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Disability Insurance Policy Enhancement

Make your disability insurance policy unique and valuable with customized riders: Canada


Do you want an off the lot disability policy, or a super-charged model?

Optional benefits to enhance your disability insurance policy

Disability Insurance policy enhancement is used to increase the amount of monthly coverage in future from your disability insurance policy irrespective of your health or different job type at the time. To be eligible to increase your benefit each year (your policy anniversary month), you only need to prove that your personal or business income has increased. This works great from entrepreneurs and professionals expecting a steady rise in income with the growth of their business and clientele. However, opting for your benefit increase option requires you to pay a higher premium as you have more coverage.

Cost of Living Benefit

This rider becomes operational the moment you go on claim and begins receiving monthly benefits. To help your benefits to grow over time, your monthly income will be indexed to inflation (the Consumer Price Index). With the increase in the cost of goods, the value of your monthly benefit will decrease. For example, if you become disabled for life at 35 year of age, then a $1,000 value might be only worth $400 when you reach 65. That means, there is a loss of 60% of the value of the dollar. However, had your benefit indexed to inflation, your present income would have been $2,500 each month. Hence, the earlier you buy your disability income protection insurance, the more value you get as your benefit.

Retirement/Savings Protection

This optional feature provides you with an additional monthly benefit of up to $1,500 per month to keep up your savings and retirement plans. The extra funds are set aside in a trust, in savings program and which can be directed and monitored by you. When you turn 55, you could access these accumulated funds as an additional retirement income.

Accidental Death and Dismemberment (AD&D)

AD&D is an additional insurance to your disability insurance policy. In the event of your death from an accident or injury, your AD&D pays you up to $300, 000 of tax free cash. If you lose a limb, or sight in one eye, or else become deaf due to an injury sustained in an accident, AD&D will pay you a portion of the benefit. Your disability income protection plan is much less likely to pay out this benefit than the monthly income.

First Day in Hospital

If you want to receive your monthly income right from the first day of getting admitted to a hospital, instead of waiting for a 30, 60 or 90 days period for the start of benefit, then this rider should be your right choice. However, you need to be in hospital for a minimum period of 72 hours and have to be completely disabled. If you satisfy the conditions due to being sick or injured, your benefits starts immediately.

This rider is meant for those who are working in the health care industry, including doctors, dentists, nurses, paramedics, associates, or generally anyone with a medically necessary reason for coming in contact with blood. The benefit is given as these professionals are highly regulated, with a good chance of getting HIV or Hepatitis B and C through their work duties. If these professionals are prohibited or restricted from performing their duties because of the given afflictions, the benefits will be paid.

Group Discount

If a group of professionals or co-workers working together at one place decide to get disability insurance policies together, the insurance company provides discounts to all. This is popular in a start-up company of skilled workers, doctor’s office, group of accountants, etc.

To apply, a minimum of two or three people are required to buy disability insurance policy together at the same time, with the insurance company providing 10% to 15% off on each premium. Each member of this quasi-group owns individual contract with a life-time reduced premium of their own.