Income protection if illness or injury stops you from working.
Most people insure their car and their home without a second thought, but skip insuring the paycheque that pays for both. Disability insurance replaces a portion of your income if illness or injury keeps you from working.
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It pays part of your income if illness or injury stops you from working. It is different from life insurance, which pays after death, and from critical illness insurance, which pays a lump sum on diagnosis.
The time between the start of your disability and the day benefits begin, often called an elimination period. A longer wait usually lowers the premium, but you need savings or other income to get through it.
It generally depends on who paid the premiums. Benefits from a policy you pay for with after-tax money are generally not taxed, while benefits from a plan where your employer pays the premiums generally are. A tax professional can confirm your situation.
Group coverage comes through an employer and usually ends when you leave. A personal policy belongs to you and generally stays with you. The definition of disability, the benefit amount and the length of benefits can differ a lot, so compare the details.
It depends on your expenses and the income that would keep coming in, such as an employer plan or a partner's pay. Our disability income gap calculator compares the two and shows the monthly shortfall.
Pick your province or territory for a plain-language overview of how insurance works there.