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Disability Insurance

Your income is the foundation of your lifestyle. The likelihood of becoming disabled due to injury or illness during your working years is higher than many realize. Have you considered how you would support yourself and your family if you were unable to work? While it’s uncomfortable to think about, the reality is that illness or injury can strike at any time, and it’s important to be prepared. Disability Insurance offers a straightforward, affordable way to ensure you have a steady income if a disability prevents you from working.

Disability Insurance Quote Form

What is Disability Insurance?

Disability Insurance, often referred to as Income Protection or Loss of Income Benefit, provides financial security if you are unable to work due to an accident or illness. This coverage helps replace a portion of your income, allowing you to maintain your lifestyle even when you’re unable to earn a living.

With Disability Insurance, you can choose from different Elimination Periods (how long you wait before benefits start) and Benefit Periods (how long benefits are paid) to tailor a plan that fits your unique needs.

Types of Disability Insurance Plans

There are three main types of individual Disability Insurance plans to consider:

  1. Non-Cancellable (Non-Can)

    • The insurance company cannot cancel your policy or increase your premiums, ensuring a stable product you can rely on.
  2. Guaranteed Renewable (GR)

    • Your policy cannot be canceled, but premiums can be increased based on a class (such as occupation, province, or plan type). This type of plan is both financially and medically underwritten when you apply.
  3. Conditionally Renewable (CR)

    • Premiums can be adjusted, and policies may be canceled, but only on a class basis (based on occupation, province, or plan type). Individual policies cannot be singled out. CR plans often come with standard exclusions and limitations, making them easier to qualify for.

Who Should Consider Disability Insurance?

Disability Insurance is particularly beneficial for:

  • Self-employed individuals
  • Small business owners
  • Contractors or freelancers
  • Employees with group benefits
  • Members of group, association, or affinity markets

Depending on your employment situation, you can choose from Earned Income or Gross Revenue options to determine the benefit amount you qualify for.

Why You Need Disability Insurance

Even if you have savings, an extended period without income due to a disability can be financially devastating. Disability Insurance ensures that you have a regular income, helping cover living expenses, mortgage payments, and other financial responsibilities during your recovery period. Whether you’re unable to work for weeks, months, or even years, having this safety net can make all the difference.

Get a Free Quote

Don’t wait until it’s too late. Protect yourself and your family from the financial impact of a sudden disability with Disability Insurance from us. Get a free, no-obligation quote today, and let us help you choose the best coverage to fit your needs.

Contact Us For more information or to receive a customized Disability Insurance quote, contact us at 416-939-7257 or info@all-lifeinsurance.com. We are here to help you safeguard your financial future.