Disability insurance helps protect you and your family from an unexpected illness or accident. It provides protection if you’re unable to work and earn an income.

Generally, disability insurance replaces between 60% and 85% of your income. It replaces your income up to a maximum amount, for a specified time if you:

• temporarily can't work

• are permanently disabled due to an injury or illness

Permanent refers to the nature of the disability. It doesn’t mean that you'll get benefits for the rest of your life.

Many employers offer disability insurance. However, disability insurance plans are also available through a life and health insurance agent.

If you're self-employed, you may want to consider getting disability insurance. It will cover many of your business expenses if you're unable to work.

When buying disability insurance, make sure you understand the terms and conditions of the plan. Ask your insurance agent about anything you don't understand.

What to consider when buying disability insurance

If you're considering disability insurance, check with your employer first to see if you already have group disability coverage. Before getting disability insurance, shop around and make sure you understand:

• how much the policy will cost

• if you still need to pay premiums while living with a disability

• the amount of money you'll get each month

• if the benefits are taxable

• if the insurance company adjusts benefits for inflation

• how long you need to wait before receiving benefits

• if the plan includes partial disability benefits

• if the insurance company allows you to increase your coverage without a medical exam