Disability Insurance
More than one in three adults will suffer a serious disability before age 65. Contrary to the cliché, our single biggest asset is not usually our home but rather our ability to earn an income. Disability insurance pays a monthly benefit in the event that one is unable to work due to illness or injury. Some people may have adequate disability insurance through their employer but those who do not need to consider a private policy.
CANADIANS OFF WORK DUE TO A DISABILITY FACE A PERFECT STORM
43%
CANADIANS OFF WORK DUE TO A DISABILITY FACE A PERFECT STORM
1 in 3
Canadians will experience a period of disability lasting longer than 90 days during their working lives*
BEING OFF WORK TAKES
A FINANCIAL & EMOTIONAL TOLL
48%
Canadians not financiallv prepared to be off work
81%
Canadians upset about not being able to work
78%
Canadians said finances were tight when off work
STRESS ON THE FAMILY
76%
said it was stressful for the entire household
31%
aid their able partner had to find extra work to make ends meet
50%
said family relationships were strained
STRESS ON THE FAMILY
17%
took on more debt
17%
borrowed money from family and friends
29%
ipped into savings to pay for expenses
9%
cashed in RRSPs
Tips to help workers off with a disability
Critical illness
After comparing quotes and speaking with an insurance broker, you begin to pay premiums, either monthly or annually, to cover the potential risk of contracting a critical illness. Should you be diagnosed with an illness outlined in your policy, you can file a claim. Once approved, you will receive a tax-free lump sum payment.
In the market for critical illness insurance? We'll connect you with a verified Canadian life insurance carrier to help you uncover the level of coverage needed to protect you and your family.
Unfortunately, our healthcare system doesn’t cover everything. If you were to suffer a serious illness like cancer, a heart attack or a stroke, you could run into unexpected expenses or have to make a serious lifestyle change.
With critical illness insurance, if you’re diagnosed with a covered illness, you’ll receive your policy’s insurance amount, tax-free. You can use the money however you want. For example:
- To get access to the best possible care, without having to wait
- To focus on your recovery without worrying about lost income (your own or that of a caregiver)
- To avoid having to dip into your savings
- To pay for unexpected expenses like prescription drugs not covered by an insurance plan, physiotherapy, travel to medical appointments, childcare while you’re receiving treatment, etc.
If there is a critical illness claim, the policy pays out. When return of premium rider is added, an insurance provider pays back a portion or all of the premiums paid by the policyholder under certain circumstances.
- Active hepatitis
- AIDS or AIDS-related disease
- Alcohol abuse in the past five years
- Alzheimer's disease
- Any heart condition or heart trouble (excluding controlled hypertension)
- Cancer – all cancer except basal cell skin cancer
- Coronary artery bypass surgery
- Diabetes
- Heart attack
- Huntington's chorea
- Kidney disease – other than kidney stones or a history of kidney infection
- Lou Gehrig's disease – amyotrophic lateral sclerosis (ALS)
- Major organ transplant recipient
- Multiple sclerosis
- Permanent paralysis (paraplegia, quadriplegia) – other than Bell's Palsy
- Pulmonary fibrosis
- Stroke – cerebrovascular accident
- Transient Ischemic Attack
Ready to apply for Critical Illness insurance?
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