Disability insurance: affordable coverage

What is disability insurance?

Disability insurance provides a monthly benefit (in the form of a cash payment) to help replace some of the income you lose while you recover from an illness or injury. This payment helps to minimize the financial and emotional impact of not receiving a paycheque. Disability insurance protects you against loss of income by replacing a significant portion of your paycheque if you become disabled.

Definition of disability in Canada

There are three types of disability coverage. Own, regular, and any.

Own-occupation: A policy with an own-occupation definition protects your ability to work in your profession. You can keep getting benefits even if you can work in another job or in any other way.

Regular-occupation: A policy with a "Regular Occupation" definition also protects your ability to work in your pre-injury occupation or one similar to it. If you choose to work in a different occupation, your benefits will be reduced or stopped.

Any-Occupation: This is the strictest definition of disability that can be covered in a disability insurance policy. You may be ineligible to receive benefits if you can work in any other job.