What are the financial consequences of an accident or illness that renders you unable to work for several weeks? Look for disability or salary insurance coverage such as critical illness insurance, accident insurance, or hospitalization insurance.     

What type of disability insurance (or salary insurance) do you need?

Disability insurance is a type of salary insurance, in the same way as critical illness insurance, accident insurance or hospitalization insurance, for example.

But that’s not all!

Disability insurance offers financial protection that not only covers your compensation but also all other types of debt you have before you became unfit to work: mortgage, auto loan, and credit cards.

What are the categories of disability insurance?

There are several types of disability insurance products on the market. But all fall into one of the following categories: short-term disability (STD) or temporary disability insurance and long-term disability (LTD) or permanent disability insurance.

Temporary or short-term disability insurance (STD)

Short term disability insurance allows you to receive benefits in the event of an injury or illness for a defined period of time, usually 6 months.

It is possible for your employer to offer salary insurance in the event of disability but no law requires you to do so. Ask the Human Resources Department about this.

If you have not purchased short-term personal disability insurance and your employer does not offer group disability insurance, you may qualify for sickness insurance benefits if:

• All your sick days have been used

• You worked enough, in terms of hours.

Long-term disability insurance (LTD)

Here, the word « permanent » does not refer to the period of compensation but rather the continuation of the disability.

Your long-term disability benefits will not be paid until the end of:

• Payment of your short-term disability benefits
• Sick leave benefits offered by an employer
• The payment of benefits from your employment insurance.

Usually, disability insurance allocates 60% to 70% of your average salary.

Disability insurance plans vary. Some insurers pay benefits for a maximum of two (2) years. Your situation will be evaluated again later on.

Short-term disability insurance VS long-term

In summary: The differences between the types of disability or salary insurance?

To be sure to know and distinguish the details of all the types of coverage available on the market to cover your salary according to the duration of the disabilities making you unfit for work, contact the insurers and professional insurance broker partners of Compare Insurances Online, our digital platform for comparing online quotes and prices.

Indeed, to obtain a disability insurance or salary insurance that can adequately cover your salary, simply fill out the online request form on this page.

You will quickly receive an offer from one of our partners (direct insurers and insurance brokers) in your area.

All you need to do is decide if that quote (disability insurance or salary insurance) suits your needs and your budget.

Summary of the characteristics of the different types of disability or salary insurance

How to choose the right disability insurance (short or long-term) for coverage of your salary?

Let a professional insurer or insurance broker assist you and analyze your financial security needs.

The products that are available vary from one insurance company to another, including the prices, and your professional insurance broker will inform you about the optimal cover which you can expect. He will direct you towards the disability or salary insurance that best suits your situation.

You can then opt for the duration of compensation that will meet your needs, and it can be for a few years and the time remaining until your retirement.

Insurers or insurance brokers that are partners of Compare Insurances Online are carefully selected, recognized and certified.

Disability insurance or salary insurance is part of their professional fields of expertise. They have the know-how required to guide you to the product that will offer you a comprehensive protection that is aligned to your needs, your expectations and your budget.

Contact them through the online request form on this page.  Make sure that your salary is covered in case of an illness or accident that renders you unable to work.