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DISABILITY / SALARY / DEBTS

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DISABILITY INSURANCE 

 

Thanks to an exciting job, you can own a house, a car, spoil our loved ones, enjoy thrilling hobbies and have a full, happy and healthy lifestyle. Yet, while performing our workday, the unexpected can happen. An injury, an accident, an illness, a nervous disorder, etc., always occurs without warning. To prevent any financial troubles that may result from such problems... 

There are 3 types of

 

INSURANCES:

DISABILITY INSURANCE 
 
 
IN THE CASE OF DIAGNOSIS OF DISABILITY INSURANCE
DEBT INSURANCE

WHY DISABILITY INSURANCE?

DEBT INSURANCE

In Canada, 1 in 3 workers have a disability period of 90 days or more before age 65 *. This may be due to common problems such as stress, exhaustion or back pain.

 

On average, the duration of a disability is 2.6 years **, which could have a significant impact on many areas of your life if you do not have a replacement income.

If you were unable to work or earn income, could you continue to pay off your mortgage, other debts, groceries, etc.? Studies show that almost 50% of bankruptcies and foreclosures result from a disability***.

*Statistics Canada, Canadian Disability Survey, 2012.

**Table of Disabilities, 1985

***Robertson, Christopher T., Egelhof, Richard and Hoke, Michael, Get Sick, Get Out: The Medical Causes of Home Mortgage Foreclosures. Health Matrix: Journal of Law-Medicine, Vol. 18, No. 65, 2008 

This type of insurance pays you a monthly tax-free amount to deal with the payment of your debts when you are unable to work due to an illness or an accident.

In addition, this protection is not granted for a specific loan, but rather for all eligible loans at the same time. Thus, all your loans are covered under a single contract at the time of the claim.

This protection can adapt to your financial obligations over the years. For example, if you repay your mortgage and you take out a long-term lease on a new car or a loan to renovate your home, the monthly payment of these debts will be covered up to the expected monthly amount.

• CARACTÉRISTIQUES: / CHARACTERISTICS:


  • Elle prévoit le versement d’un montant mensuel basé sur vos dettes admissibles si vous n’êtes pas en mesure de travailler en raison d’un accident ou d’une maladie;
  • Le montant est versé pendant une période prédéterminée de 2 ans, 5 ans ou jusqu’à 65 ans;
  • Les primes sont nivelées pour toute la durée de votre contrat;
  • Si le délai de carence est de 90 jours ou moins, en cas de chirurgie ou d’hospitalisation d’une journée ou plus, le montant sera est versée dès le 1er jour;
  • Inclus différents services d’accompagnement gratuits;
/ (English)
  • It provides for a monthly payment based on your eligible debts if you are unable to work due to an accident or illness;
  • The amount is paid for a predetermined period of 2 years, 5 years or up to 65 years;
  • Premiums are leveled for the duration of your contract;
  • If the waiting period is 90 days or less, in case of surgery or hospitalization of one day or more, the amount will be paid from the first day;
  • Includes various free support services;




• OPTIONS: / OPTIONS:


  • Prolongation de la période de profession habituelle
  • Augmentation du capital d’assurabilité future
  • Invalidité partielle
  • Substitution en une assurance salaire
/ (English)
  • Extension of the period of occupation
  • Increase in the share capital of future insurability
  • partial Disability
  • Substitute salary insurance




• PRÊTS ADMISSIBLES: / ELIGIBLE LOANS:


  • Prêt hypothécaire;
  • Loyer (résidence principale);
  • Marge de crédit hypothécaire;
  • Prêt REER ou tout autre prêt pour financer un investissement;
  • Prêt à la rénovation;
  • Prêt personnel;
  • Prêt pour véhicules motorisés;
  • Prêt étudiant;
  • Carte de crédit;
/ (English)
  • Mortgage;
  • Rent (principal residence);
  • Mortgage line of credit
  • RRSP loan or any other loan to finance an investment;
  • Ready for renovation;
  • Personal loan;
  • Motor vehicle loan;
  • Student loan;
  • Credit card;





THE DISABILITY INSURANCE OFFERED BY THE BANKS

 

This type of insurance pays you a monthly amount, tax-free, to deal with the monthly payment of your debt when you are unable to work because of an illness or an accident.

The protection is granted for a specific loan, for example, your mortgage or even a car. It’s very costly when compared to what insurance companies have to offer.

The duration of the protection is harmonized with the term of your payments.

It offers no flexibility because the contract is tied to a specific loan offered by a financial credit institution.

 
SALARY INSURANCE
SALARY OR INCOME INSURANCE

 

Do not let an accident or illness compromise your most valuable asset; your ability to earn income.

 

Think about it, it’s your income that allows you to meet your financial obligations (car, home, food, education fees, permits, electricity, retirement savings, etc.) and offers you the standard of living of your choice (boat, golf, travel, etc.).

 

If you cannot work because of a disability, how long can you maintain your standard of living? Would you have to withdraw money from your savings or buy back shares of your investments or sell off your assets?

 

This protection was designed to cope with losing the ability to earn income if you are suddenly disabled. You can concentrate on your recovery, knowing that your expenses will be covered by your salary insurance.

 

It adapts to the specific needs of self-employed or autonomous workers, business owners and employees with or without group insurance.

• CARACTÉRISTIQUES : /CHARACTERISTICS:


  • Elle prévoit le versement d’un salaire (basé sur votre déclaration de revenus) si vous n’êtes pas en mesure de travailler en raison d’un accident ou d’une maladie;
  • Le montant est versé pendant une période prédéterminée de 2 ans, 5 ans ou jusqu’à 65 ans;
  • Les primes sont nivelées pour toute la durée de votre contrat;
  • Si le délai de carence sélectionné est de 90 jours ou moins, en cas de chirurgie ou d’hospitalisation d’une journée ou plus, le montant sera est accordé dès le 1er jour;
  • Protection en cas de décès allant jusqu’à 5 fois le montant mensuel prévu;
  • Inclus différents services d’accompagnement gratuits.

/(English)

  • It provides a monthly amount (based on your income) that replaces your income if you are unable to work due to an accident or illness;
  • The amount is paid for a predetermined period of either 2 years, 5 years or up until you are 65;
  • Premiums are levelled for the duration of your contract;
  • If the selected waiting period is 90 days or less, if you are operated on or have to stay at the hospital during an entire day or more, the amount will be granted from the first day instead of the normal waiting period;
  • In case of a premature death, the insurance benefit is 5 times the expected monthly amount;
  • Includes free services to get help or support.




• OPTIONS : /OPTIONS:


  • Prolongation de la période de profession habituelle

  • Ajustement au coût de la vie (indexation annuelle)

  • Option : Remboursement des primes à la résiliation

  • Option : Augmentation du capital d’assurabilité future

  • Option : Invalidité partielle

  • Option : Invalidité résiduelle

/(English)

  • Extension of the usual professional occupation period

  • Adjustment to the cost of living (annual indexing)

  • Option: Reimbursement of premiums upon termination

  • Option: Insurance benefit can be increased by anticipation

  • Option: Partial disability

  • Option: Residual disability





• CARACTÉRISTIQUES : /CHARACTERISTICS:


  • Elle prévoit le versement d’un salaire (basé sur votre déclaration de revenus) si vous n’êtes pas en mesure de travailler en raison d’un accident ou d’une maladie;
  • Le montant est versé pendant une période prédéterminée de 2 ans, 5 ans ou jusqu’à 65 ans;
  • Les primes sont nivelées pour toute la durée de votre contrat;
  • Si le délai de carence sélectionné est de 90 jours ou moins, en cas de chirurgie ou d’hospitalisation d’une journée ou plus, le montant sera est accordé dès le 1er jour;
  • Protection en cas de décès allant jusqu’à 5 fois le montant mensuel prévu;
  • Inclus différents services d’accompagnement gratuits.

/(English)

  • It provides a monthly amount (based on your income) that replaces your income if you are unable to work due to an accident or illness;
  • The amount is paid for a predetermined period of either 2 years, 5 years or up until you are 65;
  • Premiums are levelled for the duration of your contract;
  • If the selected waiting period is 90 days or less, if you are operated on or have to stay at the hospital during an entire day or more, the amount will be granted from the first day instead of the normal waiting period;
  • In case of a premature death, the insurance benefit is 5 times the expected monthly amount;
  • Includes free services to get help or support.




• OPTIONS : /OPTIONS:


  • Prolongation de la période de profession habituelle

  • Ajustement au coût de la vie (indexation annuelle)

  • Option : Remboursement des primes à la résiliation

  • Option : Augmentation du capital d’assurabilité future

  • Option : Invalidité partielle

  • Option : Invalidité résiduelle

/(English)

  • Extension of the usual professional occupation period

  • Adjustment to the cost of living (annual indexing)

  • Option: Reimbursement of premiums upon termination

  • Option: Insurance benefit can be increased by anticipation

  • Option: Partial disability

  • Option: Residual disability





DISABILITY INSURANCE 

ONLINE INSURANCE THINK YOU! NO PROBLEM! JUST PEACE OF MIND!