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Disability Insurance for the Self-Employed

Owning and operating your own business can be liberating, but it also requires that you approach your insurance in a way that both protects your wellbeing and allows your business to continue to thrive if a disability prevents you from actively participating in day-to-day operations.

Close to eight million Canadians own disability insurance as part of their workplace benefits. Business owners also need to recognize that disability insurance is among the most effective ways to ensure that self-employed entrepreneurs can continue to control and manage their businesses.

The Risk Self-Employed Individuals Face

Unlike being an employee at a company, self-employed Canadians have the entire responsibility of managing their businesses on their shoulders. Once disability or injury can throw your operating into a downward spiral. If you can’t work, you can earn money. If you can’t earn money, your business could be in jeopardy.

What Disability Insurance for the Self-Employed provides:

Disability insurance can help self-employed Canadians get peace of mind knowing that both their income and their business will remain secure if they are facing a disability. Here are some key benefits of a disability life insurance plan and how it can help you if you’re self-employed.

  • Customized plans allow you to secure both your income and your business overhead costs.

  • You may buy it for key employees or partners to ensure that an injury does not significantly affect business operations.

  • You may tie it to business loans to ensure that your business can continue maintaining its repayment plan.

  • More encompassing plans can allow you to cover employee salaries if a disability leads to a loss of business.

  • Avoids interest from outstanding quarterly income tax installments, as these costs can be covered by disability payments.

The Application Process and Your Coverage

Unlike group plans at a company where the application and setup are taken care of for its employees, self-employed individuals need to manage their own policies. There are different requirements for plans depending on the coverage and insurer you decide to use. Your application will likely have health questions and require information about your hobbies and habits.

Through our policies, we help Canadians every step of the way during the application. Our dedicated and professional advisors are always available to answer any questions you may have and provide guidance during your application process.

More about the different types of disability insurance available now.

We work with all major Canadian providers to offer you the best rates on Disability Insurance. Our advisors work with the whole market to find you a plan that matches your budget and unique circumstances.

Please complete our short enquiry form to get a free, no-obligation quote for Disability Insurance.

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Compare Canadian Life Insurance
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Cover for:
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Types of cover:

Life Cover

Life Insurance pays a sum to the beneficiary of the insured’s policy in the event the insured dies during the term of the policy.

Critical Illness

Critical Illness Insurance pays a benefit to the insured in the event the insured is diagnosed with a predefined illness during the term of the policy.

If not sure please select OTHER

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Amount of Cover:

Here you can choose how much you would like the beneficiaries of your policy to receive in the event of your death.

Things you may consider are the amount required to maintain your family’s standard of living and the cost of paying off any large debts you may have such as a mortgage.

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