Disability income insurance helps keep your finances stable during these times. For short-term recovery, short-term disability ensures your bills are paid while you’re unable to work. If your condition lasts longer, long-term disability can provide the income you need for months or even years, depending on your plan.
Short-term disability insurance covers you for a few weeks or months, replacing part of your income while you recover.
Long-term disability insurance, however, is for more serious conditions. It provides income for longer periods, sometimes even for years. This coverage kicks in when short-term benefits end and can keep you financially secure for as long as your disability lasts.
Together, these options are part of disability income insurance, which ensures you have money coming in when you can’t work.
How Does Disability Illness Work?
Short-term disability usually covers you for up to six months. It starts soon after your disability begins, replacing part of your income.
When short-term benefits end, long-term disability starts. This coverage usually provides 60-70% of your income for an extended time—sometimes even until retirement. The goal of disability income insurance is to make sure you stay financially stable when you can’t earn money.
Ferrari & Associates specializes in helping clients across Toronto and the Greater Toronto Area find the right disability income insurance coverage. Whether you need short-term disability insurance for a temporary condition or long-term disability insurance to protect your income for an extended period, our team of experts is here to guide you. We take pride in offering customized plans that fit your lifestyle, needs, and budget.
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*The information provided on this page is for information purposes only and should not be taken as insurance advice. For actual insurance advice, please contact Ferrari & Associates at 1-888-467-8989
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