What does disability insurance cover in Ontario?

Disability insurance helps replace 60–85% of your income if you're unable to work due to illness or injury. It’s available for employed and self-employed individuals in Ontario and typically covers long-term or short-term income loss.

What should professionals and business owners in Ontario look for when selecting a disability insurance policy?

The best disability insurance plan depends on your income, occupation, and financial goals. A licensed advisor like Bill Craven can help assess your needs and select a plan with the right coverage, elimination period, and benefit duration.

Disability Insurance by Craven Financial Planning

Disability insurance ensures that you are financially protected if you're unable to work due to illness or injury.

Secure Your Income with Disability Insurance

With disability insurance in Canada, you can safeguard your financial future by ensuring a steady income if you’re unable to work due to illness or injury.

Disability insurance offers flexible coverage options, allowing you to tailor a policy that meets your specific needs.

Whether it’s covering mortgage payments, daily living costs, or ongoing expenses, disability insurance ensures that you can maintain your lifestyle while recovering.

The peace of mind knowing you’re protected makes disability insurance an essential part of any comprehensive financial plan.

Common Questions and Answers:

What types of disability insurance are available?
Short-term and long-term disability insurance. There are plans specifically designed for professionals, for people with professional corporations, and other business owners. It is important to work with an experienced advisor, like Bill Craven who can tailor the best plan for your needs.
How does disability insurance protect my income?
It provides a monthly benefit to replace a portion of your income if you’re unable to work due to illness or injury.
What strategies can maximize disability insurance coverage?
Choosing the right benefit amount and reviewing your policy regularly can help maximize coverage.

Ready to protect your income with disability insurance? Contact Financial Planner William (Bill) Craven for personalized strategies.

Ready to secure your future with disability insurance?

Whether you’re just starting to explore insurance options or seeking to enhance your current coverage, William (Bill) Craven will help guide you through the process.

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Disability insurance offers peace of mind by protecting your income in case you’re unable to work due to illness or injury.

Frequently Asked Questions about Disability Insurance

1. What is disability insurance in Canada?

Disability insurance provides financial protection by replacing a portion of your income if you're unable to work due to illness or injury.

2. How much does disability insurance cover?

Disability insurance typically covers 60-85% of your income, depending on the policy.

3. How long does disability insurance last?

Policies vary, but long-term disability insurance can last until age 65 or retirement, depending on your plan.

4. Is disability insurance taxable in Canada?

Benefits from employer-paid plans are taxable, but benefits from personal plans are generally tax-free.

5. What is the difference between short-term and long-term disability insurance?

Short-term disability covers a brief period, usually up to 6 months, while long-term disability begins after and can continue for several years or until retirement.

6. Can I get disability insurance if I'm self-employed?

Yes, self-employed individuals can purchase private disability insurance to protect their income.

7. How do I qualify for disability insurance benefits?

You must provide medical proof of disability, meet your policy’s waiting period, and be unable to perform your job due to the disability.