Is disability insurance expensive?

It depends on your age, health, job and the options you choose. Adjusting the waiting period or how long benefits are paid can bring the cost down a lot. We'll show you a few versions so you can pick what fits.

Are the benefits taxable?

If you own an individual policy and pay the premiums yourself, the benefits are generally tax-free. Group benefits paid for by an employer are usually taxable.

What if my job is physical?

Your occupation affects which policies you can get and what they cost. Some insurers are a better fit for trades and physical work than others, which is why comparing matters.

What if I've had health issues before?

You may still qualify, sometimes with an exclusion for that specific condition. We'll help you find the insurers most likely to offer fair terms.

Disability Insurance in Ontario: Protecting Your Paycheque

If you're between 25 and 65, your ability to earn an income is probably worth more than your house, your car and your savings combined. Most people insure the house. Far fewer insure the paycheque that pays for it.

What disability insurance does

If an illness or injury keeps you from working, disability insurance pays you a monthly benefit to replace part of your income. Depending on the policy, it can cover everything from a back injury to recovering from surgery or cancer treatment.

This isn't about worst-case scenarios. It's about the much more common situation of being off work for months while the bills keep coming.

The four things that matter in a policy

How much it pays: usually a percentage of your income, set when you apply.
When it starts: the waiting period, often 30, 90 or 120 days after you stop working. A longer wait usually means a lower premium.
How long it pays: for a set number of years, or up to age 65.
How "disabled" is defined: some policies pay if you can't do your own job; others only if you can't do any job you're reasonably suited for. That one detail can make a huge difference when you need to claim.

What about coverage through work, or EI?

Long-term disability through your employer is valuable, but it has limits. It may replace only part of your income, the benefits are taxable if your employer pays the premiums, and it usually ends if you leave the job.

Employment Insurance sickness benefits help, but they're time-limited and capped. If you're self-employed, you may have no coverage at all unless you've opted in to EI special benefits.

Self-employed or own a business?

If you work for yourself, there's no employer plan to fall back on. Individual disability coverage can keep your household running while you recover. For business owners, business overhead expense coverage can help keep the doors open too.

Want a disability insurance quote?

Disability insurance prices depend a lot on what you do for work. So instead of a robot spitting out a number, I'll shop it across insurers and email you real quotes, usually within one business day. No phone calls unless you ask.

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How long you'd wait before benefits start. A longer wait usually means a lower price.

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By tapping Send my DI quote request, you agree that Trevor Wright of Wright Wealth (Guelph) Inc. may contact you by email or phone about your disability insurance options. No spam, and you can opt out anytime.

Quotes are estimates until an insurer reviews your application. No need to share health details here; we'll cover that privately.

Frequently Asked Questions

Protect the thing that pays for everything else

Request a quote above or book a call. My name is Trevor, and I'll help you build coverage that fits your work and your budget.

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