Lifestyle Protection Plan | Canada Life

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Who Should Consider Disability Income Insurance?

  • A fee-for-service, self-employed professional
  • Doctors
  • Specialist Physicians
  • Medical Practioners
  • Registered Nurses
  • Psychologists
  • Dentist
  • Dental Hygienists & Dental Therapists
  • Pharmacist
  • Engineers
  • Structure Engineers
  • Architects
  • An executive
  • A business owner
  • An employee
 

Other Features

Transplant Surgery Benefit

If you become disabled from a surgical procedure in which you are the donor of a body part transplanted to another person, you will be considered to be disabled due to sickness if your policy has been in force for at least 6 months.

Waiver of Premium

If you’ve been disabled for 90 days, we will refund the premium you’ve paid during this period and waive the premium while your disability continues.

 
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Disability Insurance - Lifestyle Protection Plan

The Lifestyle Protection Plan is a personal disability insurance policy that can provide you with a monthly benefit during a total disability. Once the policy is issued, it can’t be cancelled or modified and the premium can’t be raised before you turn age 65 — as long as you pay the premium when it’s due. After age 65, modified coverage may continue on an annually renewable basis as long as you continue to work full-time.

Optional Riders:

Return of Premium (50%) Rider

Reduces the long-term cost of disability coverage if you stay healthy. This rider returns up to 50% of the yearly eligible premium paid or waived under your policy if you have had minimal or no claims after 7 years and are not disabled (and every 7 years thereafter). The amount of the return will be reduced by any disability benefits paid or eligible premium waived or refunded.

Own Occupation Rider

Provides a total disability benefit if you are unable to practice your chosen profession due directly to injury or sickness, even if you begin working again in a new career.

Cost of Living (maximum 3% or 8% per year) Riders

Helps reduce the impact of inflation by providing yearly adjustments to the monthly disability benefit while you are on a claim.

Catch-Up Rider

Provides a lump sum payment equal to the amount not paid during the waiting period of the policy should you become totally disabled for a period of at least 180 consecutive days. This coverage is designed to help you financially “catch-up” from the impact of a disability.

Health Care Profession Rider

Provides a monthly disability benefit if you contract HIV, Hepatitis B or Hepatitis C and legislation or regulations prohibit you from performing the substantial duties of your occupation.

Sale of Business Facilitator Rider

For business owners, if you must sell your interest in the business because of a disability, this rider helps reimburse legal and accounting costs.

and many more riders available, discuss your unique need with our licensed advisor.

If you have further query please contact Canada Insurance Plan.

 
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Presumptive Disability Benefits

Presumptive disability means you suffer the total and irreversible loss of any of the following due directly to injury or sickness: Speech | Hearing of both ears | Sight of both eyes | Use of both hands or both feet | Use of one hand and one foot

If you are presumptively disabled, the waiting period will be waived and you will be considered totally disabled, even if you engage in any occupation.

For certain occupation classes only, the monthly benefit will be increased by 25% and we will pay a lump sum benefit equal to the lesser of 3 times the increased monthly benefit and $15,000.

Catastrophic Disability Benefits

(available for certain occupation classes only)

Catastrophic disability means you suffer a “Loss of Independent Existence” as defined in the policy. If you are catastrophically disabled, the waiting period will be waived and you will be considered totally disabled, even if you engage in any occupation.

The monthly benefit will be increased by 25% and we will pay a lump sum benefit equal to the lesser of 3 times the increased monthly benefit and $15,000.

Survivorship Benefit

If you die while receiving disability benefits, a lump sum death benefit of 3 times the monthly disability benefit will be paid to your estate.

Rehabilitation Benefit

While you are receiving total disability benefits, you may qualify for the payment of the direct cost of services in connection with a pre-approved vocational rehabilitation program.

Recurrent Disability

Your monthly disability benefit may resume immediately if the same or a related disability recurs within a specified period.

Recovery Benefit

You may qualify for a recovery benefit for 2 months after you return to full-time work in the occupation you had before you became disabled.

We are a broker company offering plans / insurance products from companies like Manulife Financial, RBC Insurance, Sun life, Industrial Alliance, Assumption Life, Empire Life and many more, what we care for is a plan that best suits your needs at lowest possible premiums. We work in the best interest of client and not insurance companies. We strive to maintain the accuracy with all the information provided on this website; however errors and omissions regretted.

     
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