You choose, but you will want to consider your current age and how long you have before you're ready to retire. If you are almost ready to retire and you become disabled you won't need benefits for as long as someone who is many years away from retirement. How long your benefits are payable for should take you into retirement if a disability leaves you unable to return to the work force.
There are many features to a disability plan. They are not all the same. This is why you will want assistance from an advisor who understands the plan and can help you assess if the policy meets your individual needs.
You need to consider what you are currently paying for fixed business expenses. These bills will not stop coming in just because you have. As the key contributor to the success of your business you should ensure that your expenses will continue to be covered if you are unable to generate the revenue required to pay them while you are disabled. Business Overhead Expense coverage can help with this.
Some accidents are catastrophic and leave you needing to adjust your entire lifestyle. Consider if you needed your home altered to accommodate wheelchair living. Would you have the money to pay for this?
Provincial Health Care Plans
Provincial plans vary from province to province. There are many medical services not covered by government plans. It's a good idea to have a plan that fills the gap between those expenses that occur but may not be covered by your government plan. Expenses such as physio-therapy, eye examinations, chiropractors, and many more.
Canada Pension Plan (CPP)
Disability benefits may be available to you, but only if you have made enough contributions to the CPP. Your disability must prevent you from working at any job on a regular basis, and must be long lasting or likely to result in death.
I'm covered by a Workers Compensation Plan so I don't need disability coverage, do I?
Worker compensation plans are designed to protect you if you are injured at work ONLY! A private disability plan means that your income is protected all the time, 24 hours a day, 7 days a week. It is not mandatory for all occupations in all provinces to be covered by a Workers Compensation plan. The EDGE could provide you with a viable cheaper alternative to this coverage. Knowing your options may save you money, speak with an advisor to find out more.
We believe life is complicated enough without adding cumbersome processes used to protect it. Getting insurance protection should be simple!
Our two page application provides you with a product overview that outlines what you have purchased at the time you have purchased it. It will give you a brief summary of the benefits, key definitions and some exclusions, so that you know what is covered, what isn't covered, and what may be covered with limitations.
If we hide nothing from you at sale time, we won't need to hide from you at claim time!