Best disability insurance Manitoba in 2024: Free quotes

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Sunny Yadav updated on 6 February 2024

Disability insurance plans provide financial support to individuals unable to work due to a disability. In Manitoba, disability insurance includes government-provided plans like the Employment and Income Assistance for Persons with Disabilities and the Canada Pension Plan Disability Benefit.

Additionally, private disability insurance Manitoba plans are available through various insurance companies, offering customizable coverage levels and terms. But how do they work? We've got you covered.

This guide comprehensively explores disability insurance in Manitoba, covering aspects such as available coverage, the best options, pros, cons, costs, and more. Use our free comparator to compare top disability insurance Manitoba plans and receive free quotes tailored to your specific needs and budget.

Disability Insurance Manitoba: 5 Key Takeaways

  1. Options range from employer-sponsored plans to individual policies.
  2. Government programs like Manitoba Employment and Income Assistance provide additional support.
  3. They offer financial assistance rather than income replacement.
  4. Premiums vary based on factors such as age, health, and coverage details.
  5. Top private providers: Manulife, Sun Life, RBC Insurance, and TD Insurance.

What is disability insurance?

Disability insurance is a type of insurance that provides financial protection if you become ill or injured and are unable to work. It helps replace lost income so you can meet your living expenses while you're recovering or if you're permanently disabled.

There are two main types of disability insurance:

There are several reasons why you might need disability insurance:

  • Accidents: Accidents are the most common cause of disability, and they can happen to anyone at any time.
  • Illnesses: Illnesses such as cancer, heart disease, and stroke can also lead to disability.
  • Mental health conditions: Mental health conditions such as depression and anxiety can also make it difficult to work.

Before choosing any plan, make sure to shop around and compare different plans — their cost, coverage, and limitations. You can do it right here, using our comparator below. Explore Canada's best plans and get free quotes in no time.

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Disability insurance Manitoba: What are the options?

There are several options for disability insurance in Manitoba, depending on your specific situation and needs. Here are some ways to get disability insurance in Manitoba:

Employer-sponsored plans

  • Group disability insurance: Many employers in Manitoba offer group disability insurance as part of their employee benefits package. This is often a cost-effective option with guaranteed acceptance, regardless of your health history. Check with your employer to see if they offer this type of coverage and what the details are.
  • Individual disability insurance: Some employers also allow employees to purchase individual disability insurance policies through their benefits plan. This can be a good option if the group coverage is not sufficient or if you want to customize your coverage.

Individual policies

  • Life and health insurance companies: Many life and health insurance companies offer individual disability insurance policies. These policies are typically more expensive than group plans but offer greater flexibility in terms of coverage and benefits. You can shop around and compare rates and features from different companies.
  • Professional associations: Some professional associations in Manitoba — such as Manitoba Medical Association (MMA) — offer their members discounted rates on individual disability insurance policies. This can be a good option if you are a member of a professional association.

Government programs

  • Manitoba Employment and Income Assistance (EIA) for Persons with Disabilities

This program provides financial assistance to Manitobans with disabilities who are unable to work and earn enough income to meet their basic needs. It is not technically disability insurance, but it can provide some financial security if you become disabled.

  • Canada Pension Plan Disability Benefit

The Canada Pension Plan Disability Benefit is a monthly payment from the government for people under 65 who can't work because of a disability and have paid into the Canada Pension Plan. It can also give extra money to children who depend on them. Eligibility depends on how serious the disability is and if they've contributed enough to the CPP.

Good to know

There are also disability insurance plans tailormade for specific professionals. For example, check out our complete guide on disability insurance for physicians, explore options, and get instant quotes.

How much does disability insurance cost in Manitoba?

The cost of disability insurance in Manitoba, like anywhere else, varies greatly depending on several factors, such as:

  • Age: Premiums generally increase with age as the risk of disability increases.
  • Health: Pre-existing health conditions may lead to higher premiums or even ineligibility for some plans.
  • Occupation: Higher-risk occupations with greater physical demands typically incur higher premiums.
  • Lifestyle: Engaging in risky activities like skydiving or racing may influence the cost.

The cost will also depend on your plan details, such as:

  • Benefit amount: The amount of income you want replaced during disability affects the premium.
  • Benefit duration: Longer coverage periods (e.g., to retirement) are more expensive than shorter ones.
  • Waiting period: The time before benefits kick in also impacts the cost. Shorter waiting periods generally mean higher premiums.
  • Optional riders: Adding riders like cost-of-living adjustments or rehabilitation benefits increases the cost.

Good to know

Another factor that can influence the cost of disability insurance in Canada is the insurance company you choose. Different companies have varying pricing structures and overhead costs, resulting in different premiums for similar coverage.

Here are some examples of disability insurance costs in Manitoba:

  1. A 30-year-old healthy office worker with a $5,000 monthly income: Premium could be around $50-$100 per month for a plan with a 60% income replacement, 2-year benefit duration, and a 90-day waiting period.
  2. A 50-year-old construction worker with a $8,000 monthly income: Premium could be closer to $200-$300 per month for similar coverage due to their age and higher-risk occupation.
ProfileMonthly IncomePremium Range
30-year-old office worker
50-year-old construction worker
Disability insurance Manitoba cost

These are just estimates and the actual cost will vary based on the factors mentioned above. To get an accurate quote based on several factors including your individual needs and budget, use our free comparator below. Get quotes from multiple providers in no time right here.

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Which are the best disability insurance Manitoba plans?

Manulife disability insurance

Manulife disability insurance offers plans with customizable features like income replacement, rehabilitation benefits, and lump sum options.

  • Pros: Highly customizable plans, strong financial rating, a wide range of riders including rehabilitation and child care benefits, guaranteed acceptance for certain professions.
  • Cons: May be more expensive than some competitors, premiums can be high for high-risk occupations and benefit maximums might be lower than some competitors.

Sun Life disability insurance

Sun Life Financial provides various disability insurance plans for individuals, including coverage for accidental death dismemberment, and critical illness.

  • Pros: Diverse plan options including short-term and critical illness coverage, competitive premiums for younger individuals, and additional accidental death and dismemberment benefits.
  • Cons: Fewer customization options compared to Manulife, may not be as strong for long-term disability needs and benefit amounts might be lower.

RBC disability insurance

RBC Disability Insurance offers comprehensive disability insurance solutions with different benefit amounts and durations, as well as optional riders like cost-of-living adjustments.

  • Pros: Comprehensive solutions with various benefit durations and amounts, attractive riders like cost-of-living adjustments and future purchase options, and potentially higher maximum benefit amounts.
  • Cons: Premiums can be higher for older individuals or high-risk occupations, not as extensive rider options as Manulife, and focus primarily on income replacement.

If you like RBC's coverage and want to learn more about it, you can use our comparator. You can even compare it with plans from other providers using our free tool below.

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TD disability insurance

TD Insurance offers individual disability insurance plans that cater to diverse needs, with choices like short-term and long-term coverage and riders for additional protection.

  • Pros: Flexible coverage options with both short-term and long-term plans, caters to diverse needs with additional riders, and offers travel insurance with disability coverage.
  • Cons: May not be as competitive in terms of financial rating or premiums compared to some competitors, limited information on guaranteed acceptance or specific benefit details.

Beyond these companies, you can also explore:

  1. Canada Life disability insurance: Strong financial rating, guaranteed acceptance for certain professions, flexible benefit periods.
  2. The Co-operators disability insurance: Competitive rates, focus on customer service, community-based company.
  3. Desjardins Insurance: Offers individual and group plans, bilingual service, and potentially lower premiums for young individuals.

Disability insurance Manitoba: Government programs

While not technically disability insurance, some government programs in Manitoba offer assistance for individuals with disabilities. Here are some examples:

  • Employment and Income Assistance (EIA) for Persons with Disabilities: This program provides financial help to Manitobans with disabilities who are unable to work and earn enough income to meet their basic needs. It's not an income replacement but can offer some financial support during disability.
  • Manitoba Supports for Persons with Disabilities: This new program offers tailored support to Manitobans living with severe and prolonged disabilities. It provides income assistance and access to community services and supports, although it doesn't replace income earned through disability insurance.
  • Canada Pension Plan — Disability (CPP-D): This federal program provides monthly payments to residents who meet certain eligibility criteria, including having a severe and prolonged disability that prevents them from working. It's important to note that this benefit replaces only a portion of lost income and requires applying through Service Canada.
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Sunny Yadav Copywriter

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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