Qualification Period

For accident and sickness insurance this is the period during which the insured must be totally disabled before becoming eligible for residual disability benefits.

It is important that you seek the insurance answer for your particular need. You may have Workers' Compensation Board (WCB) coverage for you while on the job site. What happens when you hurt yourself in your own backyard? Do you have a savings fund to cover your living costs while you are unable to work?

If you do choose to purchase a disability insurance package then consider the qualification period carefully. If you cannot afford to wait 120 days to receive income then you need to shorten the time period or build up a savings account to have these necessary funds in reserve.

Have a talk with your accountant or broker about what options are available to you. If you plan ahead then when a disability does occur it will have less financial impact.