Disability Insurance provides income in the event that a policyholder is prevented from working and earning an income due to a disability. Basically, the insurance will protect the lifestyle of the policy holder in cases of becoming disabled due to an injury or illness.
Why do you need disability insurance?
Depending on the coverage, you can receive up to $10,000 per month, which allows you to take care of yourself and your family. With disability insurance you have a backup to maintain the lifestyle that you and your family are used to.
Types of Disability Insurance
Disability Insurance varies depending on the duration of the disability which can either be short term or long term. There are different kinds of disability insurance plans that include individual insurance, group insurance as well as government plans such as workers’ compensation and benefits provided under the Canada Pension Plan.
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