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Services
> Disability Insurance |
Disablity 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.
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