Looking for Disability Insurance Quote in Canada?
This type of insurance protects your income if you become disabled to the point where you cannot pay your expenses. The chance of disability is high in Canada – on average, 1 out of 3 Canadians becomes disabled for 90 days or longer before the age of 65.
Disability insurance provides you with an ongoing stream of payments, substituting your earnings for as long as you are disabled.
We work with more than 20 life insurance companies to find the best disability insurance quote in Canada for you.
Get your tailored Disability Insurance Canada Quote
How much disability insurance do i need?
The main objective of disability insurance is to offset the earnings you lose due to your disability. In most cases, it is your income that you are losing while being disabled. That is why disability benefits are defined as a percentage of your current income, and it varies typically between 50% and 85% of your income. The higher the coverage, the more expensive the policy. That is why it is important to know two numbers:
- What is the percentage of your earnings you require to maintain your current standard of living (i.e. pay for your costs, plus some discretional spending, plus some emergency funds) – usually 70% of your income.
- What are the disability insurance premiums you are comfortable paying monthly while you are not disabled? Maybe you are fine with paying a policy compensating you for 75% of your income but think a policy covering 85% is too expensive.
Making a smart choice across these two values will bring you to the amount of disability coverage you need. We can help you with disability insurance quotes in Canada and with the application process, too.
No Medical Disability Insurance: When do you need it?
Have you or a loved one ever been rejected for disability insurance? If so, it may be time to look at a No Medical insurance option. No Medical Disability insurance is for people who, either for medical reasons or those alternatively classified, have endured difficulty in acquiring typical forms of disability coverage.
No medical disability insurance may suit you if: your work is seasonal or rather risky, you often travel to dangerous areas for work, or even if you have borne economic hardships in the past. Companies that offer such health-exam-free insurance can usually help when it appears that few others can’t.
Regardless of age, Disability Insurance with no medical exam is available to those who:
- Desire coverage for injury alone; or, sickness and injury
- Are self-employed, a part-time worker, or a contractor
- Do not have group coverage or want to top up their group coverage
- Have concerns about their eligibility for traditional disability coverage
Disability Insurance for self-employed
When you are self-employed, you are the company. That is why it is important to protect yourself (i.e. your company’s most important asset). People who are self-employed have oftentimes made enormous sacrifices to have the career they set their sights on.
With the precariousness and narrower margins that come with being self-employed, having no medical disability insurance will put you at ease, knowing that no matter what your needs are, you are protected.
You can submit a quick online application and we will get you quotes from numerous insurers to make sure that you get the best coverage tailored to your financial needs.