Disability Insurance (A Living Benefit*)

• This type of insurance offers a monthly benefit in the event that the insured suffers an injury or illness rendering him or her unable to perform the duties of their job or profession, or in some cases, any other occupation.

• This type of insurance can be customized and designed to suit one’s needs and budget. 

• Disability insurance can also be purchased as an overhead expense plan, which means that the monthly office expenses would be covered by the insurance policy for a certain period of time, if the insured is unable to work due to a disability.

• This is an especially important benefit to consider for self employed professionals who operate their own offices or practices, with set monthly office expenses such as rent and salaries.

• Disability insurance can also be purchased to protect any personal and household debt expenses, so that when one is on an extended period of disability leave, that the majority of ongoing debts are covered by the insurance policy.

*Insurance benefits which are paid out to the claimant while they are alive and suffering from either a disability, critical illness or long-term care need.