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DISABILITY INSURANCE

Protect the income your life depends on.

Disability insurance can replace part of your earned income when an illness or injury prevents you from working. It helps your household manage ongoing expenses while you recover.

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DISABILITY INSURANCE ESSENTIALS

The most important features to understand

Before choosing a policy, familiarize yourself with these six core pillars of income protection to make sure your financial future is securely defended.

Monthly Benefit (PAY)

The tax-free payout you receive each month to replace your active income while you are unable to perform your duties.

Waiting Period (WAIT)

Also known as the elimination period: the length of time between the onset of disability and when benefits actually begin to accrue.

Waiting Period (WAIT)

The maximum duration of time that benefits will be continuously paid out per claim (e.g., 2 years, 5 years, or up to age 65).

Own Occ Definition (JOB)

Determines if you qualify as disabled. ‘Own Occupation’ covers you if you can’t do your specific job, even if you can work elsewhere.

Tax Treatment (TAX)

If you fund your own policy premiums with personal after-tax dollars, the benefits you claim down the road are 100% tax-free.

Exclusions (READ)

The fine print details. Understand pre-existing condition terms, mental health limits, and actvity limitations before signing.

Income Continuity

Your bills may continue even when work stops.

A monthly disability benefit can help replace part of the income normally used to run your household.

  • Mortgage or rent
  • Utilities/groceries
  • Childcare
  • Debt
  • Recovery costs
  • Reduced pressure on savings
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Understand the Difference

Individual and workplace disability coverage may work differently, impacting your long-term financial security.

Individual Disability Insurance

  • Portable coverage stays with you even if you change employers
  • Guaranteed renewable policies cannot be altered or cancelled by insurers
  • ‘Own-Occupation’ definition protects your specific medical specialty
  • Payouts are 100% tax-free when premiums are paid with post-tax dollars
  • Highly customizable with optional Cost-of-Living adjustments
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Employer Group Disability Plan

  • Coverage typically terminates immediately when leaving the company
  • Plans can be cancelled or altered by the employer at any time
  • ‘Any-Occupation’ clause may force you to work in other fields
  • Benefits are taxable if the employer paid your premiums
  • Rigid design with zero options to customize or add specialized riders
Analyze Group Plan

Simple answers to help you out

Frequently Asked Questions

What is disability insurance and why is it important?

Disability insurance is designed to protect your most valuable asset: your ability to earn an income. If a sickness or injury prevents you from working, this coverage pays out a portion of your monthly income so you can keep paying bills, rent, or mortgage without draining your lifetime savings.

Our disability plans typically replace between 60% and 80% of your average pre-tax income. This percentage is optimized to cover your essential everyday living expenses while keeping your monthly premium highly competitive and affordable.

‘Own-occupation’ coverage pays benefits if you cannot perform the specific duties of your current job, even if you could work elsewhere. ‘Any-occupation’ only pays if your disability prevents you from working in any occupation suited to your training and education.

This depends on your policy’s elimination (waiting) period, which typically ranges from 30 to 180 days after the disability occurs. Choosing a longer waiting period lowers your monthly premium, while a shorter period ensures faster payouts.

If you pay for your disability policy yourself with post-tax income, your benefit payouts are 100% tax-free. If your employer provides or pays for the coverage, the benefits may be subject to income tax.

Yes, many of Finza’s comprehensive policies provide coverage for diagnosed mental health conditions, severe stress, and burnout that prevent you from working, subject to standard medical documentation.

Absolutely. You can customize your Finza policy with premium riders like the Cost-of-Living Adjustment (COLA) to protect against inflation, or a Future Insurability option to increase coverage as your income grows without medical exams.

Government programs (like CPP/QPP or EI) have very strict qualification standards and limited benefit caps. Personal coverage through Finza offers higher payout amounts, broader definitions of disability, and guarantees that stay with you even if you switch jobs.

We’re here to help you protect your income.

Deal with Disability

Review your earnings, occupation, monthly commitments, savings and workplace benefits in a focused complimentary consultation.

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Disability Insurance