What is the definition of a disability?

Unlike the relatively straightforward process of qualifying for the death benefit with life insurance, qualification for disability benefits can be difficult to understand. In order to receive benefits from a disability insurance policy, you must meet the definition of disability as outlined in the contract. But what is the definition, how does it affect premiums, and does it vary from one insurance company to another?

How much can you earn in your lifetime?

Have you ever wondered about your potential earnings over your lifetime? You may be surprised to learn that most of you have potential earnings of over a million dollars. Depending on your income, some of you may have earned multiples of millions of dollars by the time you reach age 65.

Limitations of group disability insurance

Last week, we explained the features of group disability insurance in detail. It is used in conjunction with government programs such as EI or WCB to provide financial support during disabilities. Due to limitations in benefits, there are times when it does not provide sufficient coverage. Let's go over some of the limitations of group disability insurance and how they may affect you.

Features of group disability insurance

Besides government disability insurance programs, employees may also have coverage through their employers. Disability insurance forms the basis of many benefits plans offered by employers. It's a valued part of a comprehensive benefits package that often includes life insurance, extended health care and dental coverage. Group disability insurance provides short-term coverage for 4.6 million Canadians and long-term coverage for over 10 million Canadians.