Income Protection
Disability Insurance for Self-Employed Professionals in Ontario
For self-employed professionals, contractors, and business owners, the business often depends directly on your ability to work. Disability insurance can help protect income if illness or injury prevents you from earning.
Why self-employed people need a different review
Employees may have group benefits through work. Self-employed people often need to build their own protection. A proper review should consider personal income, business overhead, savings, debt, family obligations, and how long the business could operate if work stopped.
- Monthly income protection if illness or injury prevents work
- Own-occupation and regular-occupation definitions where available
- Waiting periods, benefit periods, exclusions, and policy limits
- How disability coverage fits with life and critical illness insurance
Who should review disability insurance
Professionals, consultants, contractors, tradespeople, incorporated business owners, and commission-based workers may all have meaningful income exposure. The need is especially important when a mortgage, family, employees, or business debt depends on continued income.
What to compare before applying
- How much monthly benefit could be available
- How long benefits may be paid after a qualifying disability
- How the policy defines disability for your occupation
- How benefits interact with savings, EI, CPP disability, or other coverage
- Whether business overhead or key person coverage should also be reviewed