Disability Insurance
What is it?
Disability insurance is designed to replace a portion of your income if you become disabled and are unable to earn an income. A disability can result from a number of causes, including an injury, a serious illness or a mental health issue. And the duration of a disability can be either short- or long-term.
How does it work?
If you are unable to work due to disability, after the waiting period is over you’ll receive a monthly payment.
For more information, the Canadian Life and Health Insurance Association has developed an excellent guide to disability insurance that’s available on clhia.ca.
What are the benefits?
Regular pay if you can’t work
Disability insurance will pay you a set portion of your monthly income if you are unable to work. Payments end when you start working again, reach age 65, or die.
Save tax.
Generally, if you pay the entire amount of the disability premium yourself, your disability benefits will be tax-free. This may bring your income while on disability.
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