If you were unable to work due to an injury or accident causing disability, then how would you pay your mortgage, your bills, and take care of your family? You may have sick leave for several months, but what if you need much longer to recover?

Disability Insurance provides peace of mind that, in the event of disability, you will have a monthly stipend to replace a portion of your salary, whether it’s a short-term disability, or a long-term disability.

Even though there are government plans, such as worker’s compensation or Employment Insurance benefits, the scope of these plans is quite limited in terms of coverage and payout amounts. They may not cover you for all your needs.

Taking out a personal Disability Insurance policy will provide you and your family with living expenses if your disability prohibits you from working. It’s also a good type of insurance to get if you’re self-employed, or aren’t part of group disability plan with your employer.

Keep in mind that your Disability Insurance premium is directly affected by your age, gender, lifestyle (ie. whether you smoke, drink, or exercise), and your type of occupation.