Disability Insurance Nova Scotia

Are you protected in case of an unexpected injury?

What is Disability Insurance?

Disability insurance protects your income if an illness or injury stops you from working. It provides a steady monthly benefit so you can keep up with your bills, your mortgage, and your lifestyle while you recover. For many Canadians, their income is their biggest asset—disability insurance makes sure it’s protected when life takes an unexpected turn.

Halifax Disability Insurance Plans

Have you ever wondered what would happen if you become unable to work due to a disabling injury or illness? How would you take care of yourself? How would you pay your bills and carry on with your responsibilities? It is for what-ifs like these that disability insurance is important. Disability insurance is an exceptional benefits plan that guarantees your paycheck in case an event causes your physical disability. After a predetermined period of time, you can claim the benefit amount.

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Protect Your Income

Disability insurance is further categorized into short-term and long-term disability coverage. At McIver Insurance in Halifax, we provide free consultations and make this cumbersome process a smooth journey for our clients. Disability insurance provides a monthly income replacement plan in the event you are unable to work due to an illness or injury. Your most important aspect is your income and it has to be protected.

The Difference between Life vs. Critical Illness vs. Disability

Life insurance, critical illness, and long-term disability get lumped together constantly. Here’s the plain-language difference. Life insurance, for most people, is not a living benefit — the proceeds go to your beneficiaries when you’re gone. (Some policies build cash value you can use yourself, but let’s keep it simple.) It’s the money that shows up for the people you love when you’re not there.

Critical illness is a benefit for you. If you’re diagnosed with a covered condition — heart attack, cancer, and stroke are the three most common — and you survive 30 days, you’re paid a lump sum.

Long-term disability is also for you, but it pays when you’re unable to work. It’s a “living benefit”: the insurer pays you an income while you can’t earn one.

Disability Insurance Nova Scotia FAQS

What does Disability Insurance cost?

Pricing varies for each individual and occupation. Different insurance companies also have their own costs. The way it works is based on your job title determines the occupation class you fall into. For example, an office worker would have a higher occupation class than a construction worker due to the dangers of each profession. Other factors below also contribute to the cost.

– Gender

– Age

– Smoker Status

– Health
Disability Insurance Near Me
What is a short-term disability in Nova scotia?

Short-term disability is a form of protection against a temporary period of disability. The disability recipient receives the full paycheck, or part of it during the disability period. In most cases, a short-term disability policy is paid by the employer. The employee qualifies for this coverage only when they are entirely unable to perform their regular duties at work and fill a claim form. When they are qualified, they receive a taxable income. Short-term disability stays active for a specific period of time.

Short-term disability benefits coverage lasts for 17 to 52 weeks. If the disability lasts for an extended period, then the long-term benefit plan comes into effect.
What is a long-term disability in Nova scotia?

Long-term disability coverage pays part of or all of the paychecks in case of a long-term disability. An employee will qualify for this policy in case of a serious injury, long-term medical condition, or chronic pain. Typically, short-term and long-term disability coverage works hand in hand. Once the short-term policy coverage is exhausted, long-term disability insurance gets into effect. In a disability insurance plan, the employer continues to provide coverage until the employee returns to work.

Most long-term disability benefits cover 60-70% of the employee’s income and some additional coverage.
Should I purchase short-term or long-term disability insurance coverage?

As an employer, you can never predict when an accident might happen, or if any of your employees would suffer from physical and mental health issues. Nonetheless, it is safe to assume that it will affect your workplace at some point. To save the employers from making a difficult and an impossible choice, our lead broker Patrick McIver suggests a combination of both. Both types of disability coverage make an important addition to the employee benefits plan and save the eligible employees and your business from the financial impact of serious illnesses and accidents.
What is the difference between Critical Illness and Disability Insurance?

Critical illness insurance pays a one‑time lump sum when you’re diagnosed with a covered condition. Disability insurance pays a monthly income if you can’t work due to injury or illness. Many Canadians benefit from having both: disability insurance protects your income, while critical illness insurance helps with the extra costs that come with a major diagnosis.

Benefits of Disability Insurance Coverage

Helps you Return to Work

Return to work benefits such as rehabilitation and job training

Portability

Individual coverage is yours to keep as long as premiums are paid. It is not tied to your employer’s group coverage

Fills coverage Gap

You may not have enough coverage through your work offering. Individual disability coverage can top up your group plan

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