Getting pregnant and having a child will prove to be very happy times in your life. However, you are likely concerned about missing work while you care for your newborn. Unfortunately, times are tough. While they are going to improve, you have to live in and worry about now. So, many Canadian families are worried that pregnancy is going to have a negative impact on their finances. Disability insurance can help. Pregnancy complications are common and this is another issue women have to worry about. It is estimated that one in four pregnant women will experience complications causing women to stay away from work even longer.
The Risks
Pregnancy complications are very common. Furthermore, it can take many months to recover from C-sections. Then, Canadian women have to worry about postpartum depression. Roughly 15% of pregnancies lead to PDD. Therefore, it is pertinent to make sure that your insurance policy covers mental disorders associated with postpartum depression. This can help ensure that you have plenty of time for treatment and to recover. In many cases, pregnancy can lead to an acceleration of dormant illness and other conditions.
A long-term disability insurance policy can help you deal with unexpected illnesses.
Disability Insurance And Maternity Leave
When you get pregnant, you may decide to take maternity leave. This is a good way to stay home and prepare for your upcoming due date. Nevertheless, maternity leave comes with some drawbacks. If you’re going to take maternity leave, you will not be able to use your disability policy. Remember that anything considered elective will not be covered under a disability insurance policy. This includes maternity leave. However, you are going to receive protection if you experience complications during or after pregnancy.
Furthermore, your doctor may recommend bed rest. Or, you may have a difficult birth. If this is the case, you might be able to qualify for benefits once the elimination period has elapsed. With some short-term disability group plans, the employer might list pregnancy as a disability instead of adding a maternity leave policy. To be positive, you should check your policy carefully.
Pregnancy And Short-Term Disability
Most employers provide their workers with short-term disability insurance. This type of insurance can help make up for a portion of the money you’ve lost for missing work. Just remember that it is not going to work in all situations. In Canada, short-term disability insurance will cover you when you cannot work due to an injury or illness. It can provide insurance coverage for up to one year. However, you’ll need to wait for the elimination period to pass.
Normally, you have to wait for the diagnosis. After that, you can begin receiving benefits in a few weeks. Depending on the situation, you may be able to get short-term disability benefits during your pregnancy. This is generally only the case when you’ve experience complications during pregnancy.
Pregnancy And Long-Term Disability
Long-term disability offers the same protection for longer. You can rest assured knowing that this insurance will pay for a portion of your payment. In most cases, it will be around 60% of your normal paycheck. With long-term disability insurance, you can likely receive benefits for several years. The only downside is the fact that the waiting period can be very long. So, you may have to wait a few months or years before you can receive payments. While you might receive disability insurance from your employer, you can get a personal plan too. Purchasing a personal plan may be expensive but it’ll be worth it.
However, you have to understand that such insurance policies are not going to cover everything. For instance, many long-term policies are not designed to help pregnant women. Whether you have a conventional bird or a C-section, it likely will not be covered by your long-term disability insurance policy. Nevertheless, this policy could be helpful if you end up experiencing complications during your pregnancy. After a c-section, you’ll likely have to stay home from work. You’ll need time to recover. The amount of time it takes to recover may exceed what is protected by your short-term disability plan.
If the doctor orders you to remain home longer, it could be covered by your insurance policy. Before you can receive benefits, you may have to wait until the elimination period has passed. With most pregnancy-related recoveries, you’ll have to wait at least 90 days before you can receive benefits. Many carriers have an elimination period of 90 days even if it is shorter for other disabilities.
Between 2016 and 2017, c-section births accounted for 28.2% of all births in Canada. So, it is a good idea to protect yourself by acquiring disability insurance.
Applying For Disability While Pregnant
If you’ve waited too long to obtain disability insurance, it may be too late. Can you obtain long-term disability insurance during your pregnancy? Yes, but it may come with a variety of restrictions. For instance, you can buy long-term disability insurance until your 3rd trimester. However, it is important to understand that the policy is going to exclude your current pregnancy. It will not cover any disability associated with your pregnancy or complications related to that pregnancy. Many insurance carriers will delay your insurance application until you’ve returned to work for at least 30 days.
If you haven’t gotten pregnant yet, there is a chance that complications associated with your first pregnancy will be excluded too. If you tell the insurer that you’re trying to get pregnant or they see from your medical records that you’ve been visiting a fertility treatment center, the insurance company may offer you a plan that doesn’t cover complications from birth and pregnancy. If you already had one baby without any complications, the policy will probably cover the second pregnancy.
Canadian women who’ve had complications during pregnancy will have a tougher time getting a disability insurance policy that covers complications from a pregnancy. This includes a miscarriage or preeclampsia. These complications could be excluded from your new policy even if you haven’t gotten pregnant yet.
To make sure that you’re covered to the fullest, it is best to obtain a disability insurance policy before trying to get pregnant. This is the best way to get a disability insurance policy that protects you from complications associated with pregnancy and both. If you’re already pregnant, you can get a policy but it is not going to cover complications related to your current pregnancy.
Important Disability Insurance Features For Pregnant Women
When you try applying for long-term disability insurance, you’ll want to get a policy that is going to protect you during your pregnancy and birth. Therefore, you need to make sure that your policy has the right features. Otherwise, you may not get the coverage that you need. If you’re worried about pregnancy complications, you need to make sure to take the following feature into consideration when signing up for a disability insurance plan.
Own Occupation – This is very important because own-occupation means that you’ll receive benefits when you’re no longer able to do your normal job. If you’re able to work another job, you can still get benefits.
Non-Cancelable – Your insurance provider should not be allowed to raise your rates. This is why you’ll want a non-cancelable policy. The good news is that insurance companies in Canada do not increase the rates of disability insurance often. So, you likely won’t have to worry about this. Still, it is a good idea to get a policy with a non-cancelable provision.
Residual Benefits – After the birth of your baby, you may be able to return to work. However, you might not be able to return at the same rate. So, you may get paid less or you might work fewer hours. If your disability insurance policy offers residual benefits, it’ll protect you here. You’ll receive a partial payout so you can continue working and make up for the lost wages.
Guaranteed Renewable – You’ll want to choose a disability insurance plan that is guaranteed renewable. This is very helpful since it means that the insurer will not be able to cancel your policy until you stop paying for it. Continue paying for the policy and you’ll get to keep it.
When pregnant and applying for a disability insurance policy, you’ll want to get a plan that is going to cover mental illness. A pregnancy can take a toll on you mentally and physically. Get a policy with mental illness coverage so you can be protected if you experience postpartum depression.
Types of Disability Insurance we offer
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Other Disability Insurance Resources that you can read
- Are Canadian Disability Insurance Premiums Tax-Deductible?
- Will My Long-Term Disability Income Be Taxable?
- Dealing With Elimination Periods For Short And Long-Term Disability Insurance
- Pregnancy And Disability Insurance
- Who Pays For Disability Insurance?
- Why Employers Offer Disability Insurance
- Maternity Leave And Disability Insurance Benefits
- How Long Do Long-Term Disability Benefits Pay?
- How Much Does Long-Term Disability Insurance Cost?
- Is Disability Insurance Worth It?
- How Much Disability Insurance Should I Get?
- What Does Disability Insurance Cover?
- What To Look For In Disability Insurance?
- Do I Need Disability Insurance After I Retire?
- Does Disability Insurance Cover Pre-Existing Conditions?
- How Does Disability Insurance Work?
- How Long Does Long Term Disability Insurance Pay?
- Is Wage Loss Insurance The Same As Short Term Disability?
- When Does Long Term Disability Insurance Start?
- Can You Buy Your Own Short Term Disability Insurance?
- Can You Get Disability Insurance If You Are Unemployed?
- Can I Buy My Own Short-Term Disability Insurance?
- Can You Get Individual Short Term Disability Insurance?
- Are Credit Cardholders Insured By Disability Insurance Plans?
