Are Disability Insurance Premiums Tax-Deductible In Canada?
Disability insurance premiums—the monthly or yearly fees for your insurance policy—are intended to be affordable. After all, you buy it to protect your income in case an accident or sickness renders you unable to work.
But what if you can take that security further by finding more ways to save, like deducting those premiums from your income taxes? Wouldn’t that make disability insurance that much more attractive?
But not all premiums are deductible. In this post, we explore situations where you can get a tax deduction for the cost of disability insurance.
Are Disability Insurance Benefits Taxable in Canada?
Whether you have disability insurance coverage through your employer or your own policy, you’ll want to know if the benefits are taxable.
That’s because the last thing you want to do is worry about taxes while you’re on a long-term disability claim.
In this post, we explore the different types of disability insurance plans and the applicable tax situation for each.
Short-Term Disability vs Long-Term Disability Insurance
When it comes to short-term vs long-term disability insurance: which is better? Which one should you get if you’re looking for disability income insurance?
In this post, we explain:
What long-term disability (LTD) and short-term disability (STD) insurance are
What is the difference between the two types of coverage
If you don’t have group coverage through work, which individual disability policy you should get on your own
So if you’re confused about the two different types of disability insurance policies, read on for more information about the role they play in protecting your financial plan.
Best Disability Insurance For Self-Employed In Canada
Whether you’re a freelancer, run your own business, or are an entrepreneur, one thing’s for sure—you’re the driving force of the business and the income generated. Taking even a day off could mean the money stops coming in.
Now, imagine the financial consequences of a disability that lasts months—or years. How would you and your business survive?
That’s where long-term disability insurance (LTD) comes in. It provides a monthly benefit if you can’t work because of an injury or illness.
In this post, we’ll guide you through disability insurance for self-employed workers. You’ll also learn tips to get the best policy to protect your income.
Disability Insurance And Pre-existing Conditions
Do you have a pre-existing condition?
If so, you may be wondering if disability insurance will cover it. The short answer? Sometimes. If you have a pre-existing condition and need long-term disability insurance (LTD), this post will explain when disability policies will and won’t cover your condition.
Mortgage Disability Insurance: The Definitive Guide
Did you know that 48% of bankruptcies and mortgage foreclosures are due to disabilities? How can you cope financially if you suffered a long-term disability?
With mortgage disability insurance, you ensure that you can make your monthly mortgage payments if you can’t work due to an injury or illness. But is it the best insurance coverage for you?
In this post, we explore:
What mortgage disability insurance is, and how it works
How much mortgage disability insurance costs
Why you should get a long-term disability insurance policy instead
Keep reading to find out if mortgage disability insurance is right for you.
Is Disability Insurance Worth It?
Is it worth purchasing disability insurance?
This is an important question that not many people think of. Disability insurance can be helpful in many ways, especially if you were to suffer from a long-term disability.
You may be thinking: “Why would I need this? I don’t think I could ever get hurt or sick enough for this to happen!” But the truth is, life happens, and sometimes things are out of our control. That’s why we must be prepared for anything that life throws at us.
If you’re not sure if it’s worth purchasing, read on to learn the things you should know why long-term disability insurance might be one of the most important purchases you ever make.
How Much Disability Insurance Do You Need?
Did you know that 1-in-4 Canadian adults will become disabled before the age of 65?
For disabilities that last longer than 90 days, the average length is almost six years. Most people disabled that long will have their plans for the future derailed.
That’s where a disability insurance policy can be a lifesaver. By providing a monthly benefit if you can’t work due to an injury or illness, you protect your ability to make a living. Disability insurance is essential for working-class Canadians who want a secure financial future in case of a long-term disability.
But, how much disability insurance should you have? And how much does it cost? Find out the answer to these and more in this post.
Own Occupation Disability Insurance
Are you a working professional looking for long-term disability insurance benefits? If so, you may have heard of a type of disability insurance called own occupation.
Own occupation disability insurance (DI) is an essential coverage that can help with financial security. While it’s crucial for doctors, lawyers, and other professionals, these are not the only careers that benefit from this type of insurance.
What is own occupation DI? And how does it compare to other types?
Read on to learn more about this type of coverage and how it can help protect your income during a long-term disability!
How Long Does Long-Term Disability Insurance Last?
Do you ever fear that you might not be able to work and take care of your family one day? After all, lots of people live with disabilities and are unable to work. Disabilities that could derail their financial plans if they last a long time.
You might worry about the financial impact of a long-term disability. However, there is a solution—long-term disability insurance (LTD). It can help you survive the most challenging time of your life.
But how long does long-term disability insurance last? And what are the factors that affect this? Keep reading to find out the answers to these and more.
