Bill to prohibit genetic discrimination is now law

On May 4, 2017, Bill S-201: An Act to prohibit and prevent genetic discrimination received Royal Assent and became law. The bill prohibits any person or insurance company from requiring an individual to undergo a genetic test or requiring an individual to disclose the results of a genetic test as a condition of obtaining insurance.

Disability insurance exclusions

If you read the fine print for any insurance policy, you will notice a section on exclusions. These are situations that the insurance company does not cover and will not pay a benefit. Disability insurance is no exception, and anybody who owns or is considering purchasing it should be aware of its exclusions. Below are some of the typical disability insurance exclusions found in policies.

Which disability insurance riders should you get?

Unlike built-in benefits of disability insurance policies, which are provided at no extra cost, riders are optional features that can be added onto a an insurance policy for a price. We’ve talked about some common life insurance and critical illness insurance riders before. Here we want to address some common disability insurance riders, and whether or not you should add them to your policies.

Maximum issue limits for disability insurance

The maximum issue limits for disability insurance is the maximum coverage you can purchase based on your age, occupation class, and income. Disability insurance is designed to replace a portion of your income, up to a maximum amount. By basing the benefit on income and replacing up to a certain amount, disabled individuals do not suffer financial hardship, and at the same time maintain the incentive to return to work.