Long Term Disability Insurance Canada

Disability Insurance

Your entire lifestyle is protected by your income. The chance of becoming disabled due to injury or illness during your working years is very high.

Have you considered how you would maintain your lifestyle if this were to happen to you?

While no one likes to think about becoming ill or being injured you can’t afford to ignore the possibility.

Disability Insurance offers you a simple, affordable way to provide an income should a disability prevent you from working.

Income Protection, commonly known as Disability Insurance and Loss of Income benefit, provides financial security should an accident occur that prevents you from working and earning a living.

A Loss of Income Benefit provides you with a portion of your income should you be disabled as a result of Injury or Illness and unable to work and earn a living. There are different Elimination Periods (EP), (length of time to wait before benefits begin), and different Benefit Periods (BP), (length of time benefits will be payable), that will allow you to choose the plan that best suits your needs.

There are three types of individual plans available:

Non Cancellable (Non-Can)
Cannot be cancelled by the Insurance Company or premiums increased. A very stable product.

Guaranteed Renewable (GR)
Cannot be cancelled by the Insurance Company. Premiums can be increased but only on a Class basis, (by Occupation, Province and Plan type).

Both of the above are financially and medically underwritten at time of application

Conditionally Renewable (CR)
Premiums can be adjusted and policy cancelled but only on a Class Basis, ( by Occupation, Province and Plan Type). Individual policies cannot be singled out for cancellation. CR plans have built-in standard Exclusions and Limitations, and are usually easier to qualify for.

Companies offer both Earned Income and Gross Revenue choices for obtaining the Benefit that client qualifies for, because of this it is recommended for the following:

- Self-employed
- Small business owners
- Individuals hired on contract
- Employees with group benefits
- Group, Association and Affinity markets.