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The Best Disability Insurance in Canada – Updated Feb. 2024
We researched the Best Disability Insurance in Canada so you can pick the best policy for your needs! The top of our list of best disability insurance includes Canada Life, Manulife, RBC, and more! Learn what disability insurance is, which companies offer the best long-term coverage, and why one should choose one company’s coverage over another.
- List of Canada’s top 6 disability insurance companies
- Our Reviews: Best Disability Insurance
- Canada Life - Best for Comprehensive Riders
- Desjardins - Best for Top-Up Coverage
- Edge Benefits - Best for Simplified Underwriting
- Humania - Best for Non-Medical Plans
- Manulife - Best for Long-Term Care Conversion
- RBC - Best for Professionals
- What to look for when applying for disability insurance
- How to apply for disability insurance
The best disability insurance companies in Canada include Manulife, Canada Life, and RBC.
Crowning the “best” disability insurer depends on your needs, your existing coverage availability, your budget, and the optional benefits available under the plan. This review provides Canadians with an informed checklist of what to look for when choosing their disability illness insurance provider, especially in regard to their long-term options and who does it best. PolicyAdvisor.com lets you shop around and stringently compare insurance rates to make sure your income is protected!
List of Canada’s best disability insurance companies – February 2024
While in most cases, your group benefits make the cut for short-term disability, but there are better options out there for long-term disability. We work with the best disability insurance providers in Canada and can find a plan that works for you! But, not all companies are the same. Some are great on price and others offer an array of extra benefits. Our expert advisors at PolicyAdvisor have ranked the insurance companies we work with and reviewed their offerings to make sure you get the best disability coverage!
Which are the best disability insurance companies in Canada?
- Canada Life: Best for comprehensive riders
- Desjardins: Best for top-up coverage
- Edge Benefits: Best for simplified underwriting
- Humania: Best for non-medical plans
- Manulife: Best for long-term care conversion
- RBC: Best for professionals
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Canada Life Disability Insurance Review
Our Canada Life rating:
Do you like build-your-own products? Canada Life gets our top rating for disability insurance. Through the numerous available riders, you can customize your policy so that it’s on par or better than RBC’s offerings, depending on your needs. Additionally, they offer competitive pricing for those with less specialized occupations (like office workers with desk jobs or some minor manual task).
Canada Life disability insurance pros and cons
| Pros | Cons |
|---|---|
| Own occupation available for 3A and 4A category job class | Slightly more expensive for professional job categories (4A) |
| Multiple rider options are available (including Accidental Death & Dismemberment and catch up rider option) | Limited future income option amount and COLA rider benefit amount |
| Discounts for healthcare workers |
Desjardins Disability Insurance Review
You know the saying “you get what you pay for”? This is the case with Desjardins. It’s cheap off the hop and has some unique built-in features, but in the long run, it may not be the most comprehensive coverage compared to other offers on the market. You pay a low premium for coverage, but what you’ll actually get for your benefit payment is determined at the time of your claim.
Read the full review of Desjardins term life insurance and other products.
Desjardins disability insurance pros and cons
| Pros | Cons |
|---|---|
| The initial premium is lower than the market share | Many limitations and exclusions in contract compared to other insurance companies |
| No waiting period built-in to policy pricing | Offers a guaranteed renewable product, meaning premiums may change over time |
| Death benefit related to disability payout 5x monthly amount built into policy pricing | Coordination of benefits clause after 36 months or over $1200 may decrease your payout from Desjardins |
| Guarantees the first $1,200 for the first 36 months to be non-integrated/coordinated |
Edge Benefits Disability Illness Insurance Review
While not the most comprehensive coverage, Edge Benefits gets the edge for simplified underwriting—they can skip a few of your personal details in the application process in exchange for the “extras” that other companies provide.
Read the full review of Edge Benefits life insurance and other products.
Edge Benefits disability insurance pros and cons
| Pros | Cons |
|---|---|
| Can purchase their product as short term disability due to 0-day waiting period option | Coverage may be denied for illness history (but injury coverage is guaranteed) |
| Accident medical treatment benefit ($10,000) | Coverage limited to $5000 for 2A and 3A, $6000 for 4A |
| Simple underwriting process | No options for comprehensive coverage |
| Coverage up to age 70 |
Humania Disability Insurance Insurance Review
When we think of benefits packages, it’s usually reserved for those who have full-time, 9-5, working-for-the-man-in-a-suit-and-tie kind of job. With Humania, they’re defying that expectation. They offer coverage, albeit minimal, for seasonal, part-time, self-employed, and other income earners. But we like them best because they offer the best no-medical plans for those who don’t fit the traditional underwriting guidelines of disability insurance.
Read the full review of Humania term life Insurance and other products.
Humania disability insurance pros and cons
| Pros | Cons |
|---|---|
| Guaranteed products with no medical options | Guaranteed products only offer Term 10 or 20 plan only (no options up to 65) |
| Options to combine with life insurance and critical illness coverage for guaranteed products | Benefits capped at $6000 per month |
| While limited (capped at $1000) there is coverage for seasonal and part-time workers which is not offered by other insurance companies | Guaranteed premium for the first 5 years only |
Manulife Disability Insurance Review
Imagine: you’ve been in an accident. You can’t work until you heal and even if you do, you may need continual care and won’t be able to work your job. With options to convert their disability products to long-term care, Manulife has your back. They offer coverage tailored for professionals, executives, new student grads and have add-on options to cover you when you can’t work in your specialized field, but all the extras will cost you.
Read the full review of Manulife term life insurance and other products.
Manulife disability insurance pros and cons
| Pros | Cons |
|---|---|
| Discounts for recent grads for a variety of studies | Expensive compared to other products on the market |
| Premium refund rider available (every 8 years if you make few or no claims) | Usually long application processing times |
| Future income option (FIO) riders are available |
RBC Disability Insurance Insurance Review
As Canada’s biggest bank, RBC is the big dog with the best coverage. They offer a variety of packages depending on the applicant’s occupation including those who run small businesses, who are self-employed, farmers, and those operating under a fee-per-service business. When we talk about disability, we’ll likely name RBC first because they have our top rating.
Read the full review of RBC term life insurance and other products.
RBC disability insurance pros and cons
| Pros | Cons |
|---|---|
| Offers a bundle of basic disability insurance riders at base price | Own occupation rider only available to limited occupations |
| Superior benefit amount for cost of living (COLA) benefit rider | Can be more expensive for lower occupation classes |
| Future income option (FIO) rider has high benefit limits | Does not have premium refund rider |
| Family compassionate care |
Methodology: How did we rank disability insurance companies?
Our disability insurance company rankings were the result of in-depth research into key factors like:
- Term lengths (short term offerings versus long term offerings)
- Waiting periods
- Premium rates
- Application process
- Online access
- Financial strength rating
- And more
Our team of licensed insurance advisors worked together to carefully assess the different policies available in Canada. Using this, we narrowed down a list of which disability insurance company is best in which area.
Things to look out for when applying for disability insurance
Beyond the price, there are technical aspects of a disability insurance policy that you should look out for when selecting your policy. When you’re weighing your options, you should look at the following factors.
How to apply for disability insurance
To get a quote and the application process started for a disability insurance policy that’s perfect for your needs, set up a call with one of our expert advisors today! We can go over your existing short-term policy and find you great individual long-term disability coverage!
