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Disability Insurance
Replaces your income if you can't work
β οΈ No active Disability Insurance policy found in your records
π¬ What is it?
If you get sick or hurt and can't work, disability insurance pays you a portion of your salary β usually 60β85% β so you can still pay bills and support your family. Your ability to earn is your most valuable asset.
π¨π¦ Why do Canadians need it?
1 in 3 Canadians will be disabled for 90+ days before age 65. EI sickness benefits only cover 55% of insurable earnings for 15 weeks. Long-term disability fills the gap.
Coverage Details
π° Typical Cost
$100β$400/month for $3,000β$6,000/month benefit
π‘οΈ Coverage Range
60β85% of pre-disability income
Available Types
Short-term DisabilityLong-term DisabilityOwn-occupationAny-occupation
Key Factors to Compare When Shopping
- β Own-occupation vs. any-occupation definition
- β Elimination period (90 days is standard)
- β Benefit period (2 years vs. to age 65)
- β COLA (cost-of-living) rider
- β Non-cancellable vs. guaranteed renewable
Top Canadian Providers
Manulife
Sun Life Financial
Canada Life
Industrial Alliance
Desjardins
Co-operators
RBC Insurance
Empire Life
Equitable Life
Humania Assurance