Coping with a disability

Accidents can happen to anyone. So can illnesses. It could happen to you, and if it did, you might have to be off work for a long time. More than 1 in 3 Canadians will suffer a disability during their lifetime, with an average length of 2.6 years.* It's enough to make you think about preparing yourself for this possibility!

Money matters

Set up an emergency fund so you'll…

  • Have enough money to get through the waiting period until your disability benefits kick in
  • Be able to pay for any extra expenses related to your disability (treatments, drugs)

Figure out what kind of disability income you'll have coming in so you'll…

  • Know how much you may be getting from your employer (group insurance or other), Employment Insurance or your provincial healthcare plan (OHIP, RAMQ, etc), and what conditions apply
  • Be able to identify additional savings and insurance needs and make sure you have enough coverage

Start your estate planning so you can…

  • Set up a Personal Record (PDF, 186 KB) Opens in a new window. so all your personal information and documents are in one place to make things easier for your loved ones and your executor
  • Let your loved ones know what you want in case you're no longer able to express your wishes

Need help with estate planning?

Tips from an expert

Meet with a representative or a financial planner about…

  • Adding a disability waiver to your life and health insurance policies so your premiums will be paid automatically if you become disabled and all your coverages will stay in force
  • Adding disability coverage to your life insurance policy so that if you become disabled, you'll be able to meet the financial obligations related to your mortgage and personal loans
  • Buying other coverages (disability, critical illness, long-term care, etc.) to protect your savings in case you get sick or become disabled

* Source: Statistics Canada