Tell us about your work and what you would need to keep paying for if you couldn't earn. A verified insurance professional who covers your postal code will get in touch to explain how disability insurance works, what affects the price and what to compare, before you commit.
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There is no single right answer. It depends on your savings, your benefits and how much risk you want to carry yourself.
How long you must be off work before payments start. Longer is usually cheaper.
How long a claim pays for, from a couple of years to age 65.
Your own job, a suitable job or any job. The wording changes what you can claim.
A proportion of your income, and how that is worked out at claim time.
Whether the insurer can change or end the policy, or you can keep it as long as you pay.
Partial benefits, cost-of-living adjustments and the option to buy more later.
You usually have no employer plan to fall back on.
You want your bills paid if you can't work.
Your employer plan is short or ends if you leave.
You want them protected if you couldn't earn.
You couldn't cover several months without pay.
The first conversation is about whether it is worth it for you at all.
Ask for the licence number and check it with your provincial insurance regulator.
And how does that compare with other policies?
And what happens if I claim again later.
What proof of income would I need, and how are other benefits treated?
Including conditions I already have.
The free-look period, and any fees after it.
We'd rather connect you with the right provider once than flood your inbox with a dozen you'll never call back.
The waiting period, how long payments last and what counts as being unable to work all decide whether a policy helps. You hear how each one works.
Employer benefits, Employment Insurance and savings may cover part of what you'd need. You hear how to work out the gap before you pay for coverage.
You get the options explained. Whether to buy, and from whom, is always your decision.
It pays you a regular monthly amount if you can't work because of illness or injury, until you return to work, the benefit period ends or you reach the policy's end age. It is different from life insurance, which pays out if you die, and from critical illness insurance, which pays a lump sum for listed conditions.
Many employers offer short-term and long-term disability coverage, so check your benefits first. Employment Insurance sickness benefits pay part of your earnings for a limited time, and the Canada Pension Plan disability benefit may help if you have a severe and prolonged disability and enough contributions. Workers' compensation applies to work-related injuries.
You usually have no employer plan, so an individual policy matters. Self-employed people can sometimes opt in to Employment Insurance special benefits, though there are waiting periods and conditions. Ask a professional how a policy would treat income that varies.
It's how long you must be unable to work before payments start, commonly from a few weeks to several months. A longer wait usually makes the policy cheaper. Match it to how long your savings, sick leave or employer plan would last.
It is the longest time the policy will pay for one claim, such as two years, five years or to age 65. A longer period costs more. Ask exactly how long benefits are paid.
Usually a proportion of your income, often around 60 to 70 per cent, so that you still have a reason to return to work. Ask how the limit is worked out, how it interacts with other benefits you receive, and how a change in income is handled.
This is one of the most important parts of a policy. 'Own occupation' means you can claim if you can't do your own job. 'Any occupation' is stricter, and can mean you can't claim if you could do another type of work. Some policies change definition after a couple of years. Check the wording carefully.
In general, if you pay the premiums yourself with after-tax money, the benefits are not taxed, and the premiums aren't deductible. If your employer pays the premiums, the benefits are usually taxable. Your situation can differ, so check with a tax adviser.
Common options are a guaranteed renewable or non-cancellable policy, partial benefits if you return to work part-time, a cost-of-living adjustment and a future insurability option. Each costs more, so ask what each adds and what it would cost.
Yes. You have a duty to answer questions honestly and completely. If you don't, an insurer may refuse a claim or cancel the policy. If you aren't sure whether something matters, ask the adviser and tell the insurer.
Individual policies usually come with a free-look period, often 10 days. The terms differ, so check what applies and read your documents.
Complain to the insurer first. If you're not happy with the answer, you can take it to the OmbudService for Life and Health Insurance, or in Quebec the Autorité des marchés financiers. These services are free to use.
Your job and earnings, whether you're employed or self-employed, your age, whether you smoke, what coverage you have through work, how long your savings would last, and your postal code. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It doesn't sell insurance or give advice. Any quote or advice comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
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Namoye is a free matching service. It is not an insurer, broker or adviser, and it doesn't give insurance, tax or legal advice. Any quote or advice comes from the firm that contacts you. Check that an agent or adviser is licensed with your provincial insurance regulator before you share personal or payment details.
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