Financial Services: Canada Disability Insurance Solutions with LMBF
Disability insurance is an insurance product which, by definition, is tailored to protecting the insured by replacing their income in the event they can no longer work as a result of a sudden physical or mental disability. You can purchase disability insurance in Canada in two forms: short-term or long-term. Your employer may already offer group disability insurance, but depending on your needs you may wish to shop around for private disability insurance. Canadian workers trust in LMBF to help them find the coverage they need, at an affordable rate, easier. Let LMBF do the hard work for you and find you a tailored disability insurance plan.
Disability Insurance Options
Short-term disability insurance is only designed to offer coverage for up to half a year and will provide benefits during this time. Your coverage will reimburse you for your loss of income for up to six months while you are physically unable to work, whether due to an illness or injury.
Long-term disability may kick in after short-term disability coverage, EI benefits, and sick leave from your employer has ended. A typical long-term disability insurance plan in Canada may recover between 60% and 70% of your regular income. Benefits may vary by provider.
- You are self-employed and want to purchase disability insurance to cover your business expenses
- Your dependents would struggle without the income you generate
- You work in a specialized field and may struggle to find arrangements elsewhere if you were disabled
- You want peace of mind
- Tax-free benefits (as long as you pay the entire premium yourself)
- Compensation for lost income during a period of disability
- Peace of mind during an unexpected period where you are unable to work
What is disability insurance?
Disability insurance is an insurance product that can be purchased privately (through an insurance carrier) or provided by an employer. In some circumstances, employers who already have group disability insurance may still shop around for a private plan if they want specific benefits or additional coverage. Disability insurance in Canada is designed to replace your income in the event you cannot work due to a physical or mental disability and may reimburse you between 60% and 70% of your typical income.
Our Disability Insurance Partners
Disability insurance in Canada is a tough thing to consider purchasing, especially when no one wants to think about the worst possible scenario. Chances are, you’ll never encounter a situation where an unexpected illness or injury disables you from working as you would normally. Disability insurance provides you peace of mind that if anything ever does happen, you’ll have a backup. LMBF can help you get great protection for affordable rates with the help of its top-rated disability insurance carriers in Canada.