Disability Insurance

Canadian Disability Insurance plans often cover both visible and non-visible disabilities, such as:

• Mental health conditions (e.g., depression, anxiety)
• Autoimmune diseases
• Chronic pain and fatigue syndromes
• Neurological disorders

Yes, for many Canadians, disability insurance is a valuable safeguard. While government programs and tax credits like the Disability Tax Credit (DTC) can provide some support, they may not fully cover your income loss. DI bridges this gap, ensuring comprehensive financial protection.

The cost of individual private disability insurance can vary significantly based on several factors, including the benefit period, the monthly benefit amount for income replacement, your health status, and your occupation. On average, you can expect to pay between 1% and 3% of your annual income for a disability policy.

Disability insurance typically replaces 60% to 90% of your income up to a specified limit. Some policies pay tax-free benefits, while others may be taxable depending on your plan.

If you are currently ill or injured and unable to work, you will not be able to obtain a disability insurance plan that covers your existing condition. However, you can still apply for disability insurance to protect yourself against future events once you are back at work and in good health. This coverage can provide valuable financial support should you face any new challenges down the road.