When I lose or change job...
Some employers offer social benefits that includes disability and Income Insurance.
However, this insurance is only valid during employment. In the event of a loss or change of employment, the insurance plan ends with the last day normally worked. In the case of a personal protection, everything is fine!
Disability and income insurance provides a source of income during a disability leave so that financial commitments are met, and the individual can concentrate on recovery.
What is disability and income insurance?
Disability and income insurance allows a person to benefit from a source of replacement income when they are unable to work due to an illness or an accident. The coverage offered can provide replacement income of up to $10,000 per month, for the short or long term, which can be 2 years, 5 years or up to age 65. It can also cover loan repayments and even rent, if one is a tenant.
This coverage is ideal for employees who do not have group disability insurance through their employer, as well as self-employed workers and small business owners. Even better, individual insurance disability benefits are not taxable.
The benefits of disability and income insurance
- Gives access to a source of replacement income in case of disability
- Makes sure one can continue to meet financial commitments during the recovery
- Helps to cover expenses related to a disability such as physiotherapy, occupational therapy, or special equipment
- Because it is individual insurance, monthly benefits are not taxable
- Renewal of one’s coverage is guaranteed if necessary