Income Protection Insurance Canada

Most income protection insurance policies are short term.

Income protection insurance canada. Many insurance companies will cater to employers seeking group income protection but on a casual search of the market the main ones you might come across include unum legal general canada life and aviva. Income protection at a glance. The only true income protection insurance of its kind in canada from involuntary job loss accidents illness and loss of life phone operating hours 8 00 am 8 00 pm est excluding holidays. This page will give you a good understanding of income protection insurance also called disability insurance will inform you of savings opportunities and also provide a number of other useful tips based on our publications.

Income insurance from irish life assurance pays you a regular income if you can t work because of an injury or illness while you are employed. Long term income protection is available too will provide a regular income for a longer pre agreed period until you are well enough to return to work. Formerly known as permanent health insurance income protection is an insurance policy that pays out if you re unable to work because of injury or illness. Permanent health insurance phi not to be confused with private health insurance that covers medical costs.

Income protection insurance is a policy that protects you against loss of income due to unemployment illness or accident it could provide you with a tax free income and could continue to pay out until you are able to return back to work or retire. Income protection usually pays out until retirement death or your return to work although short term income protection policies which last for one or two years are also available at a lower cost. Income protection insurance gives you an easy economical way to protect your income your single most important asset should a serious accident or illness keep you from your job. Group income protection provides financial and rehabilitation support if an employee is unable to work because of a long term illness or injury.

Phi means you can protect a portion of your income often 50 of your gross salary in the event of illness or an accident that means you re unable to work. What types of income protection are there. Welcome to your income protection insurance canada guide. There are several types of income protection policy.

They pay out for a set period usually up to two years while you get back on your feet and return to work.