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Disability Insurance in Guelph, ON

Disability InsuranceGet Disability Insurance at Kulla Financial in Guelph, ON

What do you mean by Disability Insurance?

This type of insurance refers to the form of protection for your monthly income. Even if you get injured or experience any health illness that prevents you from working, disability insurance will cover a portion of your income for a specific timespan.

Such coverage offers financial security so that even if a disabling event disturbs your ability to work, you’ll be able to provide for yourself and any dependents.

In other words, if you cannot work due to an injury or illness, the insurance company will pay you a set monthly amount. This way, you can concentrate on your recovery rather than worrying about how to cover your monthly living expenses.

Different types of Disability Insurance

To understand your options for coverage, you need to explore the various types of insurance available. Let’s take a look:

Long-term disability insurance

Long-term disability insurance, as the name implies, provides coverage for those unable to work for an extended period due to a disability. This period could be several months, years, or even your entire life.

With this type of  insurance, benefit periods, or the period during which you are paid a portion of your income, may have a maximum limit. Some policies, for example, will pay benefits for ten years, whereas others may pay until a certain age.

A long-term disability insurance policy will typically pay a higher percentage of your income, ranging from 60% to 80%. Long-term policies are more expensive than short-term policies, while providing a much higher monthly benefit.

Short-term disability insurance

Short-term disability insurance covers people who cannot work due to a temporary injury or illness. It replaces a smaller portion of your pre-disability Income, typically between 40% and 60%. Short-term disability insurance, in contrast to long-term disability insurance, has a benefit period ranging from a few months to two years.

An employer will usually provide you with  short-term disability insurance. Although you can buy your short-term disability policy, it may be better to look into other options for financial security. Because the benefits of a short-term policy may not outweigh the cost of your premiums, putting money aside in an emergency fund or a dedicated savings account may be a better option.

What does disability insurance cover?

A disability is any physical or mental condition that makes it difficult for someone to interact with their surroundings or perform specific activities. A few examples of disabilities covered are:

  • Arthritis
  • Back pain
  • Cancer
  • Carpal tunnel syndrome
  • Depression
  • Diabetes
  • Heart disease

Pros and Cons of disability insurance

Disability Insurance has the following pros and cons:


  • Protects your income
  • Reduces the burden of financial obligations
  • It helps avoid financial ruin
  • Prioritizes time for recovery from a disturbing event


  • Costs might be unaffordable
  • Require a medical exam
  • Has a waiting period

Get in Touch with Kulla Financial in Guelph, ON For Disability Insurance

If you want genuine financial advice on Disability Insurance or want to buy a specific insurance plan, no worries! Get in touch with Guelph’s top-notch financial advisors at Kulla Financial.

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