“Security of income when you cannot work.”
Disability insurance replaces a percentage of your income when, due to accident or injury, you cannot work. Depending on the policy you choose, there are various definitions of disability, as well as other considerations, such as length of coverage. Short-term disability insurance covers for up to three months, long-term disability covers for one, two, or five year terms, or for your lifetime.
You may be covered by your group insurance plan, but take a closer look. The definitions of disability vary from plan to plan: for example, some cover you only for a limited amount of time; others only cover when you cannot work in any occupation, versus your chosen occupation.
By replacing your income, disability insurance allows you to maintain your financial status while you cannot work. This way, your regular financial responsibilities are maintained, such as mortgage and car payments, as are your long-term goals, such as retirement and education savings. Some companies allow you to purchase a return of premium rider, meaning you receive all your premiums if you do not face a disability.
Almost half of mortgage foreclosures are due to disability (Canada Life and Health Insurance Association, 2004). The question is how you will maintain your lifestyle when you cannot earn an income due to accident or injury. When you become disabled, your income may be on hold, but your bills won’t wait. Preparation is key. We can provide you with a comprehensive analysis of your situation to reveal what kind of disability insurance you need.
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*Mutual funds are distributed through Desjardins Financial Security Investments Inc. For insurance products, Desjardins Financial Security Investments Inc. acts as a national life insurance brokerage agency.