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Disability Insurance

Did you know that, statistically speaking, one out of every three Canadians will experience a disability lasting 90 days or longer before reaching the age of 65? Moreover, such disabilities typically endure for an average of 2.9 years. In certain cases, the situation can be even more challenging, with some individuals encountering disability events more than five times throughout their lifetime. Given the unpredictable nature of accidents and illnesses, it is imperative to secure a comprehensive disability insurance policy to mitigate future uncertainties and safeguard both yourself and your family financially.

It is crucial not to allow present comfort to overshadow the need for foresight. At Life Insurance Pro, we specialize in providing tailored Disability Insurance solutions to meet your specific needs, offering you and your family enhanced peace of mind. With our assistance, any temporary inability to provide for your family becomes a manageable concern. Click the "Get Quote" button now to receive a complimentary Disability Insurance quote, and we will promptly respond to your inquiry. Thank you for considering us for your insurance needs.

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At Life Insurance Pro, we understand the paramount importance of family. Our top-tier insurance policies empower you to consistently support your loved ones, ensuring financial stability even in your absence.

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What Does Disability Insurance Entail?

Disability Insurance provides a safety net by replacing 60%-85% of your income in the event of temporary or permanent disability. In Canada, nearly a quarter of individuals aged 45-65 live with at least one disability. Various temporary disabilities, such as a broken arm or leg, can hinder your ability to work for several months, depending on your occupation. For professions involving strenuous physical activities, the risk of injuries and accidents may be higher, underscoring the importance of Disability Insurance.

Types of Disability Insurance Available in Canada

In Canada, there are two main types of Disability Insurance to consider:

Short-Term Disability Insurance

Short-Term Disability Insurance typically provides coverage for up to 6 months, replacing around 70% of your salary in the event of disability. It’s important to note that some employers offer Short-Term Disability Insurance as part of their benefits package, often requiring employees to exhaust other employment benefits (like sick leave or vacation days) before the coverage begins. If your employer’s coverage is inadequate, you have the option to purchase additional Short-Term Disability Insurance independently.

Long-Term Disability Insurance

Long-Term Disability Insurance offers coverage for two or more years, typically replacing approximately 60% of your salary. However, these benefits only become accessible after Short-Term Disability Insurance or Employment Insurance coverage ends, and you’ve depleted other employment benefits like paid vacation days and sick leave.

Tips to Save Money on Disability Insurance

We’re committed to assisting you in managing your finances wisely. One of the most effective methods to economize on Disability Insurance is by comparing rates across various providers. While this process can be quite time-consuming, Life Insurance Pro simplifies it for you. With just a request for a quote through our website, we handle the legwork by assessing rates from all major Canadian insurers on your behalf. More ways to save money on Disability Insurance are as follows:

Age Consideration

Your age category significantly influences your premium rates. We highly recommend purchasing a policy at a younger age to secure lower premiums. Avoid potential rate increases by obtaining Disability Insurance before your next birthday.

Employer Coverage Assessment

Optimize your premiums by adjusting your plan to bridge any gaps in the coverage provided by your employer.

Smoking Status Impact

Smokers may face premiums up to 100% higher compared to non-smokers for equivalent coverage levels. To substantially lower your premium costs, contemplate quitting smoking. Not only will this save you money, but it will also contribute to your overall health and well-being.

Coverage Bundling Strategy

Disability Insurance is often paired with Life Insurance or other policies. Obtain your policies from the same provider to benefit from discounted rates.

Disability Insurance FAQs

This section aims to provide even more valuable information on the topic of Disability Insurance.

Disability insurance provides financial protection if you’re unable to work due to an injury or illness. It typically replaces a portion of your income to help cover essential expenses such as mortgage payments, utility bills, and medical costs.

If your income is essential to meeting your financial obligations, you likely need disability insurance. It’s especially crucial if you don’t have enough savings to cover living expenses if you’re unable to work for an extended period due to disability.

Short-term disability insurance provides coverage for a shorter duration, typically up to six months, and offers higher benefit amounts initially. Long-term disability insurance, on the other hand, provides coverage for a more extended period, often until retirement age if necessary, but typically with a lower monthly benefit.

Yes, you can usually still obtain disability insurance even if you have pre-existing health conditions. However, the premiums may be higher, and certain conditions may be excluded from coverage or subject to limitations.

The amount of coverage you need depends on various factors, including your monthly expenses, existing savings, and other sources of income. As a general guideline, aim for coverage that replaces at least 60-70% of your pre-disability income. Working with a financial advisor can help you determine the appropriate coverage amount for your specific situation.

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