Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income. It can provide you with financial security by replacing a portion of your earnings if an accident or illness causes you to become unable to work or earn an income. It also provides income to help manage your expenses during the period you are unable to work.
With disability insurance you are insuring your pay cheque, which can help maintain your lifestyle until you are able to return to work. It can also safeguard your retirement, as it allows you to replace a percentage of your income, so you may avoid having to withdraw money from your savings while you are unable to work. Disability insurance has many flexible options and plans which offer a range of benefit and premium options to suit your occupation, income level and other factors. Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) disability benefits are limited and may be more restrictive. With disability insurance, you can fill in these coverage gaps. Additionally, many of the plans provide return to work benefits such as rehabilitation, job retraining and other services to help you get back to work. Disability insurance is also portable. Unlike most employer-sponsored plans, which end if you leave your job, a disability insurance plan can go with you. The definition of a disability can vary between insurance companies. Some disability plans may also require you take part in a rehabilitation program if they can help you get back to work.