DISABILITY INSURANCE

Disability insurance, which is often also called Disability income insurance, is a form of insurance that insures the beneficiary’s earned income against the risk that disability will make working - and therefore earning - impossible. It includes paid sick leave, short-term disability benefits, and long-term disability benefits.


Favas Insurance offers a wide range of Disability insurance coverage designed to meet a variety of personal and business needs. We provide disability coverage that’s designed to help address your needs and protect your ability to earn an income—something that could be jeopardized should a disability strike.

Accidents and illnesses are facts of life. They could happen to anyone at any time. 1 in 3 people, on average, will be disabled for 90 days or longer at least once before age 65, and the average length of a disability that lasts over 90 days is 2.9 years.

We offer several Disability insurance plans for individuals. Whether you are a professional, business owner or employee, your financial security advisor at Favas Insurance can tailor a plan to meet your specific needs. Each of the plans offered include standard features and optional benefits.

If you are a business owner, you will want to protect not only your independence, but your profitability as well. We offer several types of insurance for business owners to reimburse certain business expenses, help facilitate a buy-sell agreement, or help hire a replacement for a disabled employee.

Why should you consider Disability insurance:

  • An incapacity to retain adequate income could significantly impact you and your family and/or loved ones drastically
  • Prescription expenses as well as extra medical and other care can add up to significant, unexpected costs
  • As disabled, you are entitled to receive some government benefits, but they are very limited
  • Group plan coverage won't match your current income. In most cases it covers only 50% to 60% of your net income
  • Worker's Compensation only covers work related accidents
  • Unemployment insurance only covers 15 weeks of incapacity to earn income
  • The Canada Pension Plan can change at any time
  • Group and Association coverage can fill a valuable role in long-term disability protection, however, the benefit may be limited by the definition of disability and coverage amount
  • A custom designed individual Disability insurance plan will provide you with guaranteed coverage and guaranteed premiums

 

Understanding that each person's insurance coverage needs are unique, Favas Insurance offers several plans, so that along with your advisor, you can choose the one that best meets the individual needs of you and your family - no matter what stage of life you are currently at.

If you’re looking for a professional, client driven insurance services corporation, with a commitment to cultivating long-term relationships with clients based on trust and integrity – with the highest standard of service – you’ve come to the right place.

We look forward to welcoming you to Favas Insurance.

"Good client experiences build great business! - Raimundo Favas, Insurance Broker