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DISABILITY AND INCOME
Disability and income insurance gives you a source of income during your disability leave so you can meet your financial commitments and concentrate on your recovery.
What is disability and income insurance?
Disability and income insurance allows you to benefit from a source of replacement income when you 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. You can also cover loan repayments and even rent, if you are 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 you access to a source of replacement income in case of disability
- Makes sure you can continue to meet your financial commitments during your recovery
- Helps to cover expenses related to your disability such as physiotherapy, occupational therapy or special equipment
- Because it is individual insurance, your monthly benefits are not taxable
- Renewal of your coverage is guaranteed if necessary
Coverage adapted to your needs
The Superior Program offers comprehensive and personalized coverage in case of an accident or illness that occurs at work, at home or while playing sports. The income replacement benefit included is available for all workers and covers your income up to $10,000 per month, based on your job or occupational class.Find out about Superior Program
The ideal product for manual workers and active people. The Acci-Jet Program offers comprehensive coverage in case of accidents or injury to muscles or ligaments for all workers, self-employed as well as employees. You can choose to have coverage outside working hours or 24/7. It’s the ideal complement to your workers' compensation program!Find out about Acci Jet Program
Universal Loan Insurance
Universal Loan Insurance is creditor insurance for all workers who have loans. Whether you use it for mortgage payments, rent, a line of credit or car payments, this insurance offers you coverage for all your loans under one policy in case of disability.Find out about Universal Loan Insurance
Acci 7 PLUS
Acci 7 PLUS is affordable, flexible and accessible coverage. The plan is made up of 5 coverages starting at $7 per month, which you can choose according to your needs. In addition to coverages like a hospital benefit and extended medical care, you can also select coverage in case of disability.Find out about Acci 7 PLUS
"I have had a 20-year term life insurance policy with a disability credit rider since 2020. Recently, for the first time, I found myself on disability. Once the analysis of my file was complete, my advisor called to tell me your decision and shortly after, I received a confirmation email. Submitting documents and following up on the website were also very simple.
I felt perfectly at ease throughout the process, and I never felt judged. I was pleasantly surprised by how excellent and reactive your service was. I would like to thank you."
Compare our disability and income insurance products
|Superior Program||Acci-Jet Program||Universal Loan Insurance||Acci 7 PLUS|
|Coverage||Income or general business expenses (for small business owners and self-employed workers)||Income or general business expenses (for small business owners and self-employed workers)||All your loans + rent||Monthly disability benefits|
|Monthly benefit amount||Up to $10,000 based on insured’s income and occupational class||Up to $6,000, based on insured’s income||Up to $5,000, based on insured’s income and loans||$700 to $1,400|
|Eligible age||18 to 59 years old||18 to 69 years old||18 to 59 years old||18 to 74 years old (for disability coverage)|
|Coverage period||Up to age 65||Up to age 75||Up to age 65||Up to age 80|
|Minimum number of work hours||21 hours per week OR 8 months per year for a total of 1050 hours||21 hours per week OR 8 months per year for a total of 735 hours||21 hours per week OR 8 months per year for a total of 1050 hours||None|
|No medical exam|
|Conditions covered||Accident or illness; or accident only||Accident or injury to muscles or ligaments; illness option||Accident and illness||Accident|
|Option to cover general business expenses||
(up to $6,000 per month)
(up to $6,000 per month)
Frequently Asked Questions
Why do I need individual disability and income insurance?
Individual disability and income insurance allows you to receive monthly benefits to replace a portion of your income if you are unable to work due to illness or injury.
It can also be used to supplement your group disability insurance. Your employer’s group insurance covers only part of your full salary. By supplementing this coverage with individual disability insurance, you can protect your full salary amount, even if you change jobs.
Is the cost of my disability insurance tax deductible?
No, the cost of disability insurance is not tax deductible.
How many times can I use my disability insurance to make claims?
You may make claims as long as the policy is in force and the benefits you have received do not exceed the duration of coverage you selected at the time of purchase.
How much disability insurance coverage do I need?
Generally speaking, your salary determines the amount you are entitled to. For example, an annual salary of $50,000 makes you eligible for a maximum benefit of $3,000 per month.
For a self-employed worker, a calculation is required based on gross and net income.
For loan insurance, the amount depends on your already insured expenses.
A financial security advisor will be able to do a complete evaluation of your disability and income insurance needs.
When can I make a claim?
You have 90 days following the onset of your disability to submit your claim.
Are the benefits I receive from my individual disability insurance taxable?
No, individual disability insurance benefits are not taxable.
How much will I receive if I become disabled?
The amount of the insurance benefits to be received is specified in your policy. It will be confirmed based on your last two years’ salary.
For loan insurance, the benefits paid correspond to the total of your active eligible monthly loans at the time of onset of the disability.
How long will I receive benefits if I become disabled?
It all depends on the insurance product and the benefit period chosen at the time of purchase. You will be able to receive benefits if your disability meets the criteria described in your contract. Note that benefits will begin once the waiting period specified in your contract is completed.
These benefits are payable as long as the maximum benefit period you have selected has not been reached. For example, if the benefit period selected is two years, a maximum of 60 benefits will be paid for the entire duration of coverage. If the benefit period selected is to age 65, benefits will be paid until the insured reaches age 65.
Who determines whether I am disabled?
A medical diagnosis must first be confirmed by a physician in Canada or the United States. After that, your claim, along with the diagnosis, must be forwarded to the insurer, who will analyze it and determine your eligibility for benefits.
What are overhead expenses?
Overhead expenses are the regular expenses of running a business that can be covered if the business owner becomes disabled, e.g., electricity, internet, rent, phone, etc.
How do I make a claim?
Claims can be made directly online using the Disability Claim Form.