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A disability can happen at anytime and to anyone. A person without disability insurance could potential face huge financial struggles. A person needs to protect themselves and their family from the financial consequences of a debilitating injury or illness. Personal Disability Insurance allows people to continue living in the manner to which they have become accustomed. If a person is insured adequately, they can continue living comfortably in the face of a temporary or permanent disability.
Permanent total disability (PTD)
Covers individuals against permanent injuries or illnesses, resulting in permanent disablement.
- PTD will pay a lump sum amount
- After 12 consecutive months of disability Up to 10 times annual salary
Temporary total disability (TTD)
Protects an individual’s income while the insured person is temporarily disabled due to accident or illness.
- Up to 75% of your weekly wage
- Waiting periods 60 - 120 days
- Benefit periods up to 60 months
Plans tailored by profession
Monthly benefits will commence following the elimination period and will be paid for as long as the total disability continues, but no longer than the benefit period. In the event of multiple separate claims, each claim will have a full benefit period eligibility.
- 60 day waiting period
- 90 day waiting period
- 120 day waiting period
Benefits can be purchased either to supplement any coverage you already have or to provide where there is no current coverage in force.
Coverage remains with you even if you change jobs
You may be able to deduct the premiums as a business expense
Professional groups, may be entitled to discounted coverage