Financial Planning Q 'n A

Disability insurance is income replacement insurance in situations where you are injured or ill. In most provinces, workers compensation insurance pays out benefits for injuries on the job. Disability insurance covers all instances in injury or illness. There are differences between plans supplied by the various insurance providers. The most common policies are usually offered through the workplace as part of a group plan. Generally, these plans are the lowest priced, but also have their limitations. The biggest limitation being they are not portable after employment ceases. Individual plans, while costlier provide portability and sometimes other bells and whistles not available on group plans. As with life insurance, the availability and price of these plans are adjusted for prior health issues.