Disability Insurance in BC

Disability insurance is specifically designed to provide financial support in case you are unable to work due to injury or illness. It goes beyond just protecting your income; it ensures that you can sustain your preferred lifestyle and meet your financial obligations without depleting your savings or retirement funds.

A couple smiling holding their kid.

Why Invest in Disability Insurance?

Life is full of unexpected turns. One moment you're healthy, and the next, an injury or illness might prevent you from working. That's where InsureBC's Disability Insurance comes into play. As one of the leading insurance providers in British Columbia, we understand the importance of providing a safety net for our clients when they need it most.

Our long term disability insurance plan provides a dependable source of tax-free income replacement until age 65, allowing you to focus on recovery rather than financial stress. We offer flexible waiting periods and benefit amounts, tailored to suit your unique needs and budget.

Advantages of Long Term Disability Insurance

Financial Security
Preserves Savings
Protects Family's Future
Lifestyle Continuation Assurance
Provides Peace of Mind

Long term disability insurance offers a host of advantages, providing a financial lifeline during challenging times. By having long-term disability coverage, you can prioritize your health and recovery, knowing that your financial needs are well looked after. This insurance mitigates the risk of depleting your savings or retirement funds, ensures continuation of your lifestyle, and provides peace of mind knowing that your family's financial future is not at risk.

Find how much critical Insurance do you need?

Quickly, Effortlessly,Online

Understanding Your Disability Insurance Coverage

Whether it's partial disability or long-term disability, having the right disability benefits can make a significant difference in the event you are unable to work. Taking the time to review your insurance policy and understanding what kind of coverage you have can save you a lot of stress during a already troubling time. At InsureBC, we are committed to providing clear information and helpful resources to ensure our customers have the best understanding of their disability insurance coverage.

Occupation Classes

Occupation classes are categorized from 1 to 5, indicating the level of risk involved. Class 1 represents the highest risk, while class 5 indicates the lowest risk. When it comes to the benefit amount, it is typically capped at around 65% of your gross income and can be set up as non-taxable. The waiting period for disability claims can vary from 30 days to 2 years, with longer waiting periods resulting in lower costs. Benefit periods can be 2 years, 5 years, or until age 65, with shorter benefit periods offering more affordable options.

Complementing Your Canada Pension Plan

While the Canada Pension Plan offers some disability benefits, it may not be enough to cover all your expenses. Disability Insurance acts as a supplement to your Canada Pension Plan, providing you with additional financial support when you need it most.

Critical Illness and Health Insurance: A Holistic Approach

Apart from disability insurance, we also offer critical illness and extended health insurance plans. These plans provide added protection against high medical costs associated with severe illnesses or health conditions. With InsureBC, your well-being and financial security are our top priorities.

Customer Testimonials

At InsureBC, we value the relationships we build with our clients. Don't just take our word for it – see what they have to say about their experiences working with our team of expert insurance brokers.

Frequently asked Questions

What is disability insurance?

Investing in disability insurance allows you to secure your income, maintain your lifestyle, and meet your financial commitments without depleting your savings or retirement funds in case of unexpected injury or illness.

What is an occupation class?

Occupation classes, categorized from 1 to 5, indicate the level of risk involved with your job. Class 1 represents the highest risk, and class 5 indicates the lowest risk. If you are not sure about which occupation class do you belong to,  contact our InsureBC advisors who will help you determine the best option to suit your individual needs.

What factors determine my benefit amount?

Your benefit amount will depend on the type of disability insurance policy, occupation class, and benefit period you choose. Generally, the benefit amount is capped at around 65% of your gross income and can be set up as non-taxable. Contact our InsureBC advisors to discuss a personalized plan tailored to your unique needs.

What does the Benefit Period specify in Disability Insurance?

The Benefit Period determines the duration of benefits you will receive upon approval of a disability claim. While many long-term disability insurance plans offer benefits until age 65, it's important to note that benefit periods may vary across different plans. For detailed information about your policy, please don't hesitate to reach out to us.

What is the Waiting/Elimination Period?

The Waiting/Elimination Period is the time between when an injury or illness occurs and when benefits from your insurance policy begin to pay out. This period can vary from a few days to several months, depending on the plan you choose.

What are the Tax Implications for getting a disability insurance benefits?

The taxation of your benefits hinges on the party responsible for paying the insurance premiums. If you cover the premiums using after-tax dollars, it is customary for your benefits to be exempt from taxes. However, it is advisable to verify the specifics of your individual policy by consulting with your insurance broker.

Looking to File a Claim?

Our dedicated claims department is committed to making the claims process as smooth and stress-free as possible. Whether you need to file a claim for your home, vehicle, or business, we have the expertise to guide you through the process.