Disability Insurance

 

This type of insurance provides yourself and your family with a source of income in the event that you cannot work due to injury or sickness.  Unlike critical illness insurance, the benefit cost will only payout if you cannot work and the monthly premium will depend on your job description. 

 

With disability insurance, there are many different types.  In a basic disability insurance policy, the definition of disability is when you are disabled in your regular occupation.  However, after 2 years, you are considered disabled if you cannot do the duties of any occupation.   A common upgrade is to extend the definition of disability in your regular occupation to the entire benefit period.  Other common features to look for include:

 

  • Non-cancellable policies that do not require proof of income at time of claim

  • Partial return of premium options

  • Benefit period for 2, 5, 10 years, or up to age 65

  • Monthly benefit amounts that will increase with inflation

  • The ability to claim when you are partially disabled

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