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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.
There are different kinds of disability insurance coverage, including individual insurance plans and group insurance plans, as well as government plans such as workers’ compensation and benefits provided under the Canada Pension Plan.
For more information, the Canadian Life and Health Insurance Association has developed an excellent guide to disability insurance that’s available on clhia.ca.
Because of the different kinds and sources of disability insurance, it’s important to talk to an insurance professional who can advise you on the coverage options that best meet your circumstances. Talk to your advisor or find an advisor to help answer your questions. There is no cost to talk to an advisor.
To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need additional information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.