Long-term disability insurance takes over once short-term coverage ends. Available through WSIB, group or individual insurance, this coverage is designed to protect you for years. However, before payments start, you must go through the elimination period. This is typically between 0-730 days where benefits will not be paid. This allows the underwriter to assess if you remain disabled during this time (to help prevent fraud). Elimination periods affect your premium. The longer the period, the cheaper the premium – but the longer the period, the more savings you need to self insure while you do not have an income or the ability to work. Also, remember that the disability you collect from any source is calculated into your allowable maximum. A zero-day policy can also affect your short-term benefit calculations as well.
Our Publications related to Disability Insurance
Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]
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Disability-related stats that are important to know Accidents are unavoidable. On top of dealing with pain and possible physical or mental limitations, a disability can also result in financial difficulties because your ability to earn an income may be impacted too. Here are some sobering statistics: According to Statistics Canada, 20% of Canadians aged […]
Disability Insurance (also known as a DI policy) is one of the lesser known insurance types. Many Canadians are knowledgeable about life insurance, but, in most cases, it is disability insurance that is more likely to be used. DI can be costly, so we collected all the known ways to save on disability insurance; our […]
Hundreds of websites on the Internet perpetuate insurance myths. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life Insurance etc. If interested, you can unlock another 20 additional insurance myths at the end of our article. […]