Introduction
Disability insurance in Brampton can help protect your and your family’s income if an unexpected illness or accident leaves you unable to earn a living. People usually give more importance to death benefits than living benefits. Living benefits” refers to the insurance industry for benefits that are paid out when you are alive through the insurance or critical illness insurance. They cover a living person’s lost income due to an unexpected illness or disability. In this blog, we will discuss the key benefits of buying disability insurance in Canada
What is Disability Insurance
It is also a form of income protection insurance, protects against loss of income due to an accident or sickness. This insurance replaces 60% to 85% of your regular income for a specific time duration. When premiums are paid with after-tax income, benefits are also non-taxable. einsured.ca, you can get insurance quotes from various insurance providers in Canada and choose the one that suits you the best.
Why Buy Disability Insurance
What would happen if you got hurt while commuting to work and couldn’t go to work for a few months? What about an illness that will take a year or two to recover? If you are the primary earning member of your household, it can result in financial hardship. According to the RBC insurance survey, 50% of Canadians have insurance, and the figure keeps growing. These points towards the increasing awareness and need of purchasing disability insurance to protect yourself and your dependents from any financial trouble.
You must buy Insurance Canada- You are dependent on your regular income to pay for your lifestyle, rent, or mortgage costs.
- You want to cover the daily living expenses of your family in case of an accident or sickness.
- You have limited access to savings and investments that won’t suffice during any unexpected event.
- You have other financial obligations.
Types of Disability Insurance:
- Short-Term Disability Insurance – This type of coverage provides disability benefits if you have an injury or are sick for up to 24 weeks and can be extended up to 52 weeks in some cases. The plan usually takes care of temporary health issues that occur because of an accident or illness. The benefit payments start within 14 days once you submit the claim through your disability plan. An employer usually offers short-term plans to their employees. Generally, these plans cover 50% to 70% of your monthly income. However, some employers do not offer short-term coverage. In that case, employees rely on Employment Insurance (EI) sickness benefits or personal disability insurance.
- Long-Term Disability Insurance – As the name suggests, this insurance plan is for long-term, which replaces 60% to 70% of your regular monthly income. This coverage starts right after the short-term insurance, sick leave benefits from your employer, or EI benefits. Long-term disability insurance provides coverage anywhere from 2 years, 5 years, or up to 65 years of age.
How to Buy Disability Insurance in Canada?
You can buy it with the help of a financial security advisor. We have the best and experienced advisors who attend to your queries and offer professional help regarding the best coverage plan at a minimum premium. You can ask us if you have any questions about Disability Insurance.
Final Thoughts
At einsured.ca, we offer multiple disability insurance quotes to make your experience easier and more comfortable. Please get in touch with us for your no-obligation discussion at Also, we are a leading and most trusted life insurance agent Brampton, so if you need any support, feel free to book a free consultation.
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