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Getting long-term disability insurance is the most important thing you can do to protect your income. A disability policy pays you a monthly benefit if you can’t work due to an illness or injury.
But how do you determine which disability insurance company is the best? We researched the top insurers based on financial strength, product offerings, and more to show you where to get your disability coverage. Read on to see which insurance companies made the list.
- Key takeaways:
- The top disability insurance companies in Canada for 2023 include RBC Insurance and Canada Life, though other insurers also offer reliable disability coverage.
- When comparing disability insurance quotes, focus on those that offer the best coverage rather than simply the lowest cost option.
- The best disability coverage you can get is the one that is active when you make a claim.
Which Are The Best Disability Insurance Companies?
Manulife
AM Best rating: A+
Note: Manulife stopped selling disability insurance on Sep 30, 2022, besides the personal accident product. Therefore, the tables below are for illustrative purposes only.
Read our comprehensive Manulife disability insurance review.
Personal products
Proguard Series | Ventures Series | Personal Accident | ||
|---|---|---|---|---|
Target market | Value-added income replacement coverage for professionals and executives | A guaranteed plan at a more affordable cost | Simplified issued accident coverage for non-working individuals and uninsurable occupations | |
Covers | Injury or illness | Injury only with illness add-on | ||
Definition of disability | Regular occupation for entire benefit period | Regular occupation for five years (can be extended to the entire benefit period) | Regular occupation | |
Age eligibility | 18-60 | 5-80 | ||
Occupation classes | 4S, 4A, 3A, 2A | 4S, 4A, 3A, 2A, A, B | None | |
Occupation class upgrades | Yes | N/A | ||
Waiting periods | 30, 60, 90, 120, or 730 days | 1, 30 or 120 days | ||
Benefit periods | Two, five years, to age 65 | |||
Minimum coverage | $500 | $300 | ||
Maximum coverage | $30,000 | $6,000 | ||
Medical exam required | Yes, above a certain age and amount | No | ||
Premium guarantee | Guaranteed level rates to age 65 | Not guaranteed | ||
Expiry | None | Age 90 | ||
Riders | Own occupation, premium refund, health protection, additional insurance, Pensionguard, cost of living adjustments | Own occupation, premium refund, health protection, additional insurance, Pensionguard, cost of living adjustments, residual and partial disability | Accidental death and dismemberment, premium refund, sickness hospitalization, non-occupational loss of income, strain and sprain | |
Business products
ExpenseComp | Buy-Sell Plus | |
|---|---|---|
Target market | Reimburse overhead expenses for professionals and small business owners | Provide funding for a disability buy-out for owners of a small business |
Covers | Injury or illness | |
Definition of disability | Regular occupation for classes 2A and A, own occupation for classes 4A and 3A | Regular occupation for class 2A, own occupation for classes 4A and 3A
|
Age eligibility | 18-55 | |
Occupation classes | 4A, 3A, 2A, A | 4A, 3A, 2A |
Occupation class upgrades | Yes | |
Waiting periods | 30 or 90 days | 12 or 24 months |
Benefit periods | 12, 18, or 24 months | Lump sum or installments up to 10 years
|
Minimum coverage | $400 | $50,000 lump sum |
Maximum coverage | $40,000 | $2,000,000 lump sum |
Medical exam required | Yes, above a certain age and amount | |
Premium guarantee | Guaranteed level rates to age 65 | Guaranteed level rates to age 63 |
Expiry | None | Age 63 |
Riders | Additional insurance, patient protection, premium refund | Future income option |
RBC Insurance
AM Best rating: A
Read our comprehensive RBC Disability Insurance review.
Personal products
Professional Series | Foundation Series | Bridge Series | Quantum | Fundamental Series | Simplified Disability Insurance | ||
|---|---|---|---|---|---|---|---|
Target market | High-income professionals and executives | Small business owners, tradespeople, middle-income earners, and farmers | Similar to Foundation Series but with fewer guarantees, newly self-employed | High-income professionals and executives | Self-employed, contract workers, retail workers, construction workers, tradespeople | Self-employed, contract workers, part-time or seasonal workers, those who want simplified underwriting with no medical exam | |
Covers | Injury or illness | Injury only with illness add-on | |||||
Definition of disability | Regular occupation for entire benefit period | Regular occupation for two years (can be extended to the entire benefit period) | Reasonable occupation for entire benefit period | Regular occupation for three years | Regular occupation | ||
Age eligibility | 18-60 | 18-69 | 18-55 | ||||
Occupation classes | 4A, 3A, 2A | 4A, 3A, 2A, A, B | 4A, 3A, 2A | 1, 2, 3, 4, 5, 6 | None | ||
Occupation class upgrades | Yes | N/A | No | ||||
Waiting periods | 30, 60, 90, 120, 180, 365, or 730 days | 0, 30, 90, or 120 days | 60 or 90 days | ||||
Benefit periods | Two, five years, to age 65 | Two, five, 10 years, to age 65 | Two, five years, to age 65 | Two, five years, to age 70 | Two years | ||
Minimum coverage | $450 | $500 | |||||
Maximum coverage | $25,000 | $6,000 | $1,500 | ||||
Medical exam required | Yes, above a certain age and amount | For illness coverage only | No | ||||
Premium guarantee | Guaranteed level rates to age 65 | Not guaranteed | |||||
Expiry | None | Age 75 | Age 65 | ||||
Riders | Family compassionate care, future income option, cost of living benefit, own occupation, retirement protector, accidental death and dismemberment, first day of hospitalization, health care profession | Family compassionate care, future income option, cost of living benefit, regular occupation extension, partial disability, retirement protector, accidental death and dismemberment, first day of hospitalization, health care profession | Family compassionate care, future income option, cost of living benefit, regular occupation extension, partial disability, first day of hospitalization | Family compassionate care, future income option, cost of living benefit, health care profession | Accidental death and dismemberment | None | |
Business products
Business Overhead Expenses | Disability Buy-Sell | Key Person Protector | Business Loan Protector | |
|---|---|---|---|---|
Target market | Reimburse overhead expenses for professionals and small business owners | Provide funding for a disability buy-out for owners of a small business | Provide funds for an employer for financial loss due to the disability of a key employee | Provide funds to pay the principal and interest on outstanding business loans |
Covers | Injury or illness | |||
Definition of disability | Own occupation | Regular occupation | ||
Age eligibility | 18-60 | 18-55 | ||
Occupation classes | 4A, 3A, 2A, A | 4A, 3A, 2A | 4A, 3A, 2A, A | |
Occupation class upgrades | Yes | |||
Waiting periods | 15, 30, 60, or 90 days | 360, 540, or 720 days | 60 or 90 days | 30, 60, 90, or 365 days |
Benefit periods | 15 or 24 months | Lump sum or monthly payments | 12 months | Lump sum or 24 months |
Minimum coverage | $450 | $25,000 | $2,500 | $600 |
Maximum coverage | $40,000 | $2,000,000 lump sum | $25,000 | $250,000 lump sum or $10,000 monthly |
Medical exam required | Yes, above a certain age and amount | |||
Premium guarantee | Guaranteed level rates to age 65 | Guaranteed level rates to age 64 | Guaranteed level rates to age 62 | Guaranteed level rates to age 65 |
Expiry | None | Age 64 | Age 62 | Age 65 |
Riders | Future covered expense, residual/partial disability, health care profession | Business insurance option | Replacement expense benefit, health care profession | Health care profession |
Canada Life Insurance
AM Best rating: A+
Read our comprehensive Canada Life disability insurance review.
Personal products
Lifestyle Protection Plan | Independence Plan | |
|---|---|---|
Target market | Broad coverage designed for professionals, business executives, employees, tradespeople, and self-employed | Designed for lower-income occupations, home-based workers, part-time workers, seasonal workers, new business owners |
Covers | Injury or illness | Injury only with illness add-on |
Definition of disability | Regular occupation for two years (can be extended to the entire benefit period) | Regular occupation for two years |
Age eligibility | 18-60 | |
Occupation classes | 4A, 3A, 2A, A, B | None |
Occupation class upgrades | Yes | N/A |
Waiting periods | 30, 60, 90, 120, 180, 365, or 730 days | 14, 30, 90, or 120 days |
Benefit periods | Two, five, 10 years, to age 65 | One, two, five years, to age 65 |
Minimum coverage | $500 | |
Maximum coverage | $25,000 | $3,000 |
Medical exam required | Yes, above a certain age and amount | No |
Premium guarantee | Guaranteed level rates to age 65 | Not guaranteed |
Expiry | None | Age 65 |
Riders | Own occupation, regular occupation extender, residual and partial disability, future insurability, cost-of-living, catch-up, first day accident, return of premium, lifetime benefit—accident and graded sickness, accidental death and dismemberment, health care profession | Accidental death, future insurability, cost-of-living |
Business products
Overhead Expense Plan | Buy/Sell Plan | |
|---|---|---|
Target market | Reimburse overhead expenses for professionals and small business owners | Provide funding for a disability buy-out for owners of a small business
|
Covers | Injury or illness | |
Definition of disability | Regular occupation | |
Age eligibility | 18-60 | |
Occupation classes | 4A, 3A, 2A, A, B | 4A, 3A, 2A |
Occupation class upgrades | Yes | |
Waiting periods | 30, 60, or 90 days | 365, 548, 730 days
|
Benefit periods | 12 or 24 months | Lump sum or monthly payments
|
Minimum coverage | $500 | $50,000 lump sum |
Maximum coverage | $30,000 | $1,000,000 lump sum plus $16,666/month for 60 months
|
Medical exam required | Yes, above a certain age and amount | |
Premium guarantee | Guaranteed level rates to age 65 | |
Expiry | None | Age 65 |
Riders | Own occupation, residual and partial disability, future insurability, catch-up, return of premium, health care profession | Future insurability |
Desjardins Insurance
Standard & Poor's rating: A+
Read our comprehensive Desjardins disability insurance review.
Personal products
SOLO Disability Income | SOLO Loan Insurance | SOLO Essential Disability Income | |
|---|---|---|---|
Target market | Self-employed, independent workers, business owners, employees without group coverage | Individuals who have a mortgage or personal loans, business owners with business loans | Individuals in high-risk occupations, with lower-income, have pre-existing medical conditions |
Covers | Injury or illness | Injury only with illness add-on | |
Definition of disability | Regular occupation for two years (can be extended to the entire benefit period) | Regular occupation for three years (can be extended to the entire benefit period) | |
Age eligibility | 18-60 | 18-69 | |
Occupation classes | 4A, 3A, 2A, A, B | 1, 2, 3, 4, 5, 5B | |
Occupation class upgrades | Yes | No | |
Waiting periods | 30, 60, 90, 120, 365, or 730 days | 30, 60, 90, or 120 days | 0, 30, or 120 days |
Benefit periods | Two, five years, to age 65 | Five years, to age 70 | |
Minimum coverage | $400 | $500 | |
Maximum coverage | $10,000 | $5,000 | $6,000 |
Medical exam required | Yes, above a certain age and amount | No | |
Premium guarantee | Not guaranteed | ||
Expiry | Age 70 | Age 75 | |
Riders | Residual and partial disability, future insurability, cost-of-living, return of premiums | Partial disability, future insurability | Accidental death and dismemberment, accidental fracture |
iA Financial Group (Industrial Alliance)
AM Best rating: A+
Read our comprehensive iA Financial Group disability insurance review.
Personal products
Superior Program | Universal Loan | Acci-Jet Program | Acci 7 Plus | |
|---|---|---|---|---|
Target market | Comprehensive personal coverage for self-employed workers, employees, business owners | Coverage for personal loans like mortgage, car, line of credit, credit card | Simplified underwriting suitable for higher risk occupations like truck and taxi drivers, construction workers, manual labourers | Complete accident product designed for the entire family, all types of workers, even the unemployed |
Covers | Injury only with illness add-on | Injury or illness | Injury only with illness add-on | Injury only |
Definition of disability | Regular occupation for two years (can be extended to the entire benefit period) | Regular occupation | ||
Age eligibility | 18-59 | 18-69 | 18-74 | |
Occupation classes | 4A, 3A, 2A, A, B, C | None | ||
Occupation class upgrades | Yes | No | N/A | |
Waiting periods | 14, 30, 60, 90, or 119 days | 30, 60, or 90 days | 0, 30, or 119 days | None |
Benefit periods | Two, five years, to age 65 | Two, five years, to age 70 | Seven months | |
Minimum coverage | $500 | $300 | $500 | $700 |
Maximum coverage | $10,000 | $5,000 | $6,000 | $1,400 |
Medical exam required | Yes, above a certain age and amount | No | ||
Premium guarantee | Not guaranteed | |||
Expiry | Age 65 | Age 70 | Age 80 | |
Riders | Return of premiums, retroactive benefit, indexed benefit, partial disability, accidental death and dismemberment, accidental fracture, hospital benefit | Return of premiums, partial disability, accidental death and dismemberment, accidental fracture, hospital benefit | Accidental death and dismemberment, accidental fracture, hospital benefit | |
Business products
Overhead Expense Insurance | ||
|---|---|---|
Target market | Reimburse overhead expenses for professionals and small business owners | |
Covers | Injury or illness | |
Definition of disability | Regular occupation | |
Age eligibility | 18-59 | |
Occupation classes | 4A, 3A, 2A, A, B, C | |
Occupation class upgrades | Yes | |
Waiting period | 30 days | |
Benefit period | 24 months | |
Minimum coverage | $500 | |
Maximum coverage | $6,000 | |
Medical exam required | Yes, above a certain age and amount | |
Premium guarantee | Not guaranteed | |
Expiry | Age 65 | |
Riders | None | |
Humania Assurance
AM Best rating: Not rated
Read our comprehensive Humania disability insurance review.
Personal products
Prohealth – Income Insurance – Accident and Sickness | Prohealth – Income Insurance – Accident | Prohealth – Payment Insurance – Accident and Sickness | Insurance Without Medical Exam – Income Insurance | Insurance Without Medical Exam – Debt Insurance | ASSURE-DEBT | |
|---|---|---|---|---|---|---|
Target market | Accessible coverage for employed and unemployed individuals | Accident coverage for all types of risks, including traditional workers, seasonal workers, unemployed, students, hard to insure, and those with a limited budget
| Accident and sickness coverage that reimburses your debt payments and business overhead expenses upon a disability. | People who need income replacement insurance and have been declined disability insurance for medical or other issues | People who need debt insurance and have been declined disability insurance for medical or other issues | An alternative to creditor insurance that covers your debts with a flexible range of options |
Covers | Injury or illness | Accidents and soft tissue injuries | Injury or illness | |||
Definition of disability | Regular occupation for three years (can be extended to the entire benefit period) | Regular occupation for three years | Regular occupation for three years (can be extended to the entire benefit period) | Regular occupation for 24 months | Regular occupation for 24 months (can be extended to the entire benefit period) | |
Age eligibility | 18-64 | 18-69 | 18-64 | 18-55 | 18-59 | |
Occupation classes | Unlisted | None | 4A, 3A, 2A, 1A, B, C | |||
Occupation class upgrades | No, although there is a discount for employment stability | No | Yes | |||
Waiting period | 14, 30, 90, or 120 days | 1, 14, 30, 90, or 120 days | 30, 60, or 90 days | 90 days | 30, 60, or 90 days | |
Benefit period | Two, five years, to age 65 | Two, five years, to age 70 | One, two, three, five years, to age 65 | 24 months | 12 or 24 months | Two, five years, to age 65 |
Minimum coverage | $500 | $400 | ||||
Maximum coverage | $6,000 | $10,000 | $2,500 | $2,000 | ||
Medical exam required | Yes, above a certain age and amount | No | Yes, above a certain age and amount | No | ||
Premium guarantee | Guaranteed for the first five years, can increase after that | Increases every 10 or 20 years as chosen at policy issue | Not guaranteed | |||
Expiry | Age 100 | Age 65 | ||||
Riders | Accidental death and dismemberment, premium refund | Partial disability, premium refund, additional insurance option, regular occupation | Premium refund | Life insurance, guaranteed insurability, partial disability, premium refund, retroactive benefit, occupational HIV | ||
Empire Life Insurance
AM Best rating: A+
Personal products
Disability Credit Protect | |
|---|---|
Target market | Instead of a standalone disability policy, Empire Life offers the Disability Credit Protect as an optional rider on life insurance plans. Designed to help you with your monthly debt payments if you can’t work due to a disability
|
Covers | Injury or illness |
Definition of disability | Regular occupation |
Age eligibility | 18-60 |
Occupation classes | None |
Waiting period | 30 days |
Benefit period | 12 or 24 months |
Minimum coverage | $300 |
Maximum coverage | $3,500 |
Medical exam required | No |
Premium guarantee | Guaranteed level rates to age 65 |
Expiry | Age 65 |
The Edge Benefits
AM Best rating: Not rated
Read our comprehensive The Edge Benefits disability insurance review.
Loss of income | Business overhead expense insurance | |
|---|---|---|
Target market | Income replacement guaranteed issue injury coverage with illness as an optional add-on designed for the self-employed and small business owners who may have difficulty qualifying for a traditional disability insurance plan | Business overhead expense guaranteed issue injury coverage with illness as an optional add-on designed for the self-employed and small business owners who may have difficulty qualifying for a traditional disability insurance plan |
Covers | Injury only with illness add-on | |
Definition of disability | Regular occupation for three years | Regular occupation for 24 months |
Age eligibility | 18-69 | |
Occupation classes | Exec, AA, A, B, BB | |
Occupation class upgrades | No | |
Waiting period | 0, 30, or 112 days | 30 days |
Benefit period | Two, five years, to age 70 | 24 months |
Minimum coverage | $1,000 | |
Maximum coverage | $6,000 | |
Medical exam required | Yes, if illness coverage is purchased, above a certain age and amount | |
Premium guarantee | Not guaranteed | |
Expiry | Age 75 | |
Riders | Lifestyle protection enhancer, permanent total disability | None |
La Capitale
AM Best rating: A
Pillar Series | Simplified Accident Insurance | |
|---|---|---|
Target market | Base accident insurance with illness as an optional coverage for employees and self-employed workers. | Accident and soft tissue injury coverage for those with pre-existing medical conditions who were declined for illness coverage. |
Covers | Injury only with illness add-on | Accidents and soft tissue injuries |
Definition of disability | Regular occupation for 24 months | |
Age eligibility | 18-59 | 18-69 |
Occupation classes | 4A, 3A, 2A, A, B | |
Occupation class upgrades | Yes | No |
Waiting period | 0, 14, 30, 60, 90 or 120 days | 0, 14, 30 or 120 days |
Benefit period | Two, five years, to age 65 | Two, five years, to age 70 |
Minimum coverage | $500 | |
Maximum coverage | $6,000 | $3,000 |
Medical exam required | Yes, if illness coverage is purchased, above a certain age and amount | No |
Premium guarantee | Not guaranteed | |
Expiry | Age 65 | Age 75 |
Riders | Regular occupation extension, return of premium, hospital care, accidental death and dismemberment, accidental fracture, future insurability option, indexation option | Regular occupation extension, accidental death and dismemberment, accidental fracture, partial disability |
How to find the best long-term disability insurance policy in Canada
The best long-term disability insurance policies in Canada should have the following features and benefits:
Non-cancellable and guaranteed renewable
This means that not only can the insurance company not cancel your policy, it also can’t increase the premium. A non-cancellable and guaranteed renewable policy give you the best financial security over the long term.
Own occupation
Usually, disability benefits stop if you can’t do your regular job but start working elsewhere. This is called the regular occupation definition. With the own occupation definition of disability, the insurance company removes this requirement. That means you can continue to receive benefits even if you work another job. For example, if a surgeon loses the ability to use his hands, he can start teaching at a university and continue receiving disability benefits.
Occupation class
The disability insurance premiums you pay depend on your occupation class. The better your occupation class, the lower your monthly premium. However, not every insurer has the same occupation class for a particular job. For example, RBC treats dentists as 3A while Manulife treats them as 4A. Therefore, Manulife would have a lower monthly premium.
Exclusions
The strongest long-term disability insurance policies have the fewest exclusions and limitations. For example, the best disability insurance policies only have three exclusions:
- War
- Normal pregnancy (complications from pregnancy are covered)
- Incarceration
As you go to the lower end of the market, long-term disability insurance becomes more affordable. However, these disability insurance plans have many more exclusions and limitations.
For example, one insurance company applies a 20-day benefit period for soft-tissue injuries per occurrence up to a lifetime limit of 36 months. So while these disability insurance policies are cheaper, they also don’t give you the best protection.
No income verification at the time of claim
The best long-term disability insurance policy has financial underwriting done upfront. What does this mean?
Here’s how it works. When you first apply for disability insurance, the insurance company will verify your income. You may have to show your T1 return or corporate financial statements. The benefit of this is that you won’t have to prove your income at the time of a claim. All you have to show is that you can’t do your job because of a disability. The insurer guarantees your monthly benefit as long as you can provide evidence of disability.
With other disability insurance plans, income verification occurs at the time of a claim. Not only do you have to prove that you can’t work, but you also have to submit these financial documents. And if it turns out your income in recent months or years has dropped, your monthly benefits will also decrease.
This isn’t out of the ordinary for business owners and other self-employed individuals. Unpredictable events like a global pandemic or even just a downturn in business can lead to tough times financially.
No integration of benefits
Integration means your monthly income is reduced if you receive disability benefits from another source like Workers’ Compensation or auto insurance. The best long-term disability insurance policies don’t have any integration clause. So even if you’re getting benefits elsewhere, you don’t have to worry about your monthly income dropping.
Built-in benefits
These benefits are built into the long-term disability insurance policy for no extra cost. For example, most policies have the rehabilitation benefit, which pays for vocational training and other rehabilitation expenses that help you return to work.
Another built-in benefit is recurrent disability, which lets you combine the waiting period of one disability to another if they have the same or related cause. This allows you to receive benefits sooner upon the second disability.
Riders
Long-term disability insurance riders are optional add-ons that enhance your coverage. For example, you can buy the future option or guaranteed insurability rider. This lets you purchase additional coverage without providing medical evidence of insurability. It’s especially useful if you anticipate your annual income will increase over time.
Another popular rider is the cost-of-living adjustment, which increases your monthly benefit every year while you’re on a claim. This helps it keep pace with inflation in case of a long-term claim.
While these additional benefits cost extra, they upgrade your policy to improve your disability coverage. Availability of disability insurance riders should be near the top of your list when buying disability insurance.
Financial strength
Last but not least, you should take the financial stability of the insurer into consideration. Long-term disability insurance can potentially pay you for decades if you suffer a severe or permanent disability. That’s why you want to make sure the insurer you choose has the financial strength to survive over the long term.
To help you determine a company’s financial strength, a credit rating agency called AM Best applies a rating to each insurance company. By choosing an insurer with a high rating from AM Best, you know it should be able to survive long into the future.
What You Need To Know About Long-Term Disability Insurance In Canada
Which disability insurance is the best?
The best long-term disability coverage is the one that is active at the time of a claim. Having a disability policy that will provide income protection is your priority.
Of course, your disability policy should also have the features mentioned in the previous section. Besides those, the best disability insurance plans start the monthly income after a short waiting period and last until you reach retirement age.
Who is the largest disability insurance company?
At the time of writing, the largest disability insurance company in Canada by market capitalization is Manulife. It has a market capitalization of $52.2 billion.
Do you need disability insurance if you're self-employed?
Yes! Self-employed individuals don’t have the advantage of group long-term disability insurance through an employer. That means you’re on your own to get disability coverage. And considering your livelihood depends on your earned income, long-term disability coverage becomes even more vital.
What is the best way to buy disability insurance?
Although a few disability insurance providers let you buy directly from them, these policies are severely limited in monthly coverage amounts. They also have more exclusions, shorter benefit periods, have a higher monthly premium, and are just worse in general.
The best disability insurance you can get is through an insurance broker. Although this can change in the future, it’s unlikely as insurance companies and consumers value the advice given by the independent insurance advisor. Disability insurance providers also want to develop and maintain a working relationship with these advisors so they continue to sell their products.
How much does disability insurance cost in Canada?
Long-term disability insurance premiums depend on several factors:
- Age
- Gender
- Smoking status
- Occupation class
- Riders
In general, the monthly premium would be higher for an older woman who smokes, works in a hazardous occupation, and buys many riders.
Can you buy your own long-term disability insurance?
Yes, you’re not limited to long-term disability insurance from group coverage. In fact, even if you have disability coverage through your employer, it may not be enough.
First, check your benefits booklet to see how much you get and the terms of the long-term disability coverage. Then, decide if you need supplemental disability insurance with a private disability insurance policy.
How much disability insurance coverage do you need?
Long-term disability insurance offers income protection by replacing lost income. As a result, you want to get the most you qualify for based on your income. This ranges between 50-75% of your net income before tax. Remember that you get the monthly benefits tax-free, meaning you’ll replace a larger portion of your annual income on an after-tax basis.
How long does long-term disability insurance last?
The best disability insurance companies will offer the longest coverage period of age 65. This gives you income protection until the typical retirement age for most Canadians.
You can also get a disability policy that only pays for two or five years. Although you save on the monthly premium, a shorter benefit period doesn’t protect you from a permanent or severe disability. Therefore, it is not recommended.
What is the difference between long-term and short-term disability insurance?
We haven’t touched on short-term disability insurance much in this post. That’s because it usually only lasts for up to six months, so it doesn’t have as much of a financial impact as long-term disability insurance coverage.
Also, you can’t buy your own short-term disability insurance in Canada. Instead, it’s usually offered as an employee benefit from your employer or association.
If you’re self-employed and need short-term disability insurance, you can always register for Employment Insurance with the government of Canada. As of 2023, it provides up to $650/week for 26 weeks.
Ready For Disability Insurance Quotes?
If you’re ready to take the next step, you’ll need some individual disability insurance quotes. We work with the best disability insurance companies listed in this post, so you’ll be sure that you’re getting the best disability insurance options.
Feel free to use the form in the next section to submit a quote request. We will respond within one business day. If you require personalized advice for your situation, contact us at info@briansoinsurance.com or 604-928-1628.
Get Your Disability Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
