Disability Insurance, often called DI or disability income insurance, is a form of insurance that insures
the beneficiary's earned income against the risk that a disability creates a barrier for a worker to
complete the main functions of their work.
Some disability insurance covers occupational only (work related only) and some covers 24 hours
(work related and non work related as well).
For example the inability to focus or maintain composure as with psychological disorders, or an
injury, illness or condition that causes physical impairment or incapacity to work.
It encompasses paid sick leave, short-term disability benefits, and long-term disability benefits.
Statistics show that disabling accident occurs on average once every second. In fact, nearly 18.5% of
Canadians are currently living with a Disability, and 1 out of every 4 persons in the Canada workforce will
suffer a disabling injury before retirement.
These are the factors which determines benefit and premium :
- Gross or Net annual income
- Age of client
- Type of profession
- Elimination period
- Past and present Health condition of client
- Benefit period
