This overview is designed to give you an introductory look at the complete suite of our Living Benefits products, including key features, benefits, value and target markets. For more details or specific product information, contact us today !
Disability Insurance
Executive Series Full Range of Disability Product Lines from the
Major Carriers
This is typical of an executive-level disability contract:
Product
Offers top quality income protection during total, partial or residual disability.
Target
Professionals and executives who value a comprehensive income protection plan.
Premium
Level, guaranteed to age 65. Guaranteed renewable after age 65 if insured continues to work full-time (subject to change in premiums).
Issue
18 - 60
What Triggers Payment of Benefits?
Total or reduced disability due to injury or sickness.
Total : Inability to perform the substantial duties of the regular occupation and not working elsewhere.
Reduced : Choice of residual or partial definition at time of claim. Can switch option each month during first year of claim.
Residual : Not totally disabled but suffers at least a 20% loss of income. Benefits are proportional to the income loss.
Partial : Inability to perform one or more important duties or can only work half the regular hours. Fifty percent of monthly benefit payable for first 36 months; 25% thereafter.
When Does Payment Begin?
After selected elimination period from onset of disability:
How are Benefits Paid?
Monthly benefits payable during the selected benefit period while disability lasts:
Benefit
Monthly benefit selected at issue depends on earned income, with overall limits as follows:
Class Ages 18 - 55 Ages 56 - 60
4A/4S
$24,500
$10,000
3A
$15,000
$ 6,000
2A
$ 7,000
$ 4,000
Standard
Waiver of premiums after 90 days or elimination period if less
Recurrent disability (12 months)
Vocational rehabilitation
Non-occupational disability
No integration of benefits
Accumulation of days for elimination period (24 month separation)
Automatic coverage enhancements of 5% annually
Additional 25% of monthly benefit paid for catastrophic disability (assumed total loss of independence, cognitive loss, terminal illness)
Zero-day elimination period for permanent catastrophic disability
Recovery benefits
Death benefit (3 times monthly benefit)
Optional Riders
Premium Refund Rider (PRR)
Additional Insurance Rider (AIR) – guaranteed insurability to age 55
Cost of Living Adjustments (COLA) 5%
Own Occupation (4S/4A)
Health Protection Rider (HPR) – Standard or Enhanced covering HIV, HepB and HepC
Pensionguard
Intermediate Series
This is typical of an intermediate level disability contract.
Product
Provides cost-effective protection against total disability, with optional partial or residual benefits. Built-in discounts for business owners.
Target
Small business owners and employees who want affordable and reliable income protection.
Premium
Level, guaranteed to age 65. Guaranteed renewable after age 65 to age 75 if insured continues to work full-time (subject to change in premiums).
Issue
18 - 60
What Triggers Payment of Benefits?
Total disability due to injury or sickness (plus partial or residual disability if the respective rider is added).
Total : during regular occupation period, inability to perform the substantial duties of the regular occupation and not working elsewhere. After regular occupation period, inability to work in any reasonable occupation.
Regular Occupation Period : normally 5 years (2 years with 2-year benefit period). May be extended to age 65 (except for farm owner, part-time workers, some class B occupations and short benefit periods).
When Does Payment Begin?
After selected elimination period from onset of disability:
How are Benefits Paid?
Monthly benefits payable during the selected benefit period while disability lasts:
Benefit
Same as Proguard Series for class 4S/4A/3A/2A. For classes A and B as follows:
Class Ages 18 - 55 Ages 56 - 60
A
$ 5,000
$ 3,500
B
$ 3,500
$ 2,500
Standard
Waiver of premiums after 90 days or elimination period if less
Recurrent disability (6 months)
Vocational rehabilitation
Non-occupational disability
No integration of benefits for 4A/3A
Liberal integration of benefits for 2A/A/B
Accumulation of days for elimination period (12 month separation - 6 months for 2A/A/B)
Automatic coverage enhancements of 3% annually
Assumed total disability with 0-day elimination period
Sale of business benefit
Optional Riders
Premium Refund Rider (PRR)
Additional Insurance Rider (AIR) - guaranteed insurability to age 55 (N/A for class B)
Cost of Living Adjustments (COLA) 5%
Own Occupation (4S/4A)
Health Protection Rider (HPR) - Standard or Enhanced covering HIV, HepB and HepC
Pensionguard
Partial Disability Rider (PDR)*
Extended Partial Disability Rider (EPDR)*
Residual Disability Rider **
* Not available to part-time workers.
Basic Series No Proof of Income required up to $2,000 of coverage
This is typical of a basic level disability contract.
Product
Provides inexpensive basic accident + sickness coverage across a
spectrum of Business Owners and Individuals.
Target
Industrial trade workers seeking an add-on to WSIB coverage, New
Business Owners, hard-to-insure Occupations, Seniors and Unemployed
Individuals, Children as young as age 5.
Premium
Guaranteed Renewable to age 90. Premium can change on all policies by
risk classification. i.e. by age, plan, province, amount, occupation or
any combination of these. Only one change can be made in any 12 month
period.
Issue
Ages 5 to 80. (age last)
What Triggers Payment of Benefits?
Unable to perform regular occupation (2 yrs) and any occupation
thereafter. If unemployed - unable to do most of his or her routine daily
activities.
When Does Payment Begin?
Accident - 0, 30 and 120 day elimination periods.
How are Benefits Paid?
Monthly benefits payable during the selected benefit period while
disability lasts 2 yrs, 5 yrs or to age 65
Benefit
$500 for applicants in the "Limited Benefits" category (unemployed,
retired, high risk occupations). Otherwise, the lesser of $ 4,000 or 75% of
insurable monthly income, rounded down to the nearest $100
Standard
Partial disability benefits of 50% of monthly benefit for up to six
months
Vocational or physical rehabilitation benefits of up to three monthly
payments
Waiver of premium during disability
Accidental death benefit of $10,000 increasing to $20,000 at rate of
$1,000 per year in force
Accident hospitalization of $100 per day for up to 365 days
$100 ambulance benefits
Optional Riders
Non Occupational loss of income
Sickness disability
Extension Riders - extend the benefit period past 2yrs to either 5
years or to age 65 based on any occupation of definition disability
Accident Excess Medical Rider
Accidental Death and Dismemberment Rider
Return of Premium Rider - after 20 years
Return of Premium on Death Rider
