What is an Overhead Expense Under Canada Life’s Overhead Expense Disability Insurance Plan?

What overhead expenses are covered?
Photo by lindsey lissau

Canada Life's Disability Insurance Overhead Expense Plan provides reimbursement to business owners for their overhead business expenses.

However, anyone who may be considering this plan is probably wondering what qualifies as an overhead expense under the plan if the insured becomes disabled. The following is a list of covered expenses, but the list could vary from carrier to carrier, so please check your policy contract for specifics:

1. Employee remuneration.

2. Rent and the cost of utilities, including electricity, heat and water.

3. The cost of janitorial and maintenance services.

4. Property taxes.

5. Property insurance premiums.

6. The cost of leasing furniture and equipment used in the operation of the business.

7. Interest payable on borrowed money that is related to the business.

8. The cost of telephone, postage and communication services.

9. The cost of independent accounting and legal services.

10. Professional trade association and union membership fee.

Please note that Canada Life’s maximum business overhead payout is $4,000 a month.

For more details on disability insurance in Canada, please contact us at 1-866-899-4849, or visit our Disability Insurance Quotes Page.

Posted by Chantal Marr.