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Long Term Disability Insurance & Critical Illness Insurance.

Learn the basics about short and long term disability insurance and critical illness insurance.

Long term disability insurance

About Disability & Critical Illness Insurance


Long term disability insurance and critical illness insurance need not be complicated. Unfortunately they are the two least understood by consumers and advisors alike, even though they're the most important. Life insurance is essential. However, without an income you can't have a stable foundation or means to buy life insurance or support your lifestyle. If you believe you are more likely to get sick or hurt before retirement than you are to die, then you've come to the right place.
The question then is "how much disability insurance or critical illness insurance should I buy?" As someone once wisely said “Insure only that which you can least afford to lose”
HOW MUCH IS YOUR INCOME WORTH TO YOU?

Protect Your Income - Protect Your Wealth

Get the  best advice on disability & critical illness insurance.

At Blue Alpha Wealth we started with wealth building and investment planning as our main service. We also helped clients with life insurance as they needed it. We soon realized that when a clients income is cut down because of a catastrophic illness or injury, wealth building was no longer a priority. Maintaining today's lifestyle became a priority. Plus, a long term disability or a critical illness didn't just happen to an individual, it happened to the family, the business.

So, our service to you is multi-dimensional. We aren't one of many silos of advisors that people typically have. We help you build and preserve your wealth from taxes but we also lay a foundation that protects the income that helps you build that wealth and fund your goals. It's prudent to have long term disability insurance or critical illness as part of your financial plan.

Protect the goose that lays the golden eggs

Disability insurance

Long Term Disability Insurance vs. Critical Illness Insurance

Disability Insurance

  • Based on your income or salary. 
  • Need a job to qualify.
  • Can buy up to how much your income qualifies.
  • Paid as a monthly benefit taxable or tax-free.
  • Can claim multiple times.
  • Injury coverage mandatory, sickness optional.
  • Benefits paid from day one or after 90 days.

Critical Illness

  • Not based on income.  
  • Don't need a job to qualify.
  • Can buy maximum of $2 million coverage
  • Paid as a one-time tax free lumpsum.
  • Can only claim once.
  • Covers only for covered illnesses usually 25.
  • Benefit usually paid after 30 days of survival.

Conclusion:

It comes down to what you can afford not to lose when you become sick or hurt. If you can't lose your income for the next 5-30 years, then disability insurance is likely the best option. If you're not worried about future income and would prefer a cash lumpsum to help you recover from a major illness, then critical illness is suitable. Keep in mind critical illness will only pay you once and doesn't cover injury or accidents.


Ultimately, your budget will play a factor as well. You can buy unlimited amount of critical illness but with disability it will depend on what income you can justify and prove. Either way both are good options when you need them.

Individuals We Commonly Work With

Disability insurance for doctors in Ontario
Medical Professionals.
Self employed disability insurance

Self-Employed.

Lawyer disability insurance

Lawyers & Executives. 

Disability insurance top-up

Commission, bonus not covered by Group Plan.

Your Disability & Critical Illness Insurance Advisor.

Carter speaks fluent disability insurance and critical illness income protection. Carter is a specialist in understanding the terms and contract language that will make the greatest impact in how and whether you will get paid by an insurance company.  Most people buy disability insurance based on price and ease not realizing that when they make a claim it won't be the ease and price of the insurance but the contractual language about what constitutes a disability and eligible claim. Carter can help you choose the right provisions and features to make sure you only worry about recovering.

We help you choose the appropriate features that make sure you get paid when you need it the most after a disability or critical illness happens.

disability insurance options

How Getting A Long Term Disability Insurance Or Critical Illness Quote Works


When you request quotes with Blue Alpha Wealth, we submit quote forms to the most appropriate 5-6 insurance companies, filtered based on your needs and profile.

We then review their quote options together with you online via Zoom, over the phone or in-person. This saves you countless hours of filling out forms, talking to multiple agents, and sending documents back and forth.

Ultimately, we do not receive company-specific incentives, which allows us to remain truly unbiased by providing you a truly educational experience when it comes to disability insurance & critical illness insurance.

STEP #1

Request Your Quotes.

STEP #2

Compare Your Options.

STEP #3

Buy Risk Free.

Which Insurance Quote Do You Require?

Critical Illness Insurance Quote

Female
Male
Smoker
Non-Smoker
Are You A Business Owner?
YES
NO
Need Life Insurance?
  • Need Life Insurance?
  • Yes
  • No

Disability Insurance Quote

Female
Male
Smoker
Non-Smoker
Individual Disability Insurance
  • Individual Disability Insurance
  • Business Overhead Expense Insurance
Interested in Life Insurance Quote?
Yes
No

Long Term Disability Insurance vs Short Term Disability

The differences between long term disability insurance and short term disability insurance in Canada.

When you get disability insurance in Canada it can either be classified as short-term or long-term disability insurance. They both play the same role of replacing your income but differ in the following ways:

  • The injuries and illnesses that are covered.
  • How long you can receive benefits from the insurance company.
  • How long you have to wait from when your disability occurs to receive the disability benefits.

The Highlights In Detail:


Short-term disability insurance

Long-term disability insurance

How is insurance provided?

Through a workplace group plan

Through group plan or typically private individual plan is recommended.

What is typically covered?

Temporary, non-threatening injuries and illnesses that you generally recover from

Serious injuries and illnesses that limit or prevent your ability to work for several months or years, or on a permanent basis.

How long do I wait for disability benefits to start?

14 days

For group plans 30 days or as much as two years. For private plans, 0 days or depending on the elimination period selected.

How long do my disability benefits last?

 Typically 4 months on a group plan.

After 4 months it can go to 2 years before the group plan requires you to return to work. For private plan 5 to 10 years; in some cases for lifetime.

Short-term disability is for temporary, less serious injuries. These conditions may prevent you from working for a few weeks or months. But people generally recover from them. Long-term disability insurance is available as a group plan and as an individual policy. It is more expensive than short-term disability. But it offers greater protection.

Curious About Getting Started?


Blue Alpha Wealth