About Disability Insurance
If you lost your ability to earn an income, you could also lose the lifestyle you’ve created for yourself and your family. It can happen in an instant when a sudden accident or serious illness leaves you unable to work and earn money.
Disability insurance helps protect your income if you become disabled and can’t work. A serious illness or sudden accident can happen in an instant leaving you unable to work and earn money. While your other health insurance can help with the medical bills, you may need disability income protection insurance to help replace lost income. Our disability portfolio can help, with products and solutions available for full-time, part-time or home-based workers, is the perfect solution for professionals, business owners, business executives, and other employed Canadians. An individual disability insurance plan can help you meet your income requirements so you can concentrate on recovering and returning to an active life.
Whether you need to secure your main source of income or supplement the coverage you receive from your employer or an association, Manulife can help by providing a comprehensive and portable plan you can rely on throughout your working years.
Your other health insurance can help with the medical bills. But to replace lost income, you need disability income protection insurance. Whether or not you have a company disability insurance policy, you’ll find an RBC Insurance® plan that can help you maintain your way of life. When you protect your income, you can help protect your lifestyle.
Why do you need disability income protection insurance?
The lifestyle you enjoy, your children’s college education, and your savings for a comfortable retirement all depend on your ability to earn a living. If you were suddenly unable to work and had less money coming in—plus additional money going out to cover medical expenses and other bills related to your disability—where would the money come from to replace your lost income?
Even if you already have some disability insurance through your employer, it may not be adequate. Plus, if you ever change jobs, your employer-sponsored disability insurance will most likely end with your employment. What's more, disability benefits under the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) limit the benefits you can receive. Also, consider the probability of incurring a 90-day or longer total disability prior to age 65(1) (see chart below). When a disability lasts longer than 90 days, the length of that disability averages between 2.1 and 3.2 years for those age 55 and younger.
Choose disability income protection that’s suited to your needs
Do you ever wonder how you would meet your financial obligations if an accident or illness prevented you from working? When you become disabled, you lose not only your primary source of income; quite often you also face expenses related to your condition. Disability insurance is a source of income that replaces your salary or other sources of earnings if you are disabled as a result of an accident or illness.
Who should consider disability insurance?
- Employees without a group insurance plan
- Self-employed workers
- Small business owners
- Employees who may or may not be covered by the Act Respecting Industrial Accidents and Occupational Diseases
We’ve designed them to offer a range of benefit and premium options to suit your occupation, income level, and other factors. Depending on the plan you select, your coverage can include:
- Total disability benefits if you’re unable to work at all
- Partial disability benefits if a disability prevents you from earning your full income
- Return to work benefits that can help you get back to full-time work
- Your choice of benefit periods, so you can select how long you’ll receive benefits
- Your choice of elimination periods, so you can choose how soon you’ll begin to receive benefits after the disability occurs
- Your choice of premium options, to fit your budget or career stage
- Why should you consider Disability Insurance:
- Inability to maintain sufficient income to support yourself and your family
- Medical including prescription costs can add up significantly...