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Disability Insurance

Disability income protection insurance is designed to protect your employment income, by providing a monthly payment to you when disability restricts your ability to work .

Each income protection plan is different. You can choose an accident-only plan or a plan that insures against a disability caused by either an accident or a sickness.

You can also choose your "start date". In choosing a “start date”, you'll need to decide how long you would like to wait after your disability occurs before benefits start. The later the “start date”, the lower your premiums are.

Depending on the plan you choose, you could be provided with income after you are disabled for 30, 60, 90, 120, 180 days or even a year or two years after the start of a disability.

When you apply for disability income protection insurance, you'll want to know how much monthly benefit is available to you. There are a number of factors that determine the monthly benefit you are eligible to purchase, such as your current income, occupation and age.

You will also have to consider the length of time your benefits will be paid in case of a disability. Most plans offer several maximum benefit periods to choose from. The maximum benefit period is the maximum length of time that benefits could be payable for any one disability. For instance, you can choose a disability policy that provides monthly income benefits for two years, five years, until you reach the age of 65.

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