Disability insurance

Definition: Provides a monthly benefit when you’re unable to work due to illness or injury.

Purpose: Safeguards your most valuable asset, your ability to earn an income.

Benefit: Payments are usually tax‑free and can be used for everyday expenses.

Covers temporary conditions (e.g., recovery from surgery, broken bones).

Benefits typically last up to 6 months.

Often offered through employers or Employment Insurance (EI) sickness benefits.

Provides ongoing support for serious or chronic conditions.

Benefits may continue for years, sometimes until retirement age.

Covers illnesses (like cancer, depression, or heart disease) as well as injuries.

Employees: Check if your workplace already offers group disability coverage.

Self‑employed or business owners: It can protect both personal income and business expenses.

Families: Ensures household bills and commitments are covered if a primary earner can’t work.

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