Disability Insurance for Professionals: Consumer Review
An overview of disability plans
available to professionals.
LSM will be taking a look at a variety of insurance plans and we will dissect them on our website in an effort to show you the pros and cons of each. With this kind of clarity, we hope you'll be able to find the plan that's right for you and your family.
Provider: Manulie Financial
Plan name: Proguard Series
Pros:
- Guaranteed Premiums
- Guaranteed Policy Wording (The insurance company can’t change the contract)
- The 'Regular Occupation' definition is available to age 65, along with a built-in partial and residual disability benefit
- Very good pricing for Chiropractors
Cons:
- The Return-of-Premium rider can be expensive
- Face amount maximums are less than RBC
Unique features:
- Built-in Long Term Care conversion option (however, it's not as robust as RBC because there are no lifetime benefits available on the their Long-term care policies)
Provider: RBC Insurance
Plan name: Professional Series
Pros:
- If the insured wants lower initial premium, guaranteed premiums and a step-rate option are available to applicants under 35
- Guaranteed policy wording (the insurance company can’t change the contract)
- You'll get a 'Regular Occupation' definition to age 65 and a built-in partial and residual disability benefit
- Guaranteed 15% discount for medical professionals
Cons:
- General dentists, chiropractors, and veterinarians do not receive competitive pricing
- No return-of-premium option
Unique features:
- Built-in Long-term Care conversion option
Provider: Canada Life
Plan name: Lifestyle Protection Plan
Pros:
- Guaranteed premiums
- Guaranteed policy wording (the insurance company can’t change the contract)
- Return-of-premium option
- More occupation classes qualify for the 'Own Occupation' rider
Cons:
- A 'Regular Occupation' definition to age 65 or a partial/residual disability benefit is not built in to the policy
- It’s an à la carte policy, so if consumers are not informed properly, they may think they have more comprehensive coverage than they actually have
Unique Features:
- A multi-policy critical illness and disability insurance discount
For more details on disability insurance for professionals, please contact us at 1.866.899.4849 or visit our Disability Insurance Quote Page.
Posted by Chantal Marr.
Chantal Marr is a member of the Independent Financial Brokers of Canada.
Much of her success stems from her ability to listen to her clients' needs.
Read Chantal's background.
Direct line: 416.273.7811, 905.248.4849 Email:
I want a $10,000 a month benefit. I just left my employer and I’m working a computer consultant I do have a few issues.
Thanks Graham. We are happy to help and will be in touch by email. Computer Consultant is a very favourable occupation for disability insurance. The premiums depend on the benefit amount, elimination period, benefit period, date of birth , smoking status and health.