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LONG-TERM DISABILITY INSURANCE FOR THE SELF-EMPLOYED IN ONTARIO

Being your own boss can provide you with a range of freedom and benefits you simply can’t find when working in an office or managing a business. That’s why so many are self-employed nowadays. However, there are also a few burdens to being your own boss, like having to foot the bill for your own insurance coverage.

But there is a range of options available in Ontario for long-term disability insurance for the self-employed from the team at DFSIN Toronto West.

What is Long-Term Disability Insurance?

Long-term disability insurance for the self-employed is the best way to remain on stable financial footing if you should become injured and unable to work. It pays you a monthly stipend that is a portion of your regular salary.

Why Purchase Disability Insurance?

There is any number of unexpected things that could cause a disability, everything from car accidents to unexpected illnesses. That’s why preparing for such a scenario, even though it may never happen, is beneficial, especially in the long term.

Traditionally, disability insurance is designed to replace between 65-85% of your monthly income, however, this amount will vary depending on your situation. When you invest in the long-term disability insurance for the self-employed from DFSIN Toronto West:

  • Your coverage remains intact even if you change your job or withdraw from an association.
  • Your benefits are not taxable.
  • You’ll receive a personalized plan designed to meet your specific needs.

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We’d love to talk to you about how critical illness insurance can help you.

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FAQs About Long-Term Disability Insurance for the Self-Employed

Are there specific requirements for long-term disability insurance for the self-employed?

Your approval and the number of benefits you receive will be dependent on associated risks like your age, state of health, and type of employment. Younger and healthier applicants with steady jobs will be more likely to receive benefits and have to pay lower premiums.

How long does long-term disability insurance last?

Disability insurance policies commonly pay for 2, 5, or 10 years up to retirement, depending on your personal circumstances.

What does long-term disability insurance cover?

Long-term disability insurance can cover things like housing, utilities, food, childcare, loan payments, college savings or tuition, retirement savings, and more.

Are long-term disability benefits taxable?

No, your benefits are tax-free.

How much does long term disability insurance cost?

Costs for long-term disability insurance will depend upon your needs. Policies with smaller benefit amounts and extended wait periods with a shorter benefit period are often cheaper than plans with larger benefits, a shorter waiting period, and longer benefit period.

What types of disability insurance is available?

There are different types of long-term disability policies out there, with features like residual benefits, non-cancelable coverage, cost-of-living adjustments, guaranteed renewable options, and more.

Why choose DFSIN Toronto West?

You can count on support from our multi-disciplinary team of financial professionals. We have the freedom to choose from the best offers available in the market to help you realize your financial goals. Our independent advisors are with you at every stage of your life, so you can count on us to help protect the quality of life for you and your loved ones.

We can be your long-term disability insurance provider

Since 2005, the experienced professionals from DFSIN Toronto West have been helping self-employed clients receive the benefits they deserve. Our team is committed to helping you find a plan that offers the best coverage at the lowest possible price.

For more information about our long-term disability insurance solutions for those who are self-employed in Ontario, contact our life and health insurance advisor today online or by calling 416-695-1433.

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