Disability insurance
made simple

I want disability insurance to focus on recovery.

Get Instant Quote

What is disability insurance

Disability insurance pays out a monthly cash payment to partly replace any lost income, while you are recovering from an illness or injury. This helps minimize the financial and emotional impact of not receiving your paycheck.

What can be claimed with Disability Insurance?

You can use the proceeds from disability insurance to replace lost income, cover ongoing medical expenses, consult more medical professionals for their opinions, or your continued rehabilitation.

Personal injury

Back pain, arthritis, and related ailments are covered

Mental health

Depression, anxiety disorders, and substance addiction among others

Hospitalization

Includes illnesses like cancer, diabetes, heart disease and stroke

Benefits of Disability Insurance

Replaces your paycheck

Usually covers 85-90% of your pay

Protects retirement savings

Pays for your ongoing expenses

Helps you return to work

May cover rehabilitation and job retraining

Portable

Stays with you even if you change jobs

Need insurance answers now?

Call (905) 367-0344 to speak to our licensed advisors right away, or book some time with them below.
Schedule a call

Do what you do best.

You are honing your skills, investing in your family's future and helping support the community around you. If you get disabled during your peak earning years, your family may lose the financial protection you intended to create for them. PolicyAdvisor helps you find disability insurance plans that are customized to fit you, so you can continue to build a safety net for your loved ones.

I am a Lawyer

COVERAGE

$8,000/mo

PREMIUM

$109/mo
Purpose: Replace lost income in case of sickness or disability
Male, 35 year old, non-smoker, coverage to age 65, 120 day waiting period

I am a Software Engineer

COVERAGE

$5,000/mo

PREMIUM

$84/mo
Purpose: Replace lost income in case of sickness or disability
Female, 38 year old, non-smoker, coverage to age 65, 120 day waiting period

I am a Doctor

COVERAGE

$10,000/mo

PREMIUM

$181/mo
Purpose: Replace lost income in case of sickness or disability
Male, 30 year old, non-smoker, coverage to age 65, 120 day waiting period

I am a Accountant

COVERAGE

$4,000/mo

PREMIUM

$50/mo
Purpose: Replace lost income in case of sickness or disability
Male, 32 year old, non-smoker, coverage to age 65, 120 day waiting period

Why do I need Disability Insurance?

Disabilities are more common than we think. Read below to dispel some myths about disabilities in Canada.*

FACT

1 in 7 Canadians have a disability. 33% of workers between ages 30-64 will experience a disability greater than 90 days.

MYTH

Not that common. Won't happen to me.

FACT

Most disabilities are due to illnesses. Less than 10% due to accidents.

MYTH

Most disabilities are caused by accidents.

FACT

Mental illness is the #1 cause for disability claims.

MYTH

Only covers life threatening diseases.

FACT

% of Canadians with at least one disability:
Women: 24%
Men: 20%

MYTH

Men are at greater risk.

FACT

It's more affordable than you may think. Coverage can be obtained for 1-3% of annual income.

MYTH

Disability insurance is expensive.

FACT

Average 30-year old Canadian has more than $3 million at risk due to disability.

MYTH

I can bear the cost of disability.

FACT

Employers typically offer limited coverage, which may be taxable. Coverage ends or becomes expensive on leaving job.

MYTH

I have coverage at work.

FACT

Public healthcare does not cover partial or temporary disability.

MYTH

Public healthcare will cover me.

FACT

Average length of disability over 90 days is 35 months.

MYTH

I can leave off my savings.

Who needs life insurance?

Homeowners
clipart
plus sign
Protect your home by paying off your mortgage balance
New Parents
clipart
plus sign
Build a strong financial future for your spouse
Retirees
clipart
plus sign
Cover final expenses and leave a financial legacy for your loved ones
Singles
clipart
plus sign
Help cover living expenses and maintain a healthy financial future
Stay-at-home Parents
clipart
plus sign
Coverage to pay for all the hidden costs of running a household
Caregivers
clipart
plus sign
Ensure the financial future of your dependents, no matter what happens
Business Owners
clipart
plus sign
Protection for your business, employees, and business partners
Wealthy Individuals
clipart
plus sign
Estate planning strategies to protect your assets

What illnesses are covered by critical illness insurance?

Critical illness insurance can cover a long list of life threatening diseases and medical conditions. The number of illness and conditions it can cover is so long we won’t print it here, but some of the most common covered conditions include brain tumours, blindness, cancer, coronary artery bypass surgery, deafness, dementia, heart attacks, kidney failure, loss of limbs, other organ failures, multiple sclerosis, and more.

Most insurance companies cover from a standard list of 26 common critical illnesses, conditions or health events that can be covered.

Some plans feature coverage for just one ailment, whereas others cover the full 26 illnesses listed in the above article, and sometimes even more. The number of covered conditions varies from company to company. So if you’re looking to cover a specific illness, it’s worth exploring products from a variety of providers.
Let's Get Started

Is critical illness insurance worth it?

For many Canadians, the protection offered by critical illness insurance is definitely worth the cost of the monthly premium.

Critical illness insurance policies help protect you and your family from the financial fallout related to getting critically sick. If you have dependents and you are one of the breadwinners in your family, you should seriously consider a critical illness policy.

Read outo get the complete picture on Canadians’ overall needs for critical illness coverage.
Get Instant Quote

What illnesses are covered by critical illness insurance?

Critical illness insurance can cover a long list of life threatening diseases and medical conditions. The number of illness and conditions it can cover is so long we won’t print it here, but some of the most common covered conditions include brain tumours, blindness, cancer, coronary artery bypass surgery, deafness, dementia, heart attacks, kidney failure, loss of limbs, other organ failures, multiple sclerosis, and more.

Most insurance companies cover from a standard list of 26 common critical illnesses, conditions or health events that can be covered.

Some plans feature coverage for just one ailment, whereas others cover the full 26 illnesses listed in the above article, and sometimes even more. The number of covered conditions varies from company to company. So if you’re looking to cover a specific illness, it’s worth exploring products from a variety of providers.
Let's Get Started

Is critical illness insurance worth it?

For many Canadians, the protection offered by critical illness insurance is definitely worth the cost of the monthly premium.

Critical illness insurance policies help protect you and your family from the financial fallout related to getting critically sick. If you have dependents and you are one of the breadwinners in your family, you should seriously consider a critical illness policy.

Read our Guide to Critical Illness Insurance to get the complete picture on Canadians’ overall needs for critical illness coverage.
Get Instant Quote

Short term disability insurance Vs. Long term disability insurance

The major difference between short term disability insurance and long term disability insurance can usually be narrowed down to the length and severity of an injury or illness. Short term disability insurance is generally part of one's workplace benefits provides a weekly sum of cash to quickly provide cover you while you're recovering.

Long-term disability insurance is meant to replace or augment a portion of your income should you become injured or ill and it affects your ability to work for an extended period of time.

Short Term

  • Limited time coverage, usually for 6 to 26 weeks
  • Usually offered through employers
  • Provides weekly income replacement
  • Benefits can begin 1-14 days after disability
  • Typically claimed for temporary health issues such as sports injuries, back problems, infections, etc
Get Instant Quote

Long Term

  • Common coverage terms are 2 years, 5 years, or up to age 65
  • Generally purchased individually, to supplement employer coverage
  • Provides monthly income replacement
  • Benefits begin after short-term disability period is over
  • Typically claimed for mental health issues, muscoskeletal issues, accident etc.
Let's Get Started
backrground image on red colorbackrground image on red color

Frequently Asked Questions

1. What is covered under disability income insurance?
clipart
plus sign
Monthly disability benefits can cover your everyday expenses as well as any long-term debt repayments and medical bills should you be unable to work and earn an income.
2. How much is the cost of disability insurance?
clipart
plus sign
The cost of individual, private disability insurance depends on many factors, including the benefit period, the monthly income replaced, your health, and your occupation. Generally speaking, the cost of disability insurance is between 1 and 3% of your annual income. So an individual making $100,000 in annual pre-tax income will pay between $1,000 to $3,000 in annual premium cost for disability insurance.
3. Does my age or smoking status affect my premium?
clipart
plus sign
Generally the older you are, the more likely you are to suffer a disability, and the premium you pay will be higher. Smoking is also seen as an added level of risk with higher premiums.
4. Will my occupation affect how much I have to pay for a policy?
clipart
plus sign
Premiums take into account the type of occupation the person has and the perceived level of risk. A high earning professional doing most work inside an office will have a lower premium compared to a manual labourer or skilled tradesman.