Title: Are Disability Insurance Premiums Deductible in Canada? | MileIQ Canada
Headings: Are Disability Insurance Premiums Deductible in Canada?
Are Disability Insurance Premiums Deductible in Canada?
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What we’ve learned
Marc Chaput

Content: Disability insurance provides financial security. Knowing that insurance will cover your expenses if something serious happens to you brings peace of mind. It’s hard to save up for emergencies and unexpected life events when you own a business. Undoubtedly, relying on savings can help, but it’s a temporary solution. That’s why insurance is so important because a disability can be long-term or even permanent. Disability insurance is mission-critical
Company group benefit plans provide employees with short-term and long-term disability insurance coverage. As an illustration, if you become ill or injured and can’t work, you could replace a significant part of your income (60%, 70%) with disability insurance benefits. But what if you’re a small business owner or self-employed? If you’re the sole breadwinner in your family, how would you cope without disability insurance? Without a doubt, disability insurance coverage will protect your income.