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Who Should Consider Disability Income Insurance?
Persons who have jobs that do not provide a group insurance plan:
- self-employed workers;
- small-business owners;
- employees, whether or not they are covered by the Workers' Compensation Act. |
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Disability Income Insurance - Momentum
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Momentum disability income insurance provides you with a source of income to replace your salary during a period of disability resulting from an accident or illness. If an accident or illness prevented you from pursuing your occupation—even for just a few months—what financial resources could you rely on to replace your income?
Features and Advantages of Momentum
1. Momentum provides you with disability income insurance in the event of an accident.
2. You receive monthly benefits of between $500 and $4,000 (up to a maximum of 70% of your monthly income).
3. Your benefits are paid for two years or until you reach the age of 60.
4. You may choose a waiting period of 0, 30 or 120 days.
The waiting period is the period between the beginning of the disability and the beginning of benefit payments.
5. Additional protections—disability income insurance in the event of an illness, business overhead expense insurance and hospitalization insurance—are available.
Waiver of Premiums in the Event of Total Disability
You may take out a waiver of premium rider in the event that a total disability prevents you from continuing to pay your insurance premiums. Your coverage will then remain in effect. There is generally a waiting period of a few months before the coverage begins.
If you have further query please contact Canada Insurance Plan.
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News and FAQ's |
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Disability income insurance guarantees that your income will be replaced if you become totally disabled. But what does it mean to be “totally disabled”?
As a general rule, “total disability” is defined as follows:
If you are employed when you become disabled
If you are employed when you become disabled, you are considered to be disabled if, during the first 24 months following the onset of your disability, you are totally and continuously incapacitated and unable to perform the duties of your own job as a result of an illness or injury.
After the first 24 months following the beginning of your disability, you are considered to be disabled if you are totally and continuously incapacitated and unable to pursue any occupation whatsoever for which you are reasonably qualified, regardless of the availability of employment.
If you are unemployed, on employment insurance or a student when you become disabled
If you are unemployed, on employment insurance or a student when you become disabled, you are considered to be disabled if, as a result of an illness or injury, you are totally and continuously incapacitated and unable to pursue any occupation whatsoever for which you are reasonably qualified. In such a situation, you are generally entitled to a benefit corresponding to 50% of the insured amount, for a maximum period of two years.
However, if you are able to work in any employment whatsoever, you are considered to be able to work, regardless of the availability of employment.
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