| This is typical of a basic level disability contract. |
Product
Overview |
Provides inexpensive basic accident + sickness coverage across a
spectrum of Business Owners and Individuals. |
Target
Markets |
Industrial trade workers seeking an add-on to WSIB coverage, New
Business Owners, hard-to-insure Occupations, Seniors and Unemployed
Individuals, Children as young as age 5.
|
Premium
Structure |
Guaranteed Renewable to age 90. Premium can change on all policies by
risk classification. i.e. by age, plan, province, amount, occupation or
any combination of these. Only one change can be made in any 12 month
period. |
Issue
Ages |
Ages 5 to 80. (age last) |
| What Triggers Payment of Benefits? |
Unable to perform regular occupation (2 yrs) and any occupation
thereafter. If unemployed - unable to do most of his or her routine daily
activities. |
| When Does Payment Begin? |
Accident - 0, 30 and 120 day elimination periods.
Sickness - 15,30 and 120 day elimination periods. |
| How are Benefits Paid? |
Monthly benefits payable during the selected benefit period while
disability lasts 2 yrs, 5 yrs or to age 65 |
Benefit
Maximum |
$500 for applicants in the "Limited Benefits" category (unemployed,
retired, high risk occupations). Otherwise, the lesser of $ 4,000 or 75% of
insurable monthly income, rounded down to the nearest $100 |
Standard
Benefits |
- Partial disability benefits of 50% of monthly benefit for up to six
months
- Vocational or physical rehabilitation benefits of up to three monthly
payments
- Waiver of premium during disability
- Accidental death benefit of $10,000 increasing to $20,000 at rate of
$1,000 per year in force
- Accident hospitalization of $100 per day for up to 365 days
- $100 ambulance benefits
|
Optional Riders
(age restrictions may apply) |
- Non Occupational loss of income
- Sickness disability
- Extension Riders - extend the benefit period past 2yrs to either 5
years or to age 65 based on any occupation of definition disability
- Accident Excess Medical Rider
- Accidental Death and Dismemberment Rider
- Return of Premium Rider - after 20 years
- Return of Premium on Death Rider
|
