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If you are unable to work, disability insurance can provide you with a tax-free monthly income to cover your expenses if you are no longer able to work due to illness or injury.
Each month, the installments cover a portion of your paycheque.
Tailor your diet to your personal needs.
Until age 65, your coverage has guaranteed rates.
Disability insurance helps you replace your income and cover your expenses, in the event of illness or injury preventing you from working. The payment is monthly and tax-free.
Mental illness or chronic pain are also considered causes of disability, although they are not visible to the naked eye.
Although each case is different, the bonuses are mainly between 1% and 9% of your salary. A few factors can affect the cost of your policy:
The higher the amount you want to receive, the more expensive the protection will be.
The longer the benefit period, the more expensive the protection will be.
If you agree to wait longer to receive payments, your premium will be lower.
When you’re younger, disability insurance might cost you less.
The healthier you are, the less your insurance will cost.
Your premiums could be higher if you work in a dangerous profession.
This table shows the maximum monthly benefit you could receive if you are disabled. The amounts are estimates, as the exact amount you would receive is calculated based on several personal factors, including your age and occupation.
| Annual revenue | Maximum monthly benefit |
|---|---|
|
$ 35,000 |
$ 2,200 |
|
$ 50,000 |
$ 2,975 |
|
$ 100,000 |
$ 5,200 |
|
$ 120,000 |
$ 5,925 |
|
$ 140,000 |
$ 6,625 |
|
$ 200,000 |
$ 8,550 |
|
$ 300,000 |
$ 11,350 |
|
$ 500,000 |
$ 16,050 |
|
$ 1,000,000 |
$ 25,000 |
You can get disability insurance through the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). However, the benefits granted are limited.
Restricted eligibility conditions
In order to be eligible for CPP disability benefits, you must ” be suffering from a severe and prolonged physical or mental incapacity “.
Lower monthly benefits
On average, the monthly CPP benefit is $966.43, while the maximum coverage is $1,362.30 (2019).
Generally, the group insurance offered by an employer only offers basic protection.
An individual insurance policy is complementary to group insurance. In case of misfortune, they protect you, your family and your way of life.
| Collective insurance | Individual insurance | |
|---|---|---|
|
Coverage amount |
The amount of protection is often limited. |
You have the choice of the amount of protection. |
|
Protection options |
The employer often chooses the protection options. |
You have the choice of the amount of protection and the duration for which you need it. |
|
Modification of protection |
Generally, you can change your coverage once a year or when a major event occurs in your life. |
Yes, you can change your coverage if needed. |
|
Employment and protection |
If you leave your job, your coverage ends, unless you have the option of converting your group insurance to individual insurance. |
Your protection remains the same, as it is not linked to a job or an organization. |
|
Insurance cost |
The cost is usually low and can change every year. |
The cost is generally higher than group insurance. However, the cost remains the same for the duration of your policy. |
Our team can answer all your questions, understand your situation and help you build a plan
