Disability Insurance


Disability Insurance



In Canada 85% of workers do not have disability insurance leaving their most important asset unprotected, their ability to earn income.

Benefits under this policy are paid in the form of a weekly or monthly income payment in the event the insured cannot work due to a disabling illness or accident.

Limits are placed under this type of policy as to the term and percentage of the insured's wages.

Types of Disabilities
Whether it is Total, Partial or Residual the disability must be determined before any benefits are payable.

Total Disability
Total disability is defined as the insured's inability to engage in an occupation for wage or profit for which he or she is reasonably suited by reason of education, training or expertise. What constitutes "total disability" varies from policy to policy. Total disability requires that the insured be unable to work at his or her occupation as a result of accident or injury.

Partial Disability
Partial disability refers to an insured's inability to perform one or more of the important duties of his or her job. The maximum duration that partial disability benefits are paid is usually three to six months.

Residual Disability
Residual disability covers the amount of income the policyholder cannot earn, when back at work, because of disability. The benefit is typically based on the proportion of income the insured has actually lost, taking into account that he or she is able to work and earn some income.



Canada Life

Desjardins Financial

Equitable Life

Empire Financial Group

Great West Life

Industrial Alliance

Manulife Financial

RBC Insurance

SSQ

Sun Life

Transamerica / Ivari

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