Best Calgary disability insurance in 2024: Free quotes

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Sunny Yadav updated on 6 February 2024

Disability insurance in Canada offers you income protection if you're unable to work due to illness or injury, ensuring your financial stability during challenging times.

Discover the two main types of disability insurance available in Calgary: Individual Disability Insurance and Group Disability Insurance, each offering unique benefits and considerations.

We'll delve into key factors to consider when choosing a plan including coverage, pros, cons, premiums, and more. Use our free comparator to compare the best disability insurance Calgary plans, get personalized quotes, and find a plan that suits you best.

Calgary Disability Insurance: 5 Key Takeaways

  1. Serves as a vital safety net, ensuring financial stability in the event of illness or injury.
  2. Calgarians can choose between Individual and Group Disability Insurance
  3. The cost varies based on factors like age, income, and health.
  4. Calgary government doesn't directly offer disability insurance.
  5. Top providers: Manulife, RBC, Canada Life, Desjardins and iA Financial Group.

What is Calgary disability insurance?

Disability insurance in Canada functions by replacing a part of your salary when a qualifying illness or injury prevents you from working. Following a predetermined waiting period, it disburses benefits to assist in covering your daily expenses and financial responsibilities, allowing you to concentrate on your recovery.

You can get two types of disability insurance in Calgary:

  1. Individual Disability Insurance: You purchase a policy directly from an insurance provider. This offers customizable coverage and portability if you change jobs.
  2. Group Disability Insurance: Offered through your employer, it's often cheaper but less flexible and coverage ceases if you leave the company.

Key things to consider when choosing disability insurance in Calgary:

  • Benefit amount: How much income replacement do you need? Aim for 60-85% of your pre-disability income.
  • Waiting period: This is the time between disability and the start of benefit payments. Choose a shorter waiting period if possible.
  • Benefit duration: How long will you receive benefits? Options range from short-term (2 years) to long-term (to age 65).
  • Definition of disability: Ensure the policy aligns with your needs. Some cover only physical disabilities, while others include mental health conditions.

Also, compare quotes from different insurers to find the best value for your money. You can do it right here, using our free comparator below.

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What does Calgary disability insurance cover?

Disability insurance in Calgary can cover a range of situations that prevent you from working and earning your income due to illness or injury. Here's what's typically covered:

  • Accidents: Physical injuries resulting from sudden, unforeseen events.
  • Illnesses: Both acute and chronic diseases, including mental health conditions, depending on the specific policy wording.
  • Musculoskeletal disorders: Back pain, injuries, and other conditions affecting movement.
  • Cancer: All stages of cancer and related treatments.
  • Cardiovascular diseases: Heart attacks, strokes, and other heart conditions.
  • Neurological disorders: Multiple sclerosis, Alzheimer's disease, and other conditions affecting the nervous system.

Additional benefits:

  • Rehabilitation benefits: Assistance with returning to work or retraining for a new career.
  • Dependent benefits: Some policies may cover income replacement for your spouse or children.
  • Cost-of-living adjustments: Some policies increase benefits over time to keep pace with inflation.

Your actual coverage will depend on the insurance company and plan you choose.

What are some good options for Calgary disability insurance?

Here are some of the top private insurance companies offering disability insurance in Calgary, along with a brief overview of their offerings:

  • Manulife Disability Insurance: A leading provider with a wide range of individual and group disability insurance plans. It offers comprehensive coverage with various riders and customizable options like rehabilitation assistance and inflation protection.
  • RBC Insurance: Provides individual and group disability insurance with flexible benefit amounts, waiting periods, and durations. It also offers optional riders for critical illness and additional accident benefits.
  • Canada Life Disability Insurance: Another major player with competitive rates and customizable plans. It offers both short-term and long-term disability coverage with riders for dependent support and cost-of-living adjustments.
  • Desjardins Insurance: Known for their affordable options and strong track record in customer service. It offers individual and group disability insurance with various benefit tiers and optional riders for homemaking assistance and childcare expenses.
  • iA Financial Group (Industrial Alliance): Provides comprehensive disability insurance solutions with personalized service and competitive rates. It offers individual and group plans with flexible options for benefit amounts, exclusions, and riders.

If you want to compare the disability insurance plans these providers offer, you can use our comparator. Just fill in some basic details and get started.

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Some other options

  • Sun Life Disability Insurance: Offers individual and group disability insurance with a focus on innovative solutions like integrated accident and sickness coverage. It also offers wellness programs and resources for disability prevention.
  • Empire Life: Known for its flexible individual disability plans with various benefit options and riders. Empire Life also offers group plans for small businesses and associations.
  • CIGNA Life: Provides employer-sponsored disability insurance with customizable features and competitive rates. It also offers individual plans with optional riders for critical illness and additional accident benefits.

Calgary disability insurance: How to choose the right plan?

Here are some things to consider when choosing a disability insurance company in Calgary:

  1. Reputation and financial stability: Choose a company with a strong track record and a solid financial footing.
  2. Range of coverage options: Look for a company that offers plans with various benefit amounts, waiting periods, and durations to fit your needs.
  3. Optional riders: Consider additional benefits like rehabilitation assistance, dependent coverage, and cost-of-living adjustments.
  4. Customer service: Choose a company known for its responsive and helpful customer service.
  5. Price: Compare quotes from different companies to find the best value for your money.

Calgary disability insurance: How much does it cost?

The cost of disability insurance in Calgary can vary greatly depending on several factors, making it difficult to give a precise answer without knowing more about your specific situation. However, we can provide you with some general information to help you estimate the potential cost.

Here are some factors that can influence the cost:

  • Your age: Premiums generally increase with age as the risk of disability rises.
  • Your income: Higher income earners pay higher premiums due to the greater benefit amount they're likely to receive.
  • Your health: Pre-existing conditions or risky lifestyle habits can lead to higher premiums.
  • Benefit amount: The higher the percentage of your income replaced by the policy, the more expensive it will be.
  • Benefit duration: Choosing a longer benefit duration, like until retirement age, will increase the cost.
  • Waiting period: A shorter waiting period before benefits begin means a higher premium.

Good to know

Also, adding optional features like rehabilitation assistance or critical illness coverage will increase the cost.

General rule of thumb: Individual long-term disability insurance typically costs between 1% and 3% of your annual salary.

Here are some examples of estimated costs based on annual income:

Annual IncomeEstimated Cost per YearEstimated Cost per Month
$30,000
$300–$900$25–$75
$50,000
$500–$1500$42–$125
$100,000
$1000–$3000$83 –$250
Calgary disability insurance cost

These are just estimates, and your actual costs may be higher or lower depending on your specific circumstances.

To get a more accurate idea of how much disability insurance will cost you, use our free comparator. Compare plans from multiple providers and get free personalized quotes right here.

Compare disability insurance

Personalized quotes are a click away

Does the government offer disability insurance in Calgary?

The Calgary government itself does not directly offer disability insurance to residents.

However, several government programs and benefits can provide income support or financial assistance to Calgarians who are unable to work due to a disability.

Federal government programs

  • Canada Pension Plan (CPP) Disability benefit: Provides a monthly income replacement benefit to residents who have made sufficient contributions to the CPP and meet the eligibility criteria for disability. This program is administered by the federal government.
  • Employment Insurance (EI) Sickness benefits: Offers temporary financial assistance to individuals who are unable to work due to illness or injury. While not specifically for disability, it can provide short-term help for qualifying residents.

Alberta government programs

  • Assured Income for the Severely Handicapped (AISH): Provides financial assistance to Albertans who are 18 years of age or older and have a severe and permanent disability that significantly restricts their ability to work.
  • Family Support Program (FSP): Provides financial assistance to low-income families with children. Residents with disabilities may be eligible if they have dependent children.
  • Alberta Supports: This is a broader system of income support and services for Albertans facing financial hardship or health challenges. Individuals with disabilities can access various financial aid programs, employment support, and community-based services through this system.
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Sunny has over six years of experience curating engaging content spanning across industries. Specifically in finance, his expertise is insurance reviews and lending and investment topics.

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