DISABILITY INSURANCE QUOTE AND EXPERT TIPS

Assumption Life
BMO Life Assurance Company
Canada Life Insurance Company of Canada
Canada Protection Plan
Desjardins Financial Security Life Insurance
Empire Life Insurance Company
Equitable Life Insurance
Foresters Canada
Industrial Alliance Financial Group
Ivari
La Capitale Life Insurance
RBC Insurance
Specialty Life Insurance (SLI)
SSQ Life Insurance Company Inc. (Formerly AXA Life Insurance Inc.)
UV Insurance
Wawanesa Life Insurance Company

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    Why Choose LSM Insurance For Disability Insurance?

    Term 1
    A truly an independent agency working for you. 15+ languages spoken.
    Term 2
    Licensed across Canada and working with over 100 experienced insurance brokers.
    Term 3
    Working with more 20 + insurers to find for you the best life and living benefits products.
    Term 4
    Proudly serving Canadians for over 25 years. Helped thousands Canadians.

    Sample Disability Insurance Quotes

    Female, 35 years old, non-smoker, no serious health pre-conditions, disability monthly benefits of $7,500, sixty day elimination period and age 65 benefit period
    Best quote
    Standard
    $312 / month
    Male, 30 years old, non-smoker, no serious health pre-conditions, disability monthly benefits of $5,000, thirty day elimination period and 5 year benefit period
    Best quote
    Standard
    $263 / month
    Female, 42 years old, non-smoker, no serious health pre-conditions, disability monthly benefits of $10,000, ninety day elimination period and age 65 benefit period
    Best quote
    Standard
    $509 / month

    What is Disability Insurance?

    Disability insurance is a type of insurance that substitutes part of your income should you become disabled. Unlike other forms of insurance, disability benefits do not come as a lump sum, but as monthly payouts.

    Disability cases are clearly defined in an insurance policy and have a number of special conditions defining waiting times (elimination period), the types of work in which you can be engaged after disability, and much more.

    When do you Need Disability Insurance?

    Disability is one of the insurance coverages that you always need if you have a stream of income, and especially if people, such as your family members, rely on this income.

    Here are a few things to know

    1. One in three Canadians becomes disabled for three months or longer before the age of 65.
    2. Nearly 15% of Canadians have a disability.
    3. Many employees already provide some disability coverage as a part of a benefit package, but you could lose this protection if you change your job.
    4. You cannot combine the coverage of multiple policies above a particular percentage, and that percentage is linked to your income. Disability policies are not stackable.
    Interested in Disability Insurance or have questions?

    How does Disability Insurance Compare to Critical Illness Insurance?

    Here is a brief comparison to show how disability insurance compares to critical illness insurance.

     Critical Illness InsuranceDisability Insurance
    PurposeLump sum that can be used in any way the beneficiary wantsCovers part of the beneficiary’s lost income due to a disability
    Coverage PayoutOne time lump sumRegular monthly payments
    StackableYesNo

    Disability Insurance Cost

    Disability insurance rates are determined through numerous aspects, such as:

    • Elimination period (time frame when you do not receive benefits.
    • Benefit period (time frame during which you receive benefits. For example, 2 years, 5 years, up to age of 65).
    • Type of occupation, such as “own” vs “any” occupation – basically, your ability to qualify for benefits if you are forced to work in a different career path after your disability.

    Disability insurance costs are higher than term life insurance costs.

    Here are some examples for disability insurance cost. These disability insurance rates have been generated in September 2021.

    Please note that these rates consider 90-day elimination period, benefit period to age 65, and job category 3A (most “white collar” workers: office, clerical, or light sales work with no manual duties), which is one of the most popular job categories.

    Scenario 1Scenario 2Scenario 3
    Monthly benefit amount$2,500$5,000$7,500
    Minimum annual income to qualify$41,000$94,000$168,000
    Benefit, percentage of income73%64%54%
    Female, age 30$89$173$258
    Female, age 40$122$240$358
    Female, age 50$157$309$461
    Male, age 30$54$103$153
    Male, age 40$81$158$235
    Male, age 50$132$259$386

    Source: Disability Insurance cost examples above are based on Manulife Venture Series premiums as they are indicative of rates from other providers (September 2021). Find more details on Manulife Disability Insurance Venture series here.

    Interested in Disability Insurance or have questions?

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