Disability Insurance Income Protection for Canadians

Serious illness, car accidents, stroke… they happen in an instant and change your life forever. Any of these can cause you to lose the ability to earn an income. They also can cause you to lose the lifestyle you have been creating for yourself and your family.

Canadians are fortunate to have universal healthcare. Many major hospital and recovery costs are covered. But the government will not replace your income if you can’t work. How do you maintain your mortgage payment without income, send your children to college as you planned or reach the retirement goals you have set?

Disability Insurance helps you deal with the daily challenges of a serious health condition and the financial pressures with the loss of your income. It protects your income and your lifestyle. A Life Guard Insurance Broker can look at your situation and recommend what type of Disability Insurance would be best for you. Our network of professional brokers throughout Canada have access to all the major insurance companies and will shop the market for the best possible price for your needs.

Why YOU need disability insurance income protection

In either of these situations, you are at risk of losing your income and your lifestyle. The Canada Pension Plan has very limited benefits, and your condition must be considered critical and irreversible before you can qualify. If you work for a company with group disability insurance , even that may not be enough since bonuses, commissions and advances are not considered regular wages and are not covered by group disability insurance plans. If you are a top earning manager or sales person you might be far above the monthly cap placed on most disability group plans. If you change jobs or starting your own business– your group sponsored disability insurance plan will end when you leave the company.

At age 35, you have a 50% probability of experiencing a long-term disability. If you are disabled for more than 90 days, the average time off work is almost 3 years! You are 5 times more likely to have a period of long term disability than you are likely to die before age 65. And you are twice as likely as to have a critical illness. Take a look at the chart below for the probability of becoming disabled:

What type of disability insurance plan suits your needs?

There are many different disability insurance plans to choose from in the Canadian insurance marketplace. Some are tailored to blue collar workers, like truck drivers and labourers, while others are designed for doctors, lawyers and accountants or managers and office workers. A Life Guard Insurance Broker can help you choose from these main categories to find a policy that suits your needs:

  • Injury Only Disability Insurance: this type of disability insurance will pay a benefit if you are off work due to a physical injury to you, either at work or 24 hour coverage.
  • Injury and Sickness Disability Insurance: this is comprehensive coverage for you. Be it a car accident or a diagnosis of cancer, if you can’t work your income will be protected.
  • Disability Insurance Policy Enhancements: explore all the unique features and benefits that can really round out your disability insurance policy.
  • Business Disability Insurance: disability insurance policies for overhead expense, loss of a key person and disability buy-sell agreements.
  • Return to Work Assistance: when your disability insurance policy lends you a helping hand, and gets you back on your feet.

Life Guard Insurance is in partnership with a network of professional brokers throughout Canada to provide you with an excellent, personalized disability insurance plan. We will put you in contact with a qualified broker in your area to discuss your situation, quote the best price for a Disability Insurance Policy, and service all your needs.