FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Buying Disability Insurance while Bankrupt

Hi, I’m working full time, my work doesn’t offer me disability insurance, I contacted a private financial institution to purchase a disability insurance policy here in Ontario but I was told that I couldn’t until discharged from it. Would you please explain why this is the case? I much appreciate it.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Buying Disability Insurance while Bankrupt”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

I am curious as to whether they are referring to qualifying for the policy, or what would happen to the proceeds while in bankruptcy. For instance, if you were in bankruptcy and the disability insurance proceeds were paid, this money would likely be paid into your bankruptcy (depending on the situation). Therefore they might simply be suggesting that the additional insurance isn’t necessary at the moment as you would not be eligible to receive the proceeds from said policy. As well, my being in Alberta, which has slightly different legislative/administrative policies you may want to discuss this with your trustee.