Disability insurance

Disability insurance in Canada serves as a crucial safeguard against income loss due to disabilities or injuries preventing individuals from working. It comes in various forms, primarily short-term and long-term coverage.

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Short-term disability insurance typically offers coverage for a shorter duration, usually a few months, aiming to bridge income gaps during recovery periods from injuries or temporary health conditions.

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Long-term disability insurance is more extensive, providing coverage for a more extended period, often until retirement age if necessary. It's tailored to cover prolonged health conditions or injuries that significantly impact an individual's ability to work.

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This insurance ensures a portion of the insured individual's income is replaced if they become disabled and can no longer perform their job due to injury or illness. The benefits received can help cover living expenses, mortgage payments, and medical bills.

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It's an essential safety net for anyone reliant on their income to maintain their lifestyle and support their family. Disability insurance aims to alleviate financial strain, providing peace of mind during challenging times when a person is unable to work due to disability.