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Disability Insurance

It is also referred as disability income protection. Disability insurance is designed to replace a portion of your income if you become disabled due to an injury or Illness and are unable to earn an income.

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Loss of income coverage due to Injury

Every hour, Canadians are injured in ways that could have been avoided. Injury benefits offer low-cost and simple income replacement, making them excellent for those on a tight budget or who do not satisfy the qualifying conditions for illness coverage.

  • Issue ages 18-69
  • $1,000 to $6,000 per month injury only, 24 hour or Non-occupational available
  • Benefit periods available: 2years, 5 years or to age 70
  • 0,30, or 120 day waiting periods available
  • Benefits based on gross business revenue or employed income

What should you consider before buying disability insurance?

Before purchasing disability insurance, it’s essential to evaluate several key factors. Consider the type of coverage that best fits your needs, such as short-term or long-term disability insurance. Assess the policy’s benefit amount and how it aligns with your income and expenses, ensuring it will adequately replace lost earnings. Review the waiting period before benefits begin and the duration of coverage. Check for exclusions and any limitations, including pre-existing conditions. Additionally, understand the cost of premiums and how they fit into your budget. Carefully read the policy terms to ensure it provides the protection you need for financial security in case of disability

Loss of income coverage due to Illness

  • Issue ages 18-64
  • $1,000 to $6,000 per month illness coverage, 24 hours only
  • Benefits periods available: 2years, 5years or to age 70
  • 30 day or 120 day waiting periods available
  • Must be purchased in conjunction with injury
  • Illness amount must be less than or equal to the injury amount

Claim settlement process for disability insurance

In the event of a disability, the process for claiming disability insurance starts with a family member notifying the insurance company immediately via customer service. To process a claim for either accidental disability or permanent disability insurance, the following documents are required:

  1. Completed and signed claim form.
  2. Summary of hospital discharge.
  3. Final hospital bill.
  4. Certificate of incapacity issued by a medical board.

Once the insurance provider receives these documents, they will review the claim and supporting papers. Compensation will be issued within a specified timeframe based on the review and approval process.

  • Have a question we didn’t answer?

    Call 1800-666-0483 to speak with our licensed insurance advisors right away or email us at info@vertexinsurance.ca to book an appointment.

    • FAQs about disability insurance

    No. You choose the length of the benefit period and your benefits will continue during that time frame. You may want to consider your current age and how long you have before retirement before choosing how long your benefits are payable for.

    The amount of monthly income replacement benefits you will receive while unable to work is based on the lesser of your qualifying insurable monthly earnings (QIME) at the time of your claim, or the amount of coverage purchased.

    Yes. Employee Insurance is offered by the federal governments as temporary financial assistance to those who qualify. It is possible to receive unemployment insurance benefits along with income replacement benefits – which are helpful for longer-term financial security. You can utilize a private disability benefits plan alongside many kinds of coverage. For instance, if you’re in a car accident, you can coordinate benefits between your personal accident insurance or your government plan, and your EDGE income protection policy for maximum coverage.

    Worker compensation plans through an employer are designed to protect you if you are injured at work only. A private disability plan means that your income is protected all the time — not just for a work-related injury. It’s also not mandatory in all provinces to be covered by WCB. EDGE recommends 24-hour coverage because our plan covers injuries and illnesses that worker’s compensation benefits may not.

    Permanent total disability means an individual can no longer work due to injury or illness. Permanent partial disability, like back and neck injuries, are more common. An individual is still able to fulfill their role, but not at full capacity.

    Soft tissue injuries typically occur in one of two ways; due to a sudden event, or over time. An event-related injury might be a Sprain or Strain. Those that occur over time are sometimes called ‘Repetitive Motion Injuries’ – doing something over and over results in a stretching or deterioration of the soft tissue around a joint. Sometimes people think repetitive motion conditions, such as Carpal Tunnel Syndrome, Bursitis, or Plantar Fasciitis to name a few, are an ‘illness’, which they are not. Regardless whether a soft tissue injury results from a sudden event or over time, EDGE covers both types of injuries under the guaranteed issue Income Protection – Injury coverage. There are limitations to the length of time that benefits will pay out, but typically this is in line with the recovery period for such injuries. Depending on your policy, typical payout periods can be 20, 40 or 60 days or longer per occurrence, with a lifetime payout, including all occurrences, of 36 months.

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    Disclaimer : Vertex Insurance and Investments Inc. is an insurance agency licensed to sell life and travel insurance products in Ontario. Our website’s content is tailored towards Canadian residents and visitors coming to Canada. Any variations between the rates mentioned on our website and shown in the specific company’s software, the latter will be considered final. Please see the policy documents for full disclosure of the terms, conditions and exclusions. The logos and the trademarks used on the website are owned by the respective entities.

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