Your provincial health plan can help with the medical bills. But to replace lost income, you need disability insurance. Disability Insurance allows you to focus on your recovery while helping you take care of your financial obligations.
We’re sure you have had loved ones, friends, or co-workers suffer from an accident or illness that prevented them from working for weeks or maybe even months. When unexpected events occur, it’s difficult to watch people struggle financially due to loss of income. It’s much more difficult to accept if the person is you or your family member. What will a loss of income mean to you and your family? It would most likely be unpleasant, irritating, and even frightening. The great news is that Long-term Disability Insurance benefits will fill a gap in your cash flow.
Disability Insurance and benefits do not just cover unusual incidents. Many claims are for health issues you may not recognize as impairments, such as physical injuries, stress, cardiac arrest, cancer, or any event that your doctor requires you to have bed rest or time off from work.
Disability insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working.It can give you a tax-free monthly payment to help replace your income and cover your expenses if an illness or injury keeps you from working.
While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.
You’ve worked hard to get where you are today. If illness or injury prevents you from doing your job, you can help make sure your income continues uninterrupted.
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Many Canadians received benefits from various Covid-19 income benefits like CERB. Where would families be financially if the government hadn’t stepped in with company loans and income subsidization plans during the Covid lockdowns. We all know many friends and relatives that received these benefits. Where would they be financially today if the government benefits were not provided. Maybe you received Covid benefits yourself. Disability benefits work the same way. In the unfortunate event that you lose your job due to accident or sickness you can make a claim and receive benefits.
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Your ability to earn an income over a 30- or 40-year career, is your most valuable asset. Here’s an idea of what you could earn over the rest of your working life based on your age and current salary. This chart assumes a 2.5% raise every year and that you’re working to age 65.
The following chart shows the maximum amount you could receive tax-free each month if you faced a disability. These are just estimates – the amount you’d actually receive depends on specific circumstances, like your age and occupation.
You can get disability coverage through the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) but they provide limited benefits.
You must “have a severe and prolonged mental or physical disability” to qualify for CPP disability benefits. You may be able to get disability coverage through Canada Life under a more relaxed definition.
The CPP’s average monthly benefit is $966.43 and the maximum in 2019 is $1,362.30.
Group insurance is a great start, but it usually only provides basic coverage. A personal disability policy complements group insurance – together, they can help protect you, your family and your lifestyle should the worst happen.
Coverage amounts are often limited
Your employer often picks the coverage options
Typically, you can make change once a year or if there’s life-changing event
Your coverages ends unless there’s an option to convert to individual coverage
Typically, it’s low cost
Costs can change every year
You choose your coverage amount
You choose the coverage amount and how long you need it
Yes, you can adjust coverage
Your coverage stays the same because it’s not tied to a job or membership
Typically, it’s higher cost than group coverage
Costs stay the same for the duration of your policy
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