Maintain your lifestyle and financial security if you're unable to work
If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Our disability insurance plan is designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.
The peace of mind from income protection is available for professionals, business owners, business executives, and full-time, part-time or home-based workers. Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, we can help by providing you with a comprehensive and portable plan you can rely on throughout your working years.
What does this mean for you?
- Income Replacement: Your disability plan pays you a regular income each month during your disability. Your basic coverage and premiums are linked to your occupation, income and other sources of insurance.
- Non-Cancellable: This means that once the policy is issued, and premiums are up-to-date, the amount of your coverage and premiums are guaranteed for the life of your policy.
- Flexible Terms: Depending on your needs and occupation, you can purchase insurance that covers you for one, two or five years, or until you turn 65.
Other features that you can choose to include in your plan are:
- Vocational Rehabilitation: With this benefit, your participation in a rehabilitation program is covered while income benefits continue.
- Waiver of Premiums: If you become disabled, you won't have to make premiums on your disability coverage.
- Coverage While on Leave, Sabbatical or Unemployed: You can receive coverage for disabilities that occur while you're away from your regular occupation.
- Increased Benefit Payments: You can choose to add a cost-of-living adjustment to your benefit payments. This feature increases your benefits to offset inflation.
- Premium Refund Rider: If you make no claims or minimal claims during an eight-year period, this option will provide a refund from your premiums paid.
- Additional Benefits: You can choose an option that lets you increase your disability coverage after the plan has been issued. In addition, you can choose protection for your retirement savings plans, meaning that if you become disabled, payments will be deposited to a retirement savings account on your behalf.
Outside disability insurance, what are your alternatives?
The following may help you cope financially through a time of disability. However, they may not be enough to allow you to return to a full and active life with your financial security intact.
- Worker's Compensation - only for industries that are covered and disabilities that are work-related
- Employer, Union or Association Plans - often group plans which provide short-term and/or long-term disability protection
- EI Benefits - pays a 15-week benefit if you can't work due to an illness or an accident, provided you've contributed for a specified number of weeks within the past year
- Canada and Quebec Pension Plans (CPP/QPP) - you might qualify for limited disability benefits under these plans
- Savings & Assets - you can sell personal property or use your savings to pay bills
- Spouse's Income - if you have a spouse, you may be able to rely on that income
Consider the advice of a professional advisor to help you sort through your options. Independent financial advisors have the skills to help you assess your situation and create the investment strategy that's best for you.
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