Financial Services: Canada Disability Insurance Solutions with LMBF

Disability insurance is an insurance product which, by definition, is tailored to protecting the insured by replacing their income in the event they can no longer work as a result of a sudden physical or mental disability. You can purchase disability insurance in Canada in two forms: short-term or long-term. Your employer may already offer group disability insurance, but depending on your needs you may wish to shop around for private disability insurance. Canadian workers trust in LMBF to help them find the coverage they need, at an affordable rate, easier. Let LMBF do the hard work for you and find you a tailored disability insurance plan.

Disability Insurance Options

Short-Term Disability

Short-Term Disability

Short-term disability insurance is only designed to offer coverage for up to half a year and will provide benefits during this time. Your coverage will reimburse you for your loss of income for up to six months while you are physically unable to work, whether due to an illness or injury.

Long-Term Disability

Long-Term Disability

Long-term disability may kick in after short-term disability coverage, EI benefits, and sick leave from your employer has ended. A typical long-term disability insurance plan in Canada may recover between 60% and 70% of your regular income. Benefits may vary by provider.

  Reasons to need disability insurance
  • You are self-employed and want to purchase disability insurance to cover your business expenses
  • Your dependents would struggle without the income you generate
  • You work in a specialized field and may struggle to find arrangements elsewhere if you were disabled
  • You want peace of mind
  Ways that disability insurance may benefit you
  • Tax-free benefits (as long as you pay the entire premium yourself)
  • Compensation for lost income during a period of disability
  • Peace of mind during an unexpected period where you are unable to work

What is disability insurance?

Disability insurance is an insurance product that can be purchased privately (through an insurance carrier) or provided by an employer. In some circumstances, employers who already have group disability insurance may still shop around for a private plan if they want specific benefits or additional coverage. Disability insurance in Canada is designed to replace your income in the event you cannot work due to a physical or mental disability and may reimburse you between 60% and 70% of your typical income.

Our Disability Insurance Partners

Disability insurance in Canada is a tough thing to consider purchasing, especially when no one wants to think about the worst possible scenario. Chances are, you’ll never encounter a situation where an unexpected illness or injury disables you from working as you would normally. Disability insurance provides you peace of mind that if anything ever does happen, you’ll have a backup. LMBF can help you get great protection for affordable rates with the help of its top-rated disability insurance carriers in Canada.

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Disability Insurance in Canada: Some Frequently Asked Questions

A: If you are self-employed, you won’t have the advantage of an employer who may already offer a group disability insurance plan. Depending on the nature of your work, you may want to consider a disability insurance plan to cover your income in the worst case scenario.

A: Your provider may provide payments from the moment you are considered “totally disabled” from working at your regular occupation up until a certain period - typically around 2 years, for a long-term disability plan. After that period, your provider will reassess if you are still considered “totally disabled.” Each provider has a different number of requirements for you to meet in order to be considered totally disabled.

A: An elimination period is the period of time between when you were injured or first fell sick and the receipt of benefit payments. Basically, it’s the duration of time between your disability and when you first start receiving benefits from your insurer. It may also be referred to as the “qualifying” period.

A: Again, the answer depends. Disability insurance in Canada should be treated like a safety net for you and/or your family in the event an accident or illness occurs that disables you from working. Consider your risk assessment (the type of job you do, lifestyle you live), your existing financial resources, responsibilities, and existing debt. Discuss with an LMBF expert if you need help deliberating the amount of disability insurance you need.

A: No, but the exact qualifications for “disability” may vary by provider. When you test for disability, it’s typically in relation to whether you can work at your current occupation or any occupation at all. Typically, people receiving disability benefits do have some level of functional ability - just not enough to meet the demands of regular employment.

A: Disability insurance can come in clutch if something unexpected should happen that disables you from working regularly. If you are the sole breadwinner for your family, live alone, or have no other source of income, disability insurance may be something worth considering. If you are still on the fence, contact LMBF’s disability insurance experts to discuss today.