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Disability Income
Insurance
Disability Income insurance is designed to protect your employment income, by providing a monthly benefit when disability restricts your ability to work. Like all insurance, disability income insurance also protects you against financial disaster. Most disability policies pay you a benefit that replaces part of your earned income (usually 50 percent to 70 percent) when you cannot work.
Disability Income insurance policies provide income replacement benefits, assist recipients to return to work, and are often combined with extended health care benefits. Disability income insurance covers more than 8.4 million Canadian workers.
Benefits of disability income Insurance:
- Provides income replacement coverage usually equal to a percentage of your base salary.
- Guaranteed renewable contracts to provide coverage.
- Short-term disability income insurance provides all or some of your current income if you are unable to work for a short time, usually from 180 days to two years.
- Long-term disability income insurance plans provide a portion of your current income if you are unable to work for a longer period of time than a short-term policy will cover. These benefits may vary according to your selected policy. Plans may cover you for two years or until the age of 65.
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