We’ve all taken a sick day now and then, but what if your condition was more severe and you couldn’t go to work for a few months, a few years or permanently?
Would you have to dig into your savings or default on monthly payments?
When selecting whether this is right for you, you should always seek professional advice before the implementation of this type of solution, as there are many advanced strategies, customized to your need. We recommend that a proper needs analysis is conducted to ensure you have the right amount of coverage, riders, and ensure that chosen options will support your vocation or specialized position.
*** Group Plans almost always, or may terminate the benefits, modify, or ask you to accept a lesser paying position as most plans use an “Any Occupation Class” meaning that if you are less than totally disabled, and or recovered enough, but cannot perform your regular duties, you must accept a lesser position, quite often resulting in less pay.***
Short term disability insurance Short Term Disability insurance will cover a portion of employee income, tax-free when unable to work due to an illness or disability for up to one hundred and twenty days, in most plans. Disability insurance can provide top-up or wage replacement benefits that cover, on average, up to 66 2/3 % of employee earnings. The total eligible maximum amount available is calculated on (T4) gross income earned.
If you are a business owner, professional, or are self-employed, FIO (Future Insurable Options) riders are available, allowing for an increase of up to 20% without having additional medicals.
LTD – Long Term Disability
Long Term Disability Insurance replaces the short term disability plan after the One Hundred & Twenty days have expired. Benefits then continue and replace a portion of employee income, tax-free when they are unable to work because of an illness or disability. Long term disability plans usually reduce the benefit to 50% employee earnings for up to twenty-four months.The total eligible monthly maximum available is calculated on active (T4) income earned.
This program is a federal government registered matched savings plan specifically for people
with disabilities and allows for additional contributions based on family income. The RDSP is a long-term savings plan with available government grants to help the beneficiary to be better financially prepared for their future.
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