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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

It can give you a tax-free monthly payment to help replace your income and cover your expenses if an illness or injury keeps you from working.

While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability. 

Our experts can help you figure out an insurance approach that works for your unique needs.

Find an advisor

Already have an advisor? Get in touch.

Your ability to earn an income over a 30- or 40-year career, is your most valuable asset. Here’s an idea of what you could earn over the rest of your working life based on your age and current salary. This chart assumes a 2.5% raise every year and that you’re working to age 65.

Age 30

Age 40

Age 50

$70,000

$3,844,975

$2,391,043

$1,255,235

$90,000

$4,943,539

$3,074,199

$1,613,873

$120,000

$6,591,385

$4,098,932

$2,151,831

$150,000

$8,239,231

$5,123,665

$2,689,789

$200,000

$10,985,641

$6,831,553

$3,586,385

$250,000

$13,732,051

$8,539,441

$4,482,981

Premiums often range from 1-9% of your salary, but each case is different. Here are some factors that can affect cost:

The following chart shows the maximum amount you could receive tax-free each month if you faced a disability. These are just estimates – the amount you’d actually receive depends on specific circumstances, like your age and occupation.

Annual income

Maximum monthly benefit

$35,000

$2,200

$50,000

$2,975

$100,000

$5,200

$120,000

$5,925

$140,000

$6,625

$200,000

$8,550

$300,000

$11,350

$500,000

$16,050

$1,000,000

$25,000

Group insurance is a great start, but it usually only provides basic coverage. A personal disability policy complements group insurance – together, they can help protect you, your family and your lifestyle should the worst happen.

Group coverage

Individual coverage

How much coverage do I get?

Coverage amounts are often limited

You choose your coverage amount

How flexible is it?

Your employer often picks the coverage options

You choose the coverage amount and how long you need it

Can I change my coverage?

Typically, you can make changes once a year or if there’s a life-changing event

Yes, you can adjust coverage

What happens if I leave my employer?

Your coverage ends unless there’s an option to convert to individual coverage

Your coverage stays the same because it’s not tied to a job or membership

How much does it cost?

Typically, it’s low cost

Typically, it’s a higher cost than group coverage 

Will the cost ever change?

Costs can change every year

Costs stay the same for the duration of your policy

Canada Life has been paying claims for 150 years. Work with one of our trusted advisors to help build a plan for you.