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Disability Insurance
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What Is Disability Insurance?
Disability is defined as any mental or physical state that limits the human ability to work and perform daily operations normally. There are chances that you have to take time off from work for some time or permanently because of disability. Disability Insurance is the only insurance that compensates for the loss of your primary income for the time you have to take off from your work because of any disability.
Disability Insurance saves you and your family from compromising basic needs and lifestyle because of loss of income. The compensation you get is in the form of monthly payouts. What is considered a disability and what is not is clearly defined and once you clear the specified waiting period to get the coverage.
Need For Disability Insurance
Disability Insurance covers you in a way that no other insurance policy covers. It provides you with a monthly payment that replaces your monthly income if you become handicapped or suffer any disability because of an illness or accident and it hampers your working ability. Mostly we do not give much thought to the probability of anything happening to us.
Do You Know?
- 1 out of 3 Canadians suffers from short-term or Long-term disability once before age of 65.
- Almost 15% of Canadians suffer from some type of disability.
- Some employers provide disability coverage to their employees but it is valid only during working hours and till you have a job.
How Disability Insurance Is Different From Critical Illness Insurance?
The benefits offered by Critical Illness Insurance and Disability Insurance are different. Below is a brief comparison of the benefits offered.
| Critical Illness Insurance | Disability Insurance | |
|---|---|---|
| Utilization | The amount you receive can be utilized in any way you like | The amount you receive will compensate for your lost monthly income |
| Payment Structure | A lump sum amount is received | Monthly payouts till you are not able to work |
| Can be Stacked? | Yes | No |
You Need Disability Insurance If
- Your family members are dependent on your income to fulfill your financial needs.
- Work in a risky work profile or work in an accident-prone environment.
- You will need an alternate income for your survival in case you lost your job or are unable to work.
In Canada, Disability Insurance can be purchased individually or some employers purchase it for their employees as a group insurance policy. The drawback of the policy given by the employer is that it covers you only during working hours and is valid till you work for that employer. You can always go for Disability Insurance personally. Other than that Canadian government provides the Workers’ Compensation and Benefits plan under which disability benefits are given but if you meet specific criteria.
Benefits Offered By Disability Insurance?
- You can choose coverage as per your medical history, working environment, job profile and family history.
- In case you suffer from any type of disability then you will receive monthly payments till you are in condition to work again.
- In case of permanent disability, you will receive monthly compensation till the age of 65.
- The monthly amount you will get will be 65% to 80% of the amount you earn annually.
- Policy approval will not depend upon your medical history.
- You have to join rehabilitation or suitable retraining support programs after disability to join back to work.
- The expenses of the support program are covered by the Disability Insurance.
There are different types of Disability Insurance available. The coverage and premium will depend upon the type of Disability Insurance you will choose.
Types Of Disability Insurance Available
1. Short-Term Disability Insurance Plan:
- This type of plan is beneficial if you suffer a disability temporarily.
- It provides coverage for a minimum of 15 weeks to 52 weeks.
- The monthly payment you will receive will be up to 70% of your gross annual income.
2. Long-Term Disability Insurance Plan:
- It is applicable only after your paid leaves or short-term benefit is over.
- Maximum coverage is for 2 years.
- You can extend coverage till you are 65 years, for that you have to engage yourself in a suitable rehabilitation program started by the Canadian government.
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