Protect your income. Protect your lifestyle
Why do you need disability insurance?
The way of life you enjoy, your children’s university schooling, and your retirement financial savings all depend upon your capacity to earn a residing. in case you all of sudden had less cash coming in—plus extra cash going out to cover your bill payments related to your disability—where could the money come from to replace your lost earnings.
if you lost your ability to earn an income or financial gain, you’ll additionally lose the lifestyle you’ve created. An accident or serious illness or serious unhealthiness will happen once you least expect it, leaving you unable to work and earn money. Your provincial health package plan will facilitate you with the medical bills. But to replace lost income, you must need disability insurance.
Even if you have already got disability insurance through your business enterprise, it could now not be sufficient. Plus, in case you switch your jobs, your company-sponsored disability insurance will most likely end along with your employment. Disability advantages under the Canada Pension Plan (CPP) and Quebec pension plan (QPP) limit the benefits you could receive.
An account within the social Security insurance monetary fund wont to pay advantages to Individual deemed to be disabled and incapable of productive work. The Disability Insurance fund receives deposits from FICA than the number required for day-after-day operations of social insurance beneath social insurance. These funds are held in trust and any funds not needed for current expenses area invested endowed in fixed costs federal securities.
Choose disability insurance that’s suited to your needs.
My Financial Doctors offers several different plans that can help you to preserve your income. If you become disabled. We’ve designed them to offer a range of benefit and top rate options to fit your profession, earnings level, and different elements.
Your maximum valuable asset is your capacity to earn an income. Disability insurance can help defend and protect the lifestyle your profits provides—and offer valuable services offerings to help you return to work again.
mandatory insurance for full-time and Part time-time personnel who are appointed for extra than 6 months (part-time employees must work more than 1/3 of the normal work week) or who have finished 6 months of continuous employment.
Enrollment and Effective Date
- No Application required
- coverage effective at the date you become eligible
Month-to-month taxable benefit equal to 70% of your monthly salary or profit.
Payable after 13 consecutive weeks of overall disability, or while your paid sick leave is exhausted, whichever is later.
Indexation as much as a most of 3% every year to reflect the cost of living
Benefits reduced by your other source of income.
Pre-existing conditions exclusion may apply to follow if disability commences in the first twelve months after you become eligible for coverage
No benefits will be paid after age 65.
Coverage ends automatically when your employment terminates.