Disability Insurance

DEFINITION OF DISABILITY

The definition of a disability can vary between insurance companies. The definition can even vary between different insurance plans from the same company. Some disability plans may also require you take part in a rehabilitation program if they can help you get back to work.

There are two types of Disability Insurance:

  1. SHORT-TERM DISABILITY
  2. LONG-TERM DISABILITY

Short-term disability insurance

Short-term disability coverage typically provides benefits for up to 6 months while you’re sick or injured.

LONG-TERM DISABILITY

Long-term disability insurance benefits generally begin when the following benefits end:

  • Short-term disability insurance
  • Sick leave benefits from your employer
  • EI benefits

Most long-term disability plans will replace 60% to 70% of your normal income.

Each disability plan is different. Some may provide disability benefits for up to two years if you’re unable to return to the job you had before becoming disabled. After two years, you may continue to receive benefits only if you’re unable to work at any job.

Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income.

Generally, disability insurance replaces between 60% and 85% of your regular income, up to a maximum amount, for a specified time if you:

  • Temporarily can’t work
  • Are permanently disabled due to an injury or illness

Permanent refers to the nature of the disability. It does not mean that you’ll get benefits for the rest of your life.

Many employers offer disability insurance. However, you can get your own disability insurance plan through a life and health insurance agent.

If you’re self-employed, you can also get disability insurance that will cover many of your business expenses if you’re unable to work.

 

 

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