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Permanent and temporary disabilities are very common. Ensure that you have financial protection in the event that you are unable to work.
What is Disability Insurance?
Disability Insurance will replace between 60%-85% of your income should you become temporarily or permanently disabled. In Canada, almost 25% of the population between the ages 45-65 are living with at least one disability.
There are many temporary disabilities you should consider, such as a broken arm or leg, that can prevent you from working for several months depending on your profession. If your job involves intense physical activity, then injuries and accidents may be more likely within your field, making Disability Insurance that much more vital.
What are the levels of coverage?
Insurance companies separate coverage for being unable to work in two categories: “own occupation” or “any occupation”.
Own occupation coverage provides income replacement if you cannot continue working after becoming disabled (either temporarily or permanently).
Any occupation coverage applies to becoming unable to work in any occupation that is aligned with your education and experience. For example, if a construction worker breaks a leg and is unable to work for 60 days, under “own occupation” coverage that person would receive partial income replacement. However under “any occupation” coverage, that construction worker could be demoted to office work for the time being, and not receive benefits. Additionally, “any occupation” coverage has lower premiums.
How much does Disability Insurance cost?
As with most other insurance products, the younger and healthier you are, the lower your premiums. 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.
Some other factors that affect your premiums include your salary, your duration of benefits, and the amount of coverage you’re looking for. You can expect to pay anywhere between 1% to 5% for either Short-Term Disability Insurance or Long-Term Disability Insurance.
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Types of Disability Insurance in Canada
There are two types of Disability Insurance that you can choose from:
Short-Term Disability Insurance
Short-Term Disability Insurance typically replaces 70% of your salary for up to 6 months if you become unable to work due to a disability. Before purchasing Short-Term Disability Insurance, check if it is provided to you by your employer. If your employer offers it, they may require you to use up your other employment benefits (such as vacation days or sick leave) before your coverage kicks in. You can still buy Short-Term Disability Insurance if you are dissatisfied with your employer’s coverage.
Long-Term Disability Insurance
Long-Term Disability Insurance replaces on average 60% of your salary for two or more years, depending on your chosen coverage. However, your benefits only take effect after Short-Term Disability Insurance or Employment Insurance coverage ends, and you have no more employment benefits such as paid vacation days and sick leave.
What is your age?
Your age bracket has a significant impact on your premiums. The younger you are, the more we suggest purchasing a policy. Avoid higher rates by purchasing Life Insurance before your next birthday.
Do You Have Employer Coverage?
Reduce your premiums by adjusting your plan to fill the gaps in the coverage provided by your employer.
Cigarette smokers can pay up to 100% more for the same level of coverage as a non-smoker. To gain a considerable reduction on your premium payments, consider quitting smoking. It will save you money and benefit your health.
Bundle Your Coverage
Disability is often purchased alongside Life Insurance or other policies. Get your policies from the same provider for a discounted rate.
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