non-Cancellable and Guaranteed Renewable

Many disability insurance policies come with non-cancellable and guaranteed renewable features. This means the policy cannot be canceled or have premiums increased based on changes in your health or disability status. Such stability ensures long-term protection and peace of mind.

Tax-Free Benefit Payments

In Canada, disability insurance benefits are generally received tax-free. This implies that the benefits you receive are not subject to income tax. As a result, your disability income covers your financial needs without additional tax obligations.

Benefits

Why Do You Need Disability Insurance?

Disability can happen to anyone

Disability can happen to anyone

Up to 40% of Canadians experience a disability lasting 90 days or more before the age of 65.

You can replace most of your income

You can replace most of your income

Disability insurance can provide up to 80-90% of your take-home salary.

Protect your retirement savings

Protect your retirement savings

Disability insurance can help you meet your financial obligations and prevent you from having to withdraw from your retirement funds.

How Does Disability Insurance Work?

  • Choose desired coverage amount and additional benefits.
  • Make monthly subscription payment.
  • Submit a claim if you become disabled.
  • Wait for waiting period to end.
  • Receive monthly instalments after waiting period.
  • Payments stop when benefit period ends or you return to work.

Get Started

01 Step

Get a Personalised Quote

You can contact MyLegacy Insurance Services to receive a customised quote for your disability insurance. We will provide you with a monthly rate and options for coverage.

02 Step

Apply for Coverage

Choose the plan that meets your needs and apply for coverage. You may need to provide medical information or undergo a physical exam.

03 Step

Sit Back and Relax

Your advisor will handle the rest, including all the paperwork. Once your application is processed and approved, you'll be covered in case of disability.

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We at MyLegacy Insurance Services are made up of passionate individuals who are committed to helping North American families achieve financial freedom.