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Disability income insurance is a must if you’re self-employed

Ask yourself, would you rather have a career that pays $100,000 per annum but nothing if you were disabled and could not work or one that paid up to 70% of your current income tax-free if you were disabled? The benefit is paid until you can return to work or age 65. Having disability income insurance is crucial, particularly if you are self-employed or married with children.

Under age 35

Age 35 to 44

Age 45 to 54

Age 55 or older

We know disability risks are real

The purpose of disability income insurance is to provide the income to maintain your lifestyle until you are cleared to return to work. It transfers the financial risk of a severe disability from you to the insurance company. A severe injury or illness that keeps you from working for an extended period can be financially devastating when you consider that:

  • Your current income will cease to exist.

  • Your future income will be at risk due to your disability.

  • Yet your business or personal expenses may continue.

Disability income insurance policies help protect you, your family and your business by protecting your income from disabling injury or illness.

...and disability income insurance is the solution

  • Short-term disability: This disability policy protects for a brief period of up to 120 days when employment insurance might not be available. This is only available as part of group insurance, not as an individual product.

  • Long-term disability: Available as a standalone solution and comes in a few variances and several design criteria. These are:

    1. Elimination period

    2. Benefit period

    3. Injury only, or injury and sickness

    4. On the job vs. 24 hour

Critical illness insurance provides financial help during a health crisis

A critical illness policy can be used as a form of savings. Most policies provide a return of premium if the policy expires or is cancelled. You will either be receiving a cheque in the form of a critical illness benefit (should you become sick) or a cheque for a health benefit (should you remain healthy).

The likelihood of suffereing from a serious car accident

The likelihood of suffereing from a critical illness

The chance of suffering from a serious illness

We live in a dangerous world, just about everything from motor vehicle accidents to contracting serious illnesses. We know these risks are real, but we would be risking even more by not allowing ourselves to live to our fullest potential. While we ignore some of the more minor risks, the larger ones should not be ignored – especially when there is a practical solution. Unlike the chance of a house fire or catastrophic car crash, which are 1 in 1200 and 1 in 240 respectively, the chance of suffering from a critical illness is 1 in 3. This risk is real and you can plan ahead using critical illness insurance.

...and critical illness insurance is the solution

Critical illness insurance pays out a lump sum benefit upon diagnosis and survival of conditions covered by your policy. Conditions range from cancer, heart attack, and stroke to comas and severe burns, with most conditions requiring surviving 30 days beyond the original diagnosis. Depending on the illness, replacing lost income due to inability to work and the costs of covering current expenses and health recovery expenses that are not covered by provincial health care plans will vary. Your capital needs depend on your specific situation. Getting a quote should give you some ideas.

How to use $4,000 to protect your $96,000 income

Comparing quotes to start your life insurance, critical illness insurance, or disability income insurance shopping journey is good. You may focus, at the start, solely on the price when choosing a company. However, the best companies may offer additional benefits that give flexibility at a reasonable price.

Term Life Insurance

About $125/month

Male, 35-year-old, non-smoker

$1,000,000 of 30-year term

Coverage is 10 times the income

Pay the premium for 30 years

Coverage to age 65

  • For temporary needs
  • Plus permanent needs
  • Final expense & estate giving
  • Business succession planning

Disability Income Insurance

About $123/month

Male, 35-year-old, non-smoker

90-day wait, average risk

$5,000/month to age 65

Pay the premium to age 65

Coverage to age 65

  • Job accident
  • Nervous system
  • Mental disorder
  • Musculoskeletal
Please note that all information shown is for illustration purposes only. This information and any calculations shown should not be considered advice and may not apply to your needs, objectives and personal circumstances.

Many trustworthy companies work with IDC Insurance

IDC Insurance is the leader in the direct distribution of life, living benefits, health, travel and group insurance products. We simplify online quote comparison and help Canadian families, business owners and solopreneurs find the best rates for the right coverage.

Let our advisors guide you through this important decision

Insurance coverage in Canada is best handled with the help of an independent advisor that provides impartial guidance. Our advisors represent the whole market and not just one single provider. We are the best when it comes to helping you get the best product at the lowest rates and avoid costly mistakes.

Initially during engagement

Our advisors play a crucial role in your insurance planning process. We help you assess your insurance needs through a financial needs analysis. Next, we help assess your health, lifestyle and medical history to ensure product suitability. We then arrange to purchase a policy electronically by guiding you through the entire process via the phone. No advisors will visit. We continue to assist you throughout the application process to ensure your application is placed with an insurer that best fits your needs, medical history and budget.

...and while you are our client

Once a policy is inforce, we continue to provide ongoing services, such as address and phone changes, banking, beneficiary updates, and regular reviews as you go through life stages. Many of our advisors have had the pleasure of helping thousands of families over the years where they were once newlyweds to becoming young grandparents approaching retirement. We are here to help you at claim time and support your needs throughout the good and the not-so-good times. We will be around when you need us.

More Canadian families choose IDC Insurance advisors

IDC Insurance aims to help Canadians get the insurance they need at the best possible rates given their unique requirements and health history by working closely with licensed insurance experts and underwriters at major insurance companies.

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All product names, trademarks, and trade names are the property of their respective owners. The Insurance Council (BC, AB, SK, MB), Financial Services Commission (ON), Chambre de la Sécurité Financière (QC), The Superintendent of Insurance (NB, NL, PE, NS) are the provincial and federal authorities that regulate, supervise and enforce standards for life insurance professionals. IDC member websites include: Life Insurance Newspaper, Employee Benefits Newspaper

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