Disability insurance is for individuals who are looking to protect themselves and their families against an unexpected injury or illness that leaves them unable to work and earn an income. When you have disability insurance in place and become disabled due to injury or illness, you receive up to 70% of your gross income. This benefit is paid out on a monthly basis and, depending on how it has been set-up, can keep paying out to the age of 65.
Most individuals are covered by WSIB (Workplace Safety & Insurance Board) but this only covers you during work hours (excluding lunch breaks) whereas individual plans cover you 24/7.
Having disability insurance is important for anyone that works or is self-employed, especially those individuals working in hazardous jobs such as construction, truck driving, and any other occupations that are high risk.