Disability Insurance Coverages

Protect one of your most valuable assets – your ability to earn an income. Disability insurance is important for every Canadian, and is designed to replace a portion of your income with a tax-free monthly payment if you become disabled and are unable to earn an income. A disability can result from several causes, including an injury, a serious illness, or a mental health issue. The duration of a disability can be either short- or long-term.

There are different kinds of disability insurance coverage, including individual insurance plans and group insurance plans. Disability insurance gives you peace of mind knowing that in the event of illness or injury, you can still support yourself, your family, and your business.

Preparing for the “what if” can be scary, but life happens. It can be a difficult conversation to have which is why insurance advisors are here to help guide you through the difficult questions.

Your disability insurance plan and the amount of coverage are determined by personal, financial, and medical factors. Our insurance advisors are here to help you determine which coverage plan is right for you based on the following factors:

• Current age
• Employed or self-employed
• Existing health issues
• Occupation
• Job title

At Cluett Insurance, we work with Nova Scotia and PEI residents at all stages of life, providing disability insurance you can count on.

There are two main types of disability insurance offered to Atlantic Canadians through a group benefits plan. These are:

If you are unable to attend work due to a temporary illness or injury, short-term disability insurance protects your income by providing 16-26 weeks of payments. If you cannot return to work after this period, this is where long-term disability would kick in. Your payment amount will depend on factors outlined in your policy.

If you become ill or are injured and cannot return to work — perhaps indefinitely — long-term disability (LTD) insurance can help. Your long-term coverage is designed to take over where short-term disability insurance ends. While some Canadians only require long-term disability coverage for a few years, some remain protected until the retirement age of 65.

Disability insurance can be complex. If you are applying for disability insurance, we recommend working with a knowledgeable and qualified advisor. Ask yourself:

• How much disability coverage should I have?
• When does my coverage start if I am unable to work due to illness or injury?
• Do I need medical underwriting?
• What are my plan options and how do I qualify?

Depending on what is most important for you, an insurance advisor at Cluett can guide you through the process of creating a plan tailored to meet your needs. Here are some plan options:

• Professional coverage
• Injury and illness
• A plan that “tops up” your group benefit coverage
• Basic foundation coverage for small business owners
• Injury only coverage – for those that are self-employed or have group benefits that do not include LTD
• An enhanced plan for business owners or professionals that need a higher level of income coverage

To create a disability insurance policy that reflects your needs, speak to a qualified insurance advisor about customized policy options. Like many insurance products, your disability insurance can be designed to your specifications. For more information on disability insurance, we invite you to contact Cluett Insurance. Call us today at (902) 466-5328.