Disability Insurance

Everyone who enjoys good health hopes it will last for a lifetime. But it doesn't always turn out that way.

Sometimes life throws a curve.

Injuries can happen. A disability illness could dramatically change your life, your future, your family's lifestyle, as well as your financial security. A chronic disease or disability could keep you from working. Someone in your family could become injured and require personal care services. Insurance can't prevent those things from happening. But it can help you and your family cope.

Why do you need disability insurance?

Disability insurance provides you with an income when a disability stops you from working. With insurance protection, your family would have money to pay bills, and remain financially stable.

Think about it this way. Suppose you owned a valuable piece of equipment. Day in and day out, the equipment operates reliably. It helps you earn a large amount of money every year. Without question, you would insure that piece of equipment in case it broke down.

Similarly, when a family depends on someone to go to work and earn money, year in and year out, doesn't it make sense to have disability insurance in case you become disabled?

Not all disability insurance policies are the same.

Before choosing a disability insurance policy, it is important to seek professional advice to ensure that you choose the best policy for your situation.

If you have questions about disability insurance, contact our office for more information.


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!


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INSURANCE PACKAGE OPTIONS

Full Range of Disability Product Lines from the Major Carriers

This is typical of an executive-level disability contract:
Product Overview Offers top quality income protection during total, partial or residual disability.
Target Markets Professionals and executives who value a comprehensive income protection plan.
Premium Structure Level, guaranteed to age 65. Guaranteed renewable after age 65 if insured continues to work full-time (subject to change in premiums).
Issue Ages 18 - 60 (age nearest)
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: 30, 60, 90, 120, or 730 days.
How are Benefits Paid? Monthly benefits payable during the selected benefit period while disability lasts: 2 or 5 years, or to age 65.
Benefit Maximum

Maximum 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 Benefits
  • 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 (age restrictions may apply)
  • 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

* Not available to part-time workers. ** Not available to farm owners, part-time workers, class B or class A business owners.

This is typical of an intermediate level disability contract.
Product Overview Provides cost-effective protection against total disability, with optional partial or residual benefits. Built-in discounts for business owners.
Target Markets Small business owners and employees who want affordable and reliable income protection.
Premium Structure 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 Ages 18 - 60 (age nearest)
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: 30, 60, 90, 120 or 730 days

However, farm owners may not select 30-day elimination period and part-time workers may not select 30 or 60-day elimination period.

How are Benefits Paid?

Monthly benefits payable during the selected benefit period while disability lasts:

2 or 5 years, or to age 65*

Benefit Maximum

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 Benefits
  • 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 (age restrictions may apply)
  • 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 **

No Proof of Income required up to $2,000 of coverage

This is typical of a basic level disability contract.
Product Overview Provides inexpensive basic accident + sickness coverage across a spectrum of Business Owners and Individuals.
Target Markets 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 Structure 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 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.
Sickness - 15,30 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 Maximum $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 Benefits
  • 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 (age restrictions may apply)
  • 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

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