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Self-employed: your income has no safety net. Give it one.

No group insurance, no employment insurance, no paid sick leave. Six months of injury or illness can erase years of work. Individual disability insurance pays a monthly income until you return to work.

  • Tax-free monthly income (personally paid premiums)
  • 'Own occupation' definition available
  • Premium guaranteed to age 65
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YOUR REQUEST, MADE SIMPLE

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Which coverage interests you?

You:

Self-employed disability

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SOMMET PROTECTIONWhat matters deserves our full attention.
The issue

The odds of a 90-day-plus disability before 65 exceed one in three. The self-employed stack the risk: lost income, fixed costs that continue, clients who leave. The public plan (QPP) covers only severe permanent disability.

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The solution

  1. 1

    A monthly income

    Typically 60% to 70% of net income, paid after a waiting period (30, 60, 90 or 120 days) for 2 years, 5 years or to age 65.

  2. 2

    The right definition

    'Own occupation': you are paid if you cannot do your job, even if you could do another. A crucial distinction for professionals and skilled trades.

  3. 3

    Non-cancellable, guaranteed premiums

    The insurer can neither cancel nor raise the premium until 65.

  4. 4

    Useful options

    Benefit indexation, partial and residual disability, future insurability, return of premium.

Typical case (illustrative)

A 38-year-old self-employed electrician earns $95,000 net. An 'own occupation' policy of $5,000/month, 90-day waiting period, benefits to 65, typically costs 1.5% to 3% of income. A complex fracture stopping him for 8 months would pay $25,000 tax-free.

Illustrative: the premium depends on occupation, age, health, amount and options. The insurer's illustration prevails.

Who it is for

  • Self-employed workers and freelancers without a group plan
  • Incorporated professionals (physicians, dentists, lawyers, accountants)
  • Construction and skilled manual trades
  • SME owners who pay themselves a salary
Free analysis, no obligation

Is your income protected if you can no longer work?

The advisor calculates the monthly benefit you can insure and compares several insurers' definitions — price is only one criterion.

Protect my income

The definitions that change everything

Definition of disability
Entry-level contract (often offered by the bank)"Any occupation": no benefit if you can do another job.
Well-defined individual contract"Own occupation": paid if you can no longer do your job.
Benefit period
Entry-level contract (often offered by the bank)Often 2 years.
Well-defined individual contractTo age 65.
Partial disability
Entry-level contract (often offered by the bank)Rarely covered.
Well-defined individual contractPartial or residual benefit if you return part-time.
Renewal
Entry-level contract (often offered by the bank)Cancellable or changeable by the insurer.
Well-defined individual contractNon-cancellable and guaranteed renewable: premiums and terms fixed to 65.

Common mistakes

  • 01

    Declaring too low an income

    The benefit is based on proven income. Optimizing your income for tax also reduces what the insurer will agree to cover.

  • 02

    Choosing the shortest waiting period

    Going from 30 to 90 days often cuts the premium by 20 to 30%. A three-month emergency fund makes that choice rational.

  • 03

    Waiting for a health problem

    Disability is the product most sensitive to health: a known condition leads to an exclusion or a decline.

Points to consider

  • Proof of income (tax returns) sets the insurable amount.
  • The longer the waiting period, the lower the premium: match it to your reserves.
  • Exclusions (pre-existing conditions) must be understood before signing.
  • Coordinate with critical illness and business overhead expense.

The solutions presented are for information only and rely on current Canadian and Quebec tax legislation, which may change. Sommet Protection gives no financial, tax or legal advice: the analysis is done by a partner financial security advisor, together with your accountant and legal advisors.

Frequently asked questions

Are benefits taxable?

If you pay the premium personally, benefits are tax-free. If the company pays and deducts it, benefits become taxable. The advisor optimizes the structure.

I just started; I have no proven income.

Some insurers offer programs for new professionals or entrepreneurs with flat amounts, without proof of income in the first year.

Guide · 11-minute read

Protecting the business you built: the insurance guide for owners and the self-employed

The five risks that close profitable SMEs, and how to fund them for a fraction of their cost.

Read the guide
  1. 8 chapters
  2. 1. You are the most important asset — and the least insured
  3. 2. A partner's death: the scenario that divides families
  4. 3. Disability: three protections, three different roles
  5. 4. The key person worth 30% of revenue
  6. 5. Debts, guarantees and lenders
  7. 6. Tax at death on shares: the founders' file
  8. 7. A health plan for your incorporated company
  9. 8. Where to start

The solutions

Let's talk about your business

A partner SME specialist advisor calls you back for a no-fee diagnosis. Bring your shareholders' agreement and financial statements: the advisor quantifies with you.

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