Disability Income Protection

Insurance plans providing a monthly income if you’re unable to work due to a serious injury or illness. Get a stand-alone plan or add as a rider to your existing life insurance policy.

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Why do you need Disability Insurance?

If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Our disability insurance plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.

The peace of mind that income protection can provide is available for professionals, business owners, business executives, and full-time, part-time or home-based workers.

Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, we can help by providing a comprehensive and portable plan you can rely on throughout your working years.

A Disability Income Benefit provides you with a portion of your income should you be disabled as a result of Injury or Illness and unable to work and earn a living. There are different Elimination Periods (EP), (length of time to wait before benefits begin), and different Benefit Periods (BP), (length of time benefits will be payable), that will allow you to choose the plan that best suits your needs.

What is Disability Insurance?

Disability Insurance Policy will provide assurance that if you become disabled and can no longer perform work in order to earn your income, you will have coverage. Many companies will give you the option of different levels of cover. Insurance premiums are usually deducted from your bank account (PAC).

Disability Insurance will pay you an ongoing income if you become disabled and are unable to pursue employment or business activities. There are limits to how much you can receive based on your pre-disability earnings. Rates will vary based on occupational duties and length of time in a particular industry. This kind of coverage has a waiting period before you can begin collecting benefits, usually 30, 60, 90 or 120 days. The benefit paying period also varies from 2 years to age 65. A short waiting period will cost more that a longer waiting period. As well, a long benefit paying period will cost more than a short benefit paying period.

Frequently Asked Questions

  • Is Disability Insurance worth it?

    The Canadian Life and Health Insurance association reckons 1 in 3 people, on average, will face disability for 90+ days before reaching the age of 65.

    A disability can last months, or even years. And if you have a family to feed, a mortgage, or even monthly bills to pay, disability insurance can help you immensely in times when you need it the most.

    So, it can be easily said that Disability Insurance is definitely worth it.

  • Who needs Disability Insurance?

    An accident or a disability can happen anywhere and at any time. Here are a few examples that better illustrates who might be in need of a disability insurance plan:

    a) A construction worker breaks a leg when going skiing – this means no work for 8 months (at least).

    b) A software engineer suffers a sudden stroke and is facing difficulty to remember how to code.

    c) Anyone going into depression after a traumatic event.

    A Disability Insurance can be purchased as a rider or a standalone policy. Know what is the best option for you by talking to our advisors.

  • How much Disability Insurance do I need?

    The easiest way to find out how much disability insurance coverage you need is by multiplying your after-tax income by the number of months you think you need coverage. However, like life insurance, there are other factors that you should take into consideration:

    Your lifestyle: How much do you spend on your lifestyle? If you are disabled, how much are you willing to cut back to survive on less income?

    Your dependents: How many people are financially depending on you? Are you married with kids?

    Status of employment: Would you change your job as a result of disability for lesser pay?

    Savings and debts: How long do you think would your emergency funds last? Do you have a mortgage?

    Get in touch with our advisors to know how much disability insurance you need depending on your needs and current financial situation.

  • Why purchase Disability Insurance through Trust Life advisors?

    Our advisors aren’t bound to a particular insurance company or the products of a specific company. They are free to research multiple companies along with their offers and discounts to find the best price for you as far as disability insurance is concerned.

    We provide a customized disability insurance plan by taking a closer look at your needs and financial condition, thus, ensuring everything stays under budget and you are neither overinsured nor underinsured in any way.

    We will also get you the best available deal from a wide array of options across a host of insurance companies, while direct insurance company agents are bound to represent a particular company, and are hence, extremely limited to the number of products they can offer.

    Our consultation is absolutely free of any charge with zero obligations.

  • What makes Trust Life advisors different?

    Our advisors have over 30 years of collective experience providing both businesses and individuals, fully customized solutions to insurance requirements in Ontario, Canada.

    Partnered with Canada’s top insurance companies to bring the most appropriate customized disability insurance solutions, we strongly believe in the value of building a long term and mutually beneficial relationship. We take pride in our impeccable customer support making sure none of your enquiries go unanswered.

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