The second type of disability insurance is long-term disability insurance which offers coverage of up to 2 years. It also replaces 60-70% of your normal income. It should be note that the benefits of short term disability insurance are not included in this type of plan.
Here’s a summary of how disability insurance works. It will give you a better idea of the entire process. Please have a look:
Your monthly benefit would be approximately 2/3 rd of your income (this is with respect to your gross employment). The waiting period is for 10 days and the benefits that you get are completely tax-free. We can customize your insurance plan to meet your requirements. Call Canadian LIC today and speak with our team members, we will be glad to assist you.
The Government of Canada helps and contributes towards your effort to save. It deposits substantial grants directly into your RESP.