Protect Your Income with Disability Insurance in Canada
An unexpected health problem can go beyond your health. In addition to affecting your health, an illness or injury can severely affect your income. Disability insurance protects you and your family in times like these by replacing income so you can focus on getting better and let bills take a backseat. Sure Plan Services Inc. assists individuals and families to consider Disability Insurance choices that can offer monetary assistance in the event that they are unable to work.
For those in work, self-employed or in business, protection of your savings and financial stability is possible with the right cover.
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What Is Disability Insurance?
Disability Insurance is a form of income protection that provides a percentage of income in the event of a covered illness or injury which keeps you from working.
It assists to pay for basic costs like mortgage repayments, rent, grocery bills, electricity and gas bills, and other financial obligations.
This coverage can offer financial assistance for recovery for Canadian workers relying on regular income.
Types of Disability Insurance
Short-Term Disability Insurance
If illness or injury prevents you from working, then Short Term Disability Insurance will take over to provide some income replacement.
The benefits usually do not last long and are either for a few weeks or months, as per your policy. It can assist you in handling immediate costs during recuperation.
Long-Term Disability Insurance
In cases of serious, prolonged illnesses and injuries that exceed the time periods covered by Short Term Disability, you need Long Term Disability.
Some policies can pay benefits for a number of years or until a particular age, like 65.
Key Benefits of Disability Insurance
Flexibility: You choose your coverage level and your waiting period.
Stability: Meet the demands of your personal financial obligations.
Protection of Savings: Reduce the risk of exhausting personal savings.
Protection of Self-Employed Earnings: Protect yourself when lost earnings disrupt personal income.
Why Choose Sure Plan Services Inc.?
There are important aspects of disability insurance you must understand: benefit periods, waiting periods, coverage exclusions, and premiums.
Sure Plan Services Inc. is committed to assisting clients in making informed insurance choices by providing them with customised advice and helpful insurance policy details.
Here's what we do: We understand your financial obligations, we let you know what coverage options are available to you and we help you find coverage that fits your situation.
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Frequently Asked Questions
Q.) What Does Disability Insurance Cost in Canada?
Ans: Disability insurance premiums are based on factors such as age, occupation, personal health, personal income, and the level of coverage and the length of the waiting period you select.
Is Disability Insurance for mental health illnesses?
Ans: There are some policies that include conditions such as depression and anxiety, if it's considered a mental health condition. Coverage is subject to the definition, exclusions and terms of the policy of the insurer.
Yes, people who are self-employed can buy disability insurance.
Yes. Individual policies are available to self-employed professionals and business owners, with verification of income and eligibility.
Disability Insurance income is considered taxable.
Very generally, the tax treatment will depend on who pays the premiums and the way the policy is set up. There are benefits which are paid for by the individual, for which there is no tax liability, and benefits which are paid for by the employer for which there may be a tax liability.
Q.) Is there disability benefit in 5 Year Term Life Insurance?
Ans: Standard Term Life Insurance won't cover lost income in case of a disability. Some policies have optional disability riders, though.
Secure Your Earnings. Protect Your Lifestyle. Choose Sure Plan Services Inc.