MS Insurance - Life Insurance

What is disability insurance?

It can give you a tax-free monthly payment to help replace your income and cover your expenses if an illness or injury keeps you from working.

While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.

How does it work?

Choose the amount you want and add optional benefits to customize your coverage.
Pay your monthly premium.
File a claim if you become disabled.
Receive your monthly payments when the waiting period ends. The waiting period is the number of days from the date you’re disabled until the benefit start date.
Your payments stop when your benefit period ends or you return to work.

Monthly icome

Payments replace part of your paycheque each month.

Guaranteed

Guaranteed rates for your coverage until age 65.

Personalized

Customize your plan to suit your personal needs.

Protect your most valuable asset

Your ability to earn an income over a 30- or 40-year career, is your most valuable asset. Here’s an idea of what you could earn over the rest of your working life based on your age and current salary. This chart assumes a 2.5% raise every year and that you’re working to age 65.

	Age 30	Age 40	Age 50
$70,000	$3,844,975	$2,391,043	$1,255,235
$90,000	$4,943,539	$3,074,199	$1,613,873
$120,000	$6,591,385	$4,098,932	$2,151,831
$150,000	$8,239,231	$5,123,665	$2,689,789
$200,000	$10,985,641	$6,831,553	$3,586,385
$250,000	$13,732,051	$8,539,441	$4,482,981

Coverage amount

The more you'd like to receive, the more it will cost.

Benefit period

It'll cost more the longer you want to receive payments.

Waiting period

Your premiums will be less expensive if you're willing to wait longer to receive payments.

Age

Disability insurance may be less expensive when you're young.

Health

Your costs will be lower the healthier you are.

Occupation

If you have a dangerous job, your premiums can be higher.

How much income can you get?

The following chart shows the maximum amount you could receive tax-free each month if you faced a disability. These are just estimates – the amount you'd actually receive depends on specific circumstances, like your age and occupation.

Annual income	Maximum monthly benefit
$35,000	$2,200
$50,000	$2,975
$100,000	$5,200
$120,000	$5,925
$140,000	$6,625
$200,000	$8,550
$300,000	11,350
$500,000	$16,050
$1,000,000	$25,000

Do you need disability insurance if you have it through your employer?

Group insurance is a great start, but it usually only provides basic coverage. A personal disability policy complements group insurance – together, they can help protect you, your family and your lifestyle should the worst happen.

	Group coverage	Individual coverage
How much coverage do I get?	Coverage amounts are often limited	You choose your coverage amount
How flexibe is it?	Your employer often picks the coverage options	You choose the coverage amount and how long you need it
Can I change my coverage?	Typically, you can make changes once a year or if there’s a life-changing event	Yes, you can adjust coverage
What happens if I leave my employer?	Your coverage ends unless there's an option to convert to individual coverage	Your coverage stays the same because it's not tied to a job or membership
How much does it cost?	Typically, it's low cost	Typically, it's a higher cost than group coverage
Will the cost ever change?	Costs can change every year	Costs stay the same for the duration of your policy

FAQs

Still not sure what to do? Here is a list of our FAQ's; click the question to unveil the answer

Why do I need individual disability and income insurance?

Individual disability and income insurance allows you to receive monthly benefits to replace a portion of your income if you are unable to work due to illness or injury.

It can also be used to supplement your group disability insurance. Your employer's group insurance covers only part of your full salary. By supplementing this coverage with individual disability insurance, you can protect your full salary amount, even if you change jobs.

Is the cost of my disability insurance tax deductible?

No, the cost of disability insurance is not tax deductible.

How many times can I use my disability insurance to make claims?

You may make claims as long as the policy is in force and the benefits you have received do not exceed the duration of coverage you selected at the time of purchase.

How much disability insurance coverage do I need?

Generally speaking, your salary determines the amount you are entitled to. For example, an annual salary of $50,000 makes you eligible for a maximum benefit of $3,000 per month.

For a self-employed worker, a calculation is required based on gross and net income.

How long will I receive benefits if I become disabled?

It all depends on the insurance product and the benefit period chosen at the time of purchase. You will be able to receive benefits if your disability meets the criteria described in your contract. Note that benefits will begin once the waiting period specified in your contract is completed.

These benefits are payable as long as the maximum benefit period you have selected has not been reached. For example, if the benefit period selected is two years, a maximum of 60 benefits will be paid for the entire duration of coverage. If the benefit period selected is to age 65, benefits will be paid until the insured reaches age 65.

Who determines whether I am disabled?

A medical diagnosis must first be confirmed by a physician in Canada or the United States. After that, your claim, along with the diagnosis, must be forwarded to the insurer, who will analyze it and determine your eligibility for benefits.

Disability Insurance

Safeguard Your Livelihood: Disability Insurance for peace of mind.