This disability insurance plan pays a $3,500 tax-free monthly benefit in the event that you become disabled due to an accident or illness. This is disability insurance with additional coverage for soft tissue injuries such as strains, sprains, contusions of the muscle, ligaments or tendons, Bursitis, Capsulitis, Tendonitis, Carpal Tunnel Syndrome, and neck, back and spine injuries.
Benefit Amount: $3,500 monthly.
Benefit Period: 5 years
Waiting Period: 0 day waiting period for disabilities due to accident on the first $1,000 of monthly benefits. 119-day waiting period on the next $2,500 of monthly benefits. 30 day waiting period for disabilities due to illness on the first $1,000 of monthly benefits. 119 days on the next $2,500 of monthly benefits.
The step-up in benefit amounts is because the benefit is integrated with Employment Insurance (EI) which would be payable for up to 15 weeks (105 days) at the onset of a disability.
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Type of Disability Insurance: Simplified Issue
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Definition of Disability: Regular Occupation
The insured is totally disabled if, he or she is in a state of continuous incapacity that prevents him or her from performing the duties of his or her Regular Occupation and is not performing any other work for which he or she is, or should be, paid.
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Integration of Benefits: Integrated
This means that monthly benefits are paid in combination with other disability benefits, whether private or public. Policy waiting periods are designed in a way to seamlessly integrate existing public benefits without overlap to reduce premiums.
You should let your broker know if you have other private disability benefits.
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Regular Occupation Extender: Most disability insurance policies have a definition of disability that changes from “Regular Occupation” to “Any Occupation” at the 2-year mark if the insured remains disabled for over 2 years. “Any Occupation” is a narrower definition of disability so an insured who may have qualified for benefits in the first 2 years of disability may not qualify after that based on this new definition. This policy keeps the same “Regular Occupation” definition of disability throughout the entire 5-year benefits period.
Partial Disability: This allows an insured to receive disability benefits when, although not totally disabled, they are unable as the result of an accident or soft tissue injury to perform at least one of their primary duties or are unable to work 50% of the time normally spent at their regular occupation. If disability is due exclusively to the accident or injury, the insurer will pay, upon expiration of the waiting period and for a maximum of 6 months, 50% of the disability insurance benefit specified in the contract. No benefit will be payable if the insured is not employed full-time at the date on which partial disability occurs.
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Pre-Existing Medical Conditions: Covered
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