Disability Insurance
Disability insurance protects your dependents and your lifestyle
Disability insurance provides you with continued income when an accident or illness causes you to be disabled and unable to work or earn an income.
The chances of you being disabled for more than 90 days at some point in your life may be much higher than you expect. Your provincial health plan can help with the medical bills, but you need disability insurance to replace the lost income.
Benefits of Insurance
- Most insurance products offer creditor protection
- Can protect your family against sudden loss
- Provides an important part of your estate planning
Here’s Where We Can Help!
Our professional financial advisors will prepare an analysis to first help you determine your insurance needs. Then, we help you decide on the protection that is best for you.
Related Information
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Disability Insurance FAQ
Frequently Asked Questions About Disability Insurance
In this FAQ, we answer the most common questions asked about disability insurance. If you have any specific questions, send us an email and we would be pleased to help.
Why do you need to have disability insurance?
Disability insurance provides an income if you are no longer able to work. If you become disabled, most of your expenses will still exist. Mortgage payments, car payments, household expenses; they all have to be paid. In fact, you may find you have extra costs, such as drugs, medical care or perhaps special requirements. Disability can be very expensive.
How much disability insurance do you need?
Typically, the amount of disability income insurance required is about 60% of your salary. With most disability insurance providing a tax-free benefit, 60% represents close to full replacement of your current earned income. Insurance carriers will, of course, impose a maximum limit of coverage so as not to reward you for staying off the job.
I have disability insurance from my employer benefits plan, is that enough coverage?
Generally speaking, group disability insurance policies will impose more limitations and include exclusions to coverage. It’s recommended that you review your group disability insurance to identify any limitations and consider personal coverage to complement any shortfalls.
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Insurance Companies Represented
Through GP Capital Insurance Agency Ltd., we offer a wide variety of insurance products from 15 leading insurance companies to satisfy individuals, families and business owners. With every new stage of life comes a need to review your insurance plan.
Life Insurance Companies Represented
ASSUMPTION LIFE HUNTER MCCORQUODALE BLUE CROSS INDUSTRIAL ALLIANCE INSURANCE BMO INSURANCE Humania Assurance Canada Life Manulife Financial DESJARDINS FINANCIAL SECURITY RBC Insurance EMPIRE LIFE Sun Life Financial Equitable Life IVARI FORESTER LIFE Segregated Funds Represented
Invesco Segregated Funds Great West Life Assurance Co. CI Segregated Funds Mackenzie Segregated Funds Canada Life Standard Life Empire Life TD Guaranteed Funds If you have any questions about purchasing disability insurance, send us an email and we would be pleased to help.
Important Information
GP Wealth Management offers insurance products through GP Capital Insurance Agency Ltd.
Investor Protection
Insurance products provided by GP Capital Insurance Agency are covered by Assuris.
Client Relationship Document
We’ve developed a plain=language document that describes the relationship between you and your GP Wealth Financial Advisor or Planner.