Declined for Disability Insurance? RBC Insurance Has the Answer

Posted on December 4, 2013 in Life Insurance Canada News
disability insurance
RBC Insurance offers disability
coverage to workers who
traditionally don't qualify.

If a long-term disability befalls you and you are unable to work or earn an income, it is truly devastating to your survival.

Disability insurance is designed to protect you from these circumstances and cover your loss of income when you are unable to work, but thousands of people are self-employed or work in industries that are usually categorized as high-risk, and they don't qualify for disability insurance, like construction workers. These people have been out of luck when it comes to disability coverage for decades… until now.

RBC Insurance has released its Fundamental Series disability insurance product, which is designed for those who don't traditionally qualify for disability coverage — giving everyone the income protection they need. The Fundamental Series is different from traditional disability policies because it offers guaranteed acceptance for injury-only coverage as long as you answer a few qualifying statements.

Illness coverage is also available, and the coverage is easy to apply for, affordable for the average person, and available to those who don't traditionally qualify for disability coverage — like truckers, construction workers, farmers, contract workers, the self-employed, or people looking to supplement their existing coverage.

The Fundamental Series also gives you options — especially if your job already provides a little bit of coverage. You can choose disability coverage that only protects you when you're not at work or is in-force 24 hours a day both on and off the job. A monthly benefit is paid for 36 months when you are "totally disabled." This is defined as when you're unable perform the important duties of your regular occupation, you're not engaged in any gainful employment, and you're being treated by a physician. You can continue receiving the disability benefit after the 36-month benefit period if you're unable to engage in any reasonable occupation that you're suited to based on experience or education and you're also still receiving care from a doctor.

The Fundamental Series is available to anyone between the ages of 18 and 69 and is guaranteed renewable. This means that once you're accepted, you will continue to receive coverage for as long as you pay the premiums. It is guaranteed renewable until age 75 for injury coverage and age 70 for illness coverage.

Highly flexible, The Fundamental Series is customizable down to the last detail. You can choose how long the benefits are payable, ranging from five years to age 70. You can also choose the elimination period — the space between the application being filed and receiving the benefits. If you need the benefit immediately, choose an elimination period of zero days. An elimination period of 30 or 120 days is also available.

There are even more special features to choose from with the Fundamental Series, including a partial disability benefit, which will give you 50% of the total disability benefit for six months. If you're totally disabled, your premiums can be waived after 30 days, the length of your elimination period, or longer for as long as you're receiving benefits. The policy may also entitle you to return-to-work assistance, which will give you rehabilitation and financial assistance to help you return to work.

Illness protection comes with access to Best Doctors, which is a diagnostic consultation program that puts you in touch with real doctors from around the world. Plus, if you're injured in an accident and need emergency medical care, an accidental medical emergency benefit rider may reimburse that expense up to $10,000. An accidental death and dismemberment rider is also available and provides a benefit if you're accidentally killed or are involved in an accident that results in loss of eyesight or one or more limbs. If you run your own business, this disability coverage will also cover the fixed operating costs of running your business while you're disabled.

There are some circumstances under which the Fundamental Series will not cover you. They are the following.

  • Flying in a non-commercial aircraft
  • Professional athletic or underwater activities
  • Dangerous sports, such as bungee jumping and sky diving
  • Impaired driving
  • Self-inflicted harm or attempted suicide
  • Committing a criminal act
  • Riots or acts of war
  • Drugs or narcotics
  • Pregnancy and childbirth
  • Infections related to HIV and AIDS
  • Subjective conditions like fibromyalgia or chronic fatigue
  • Mental and nervous disorders
  • Participation in the armed forces

There are also policy limitations related to the following.

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  • Back and neck injuries
  • Degenerative tissue disease

As far as cost, this is determined by your age, whether you select the five-year benefit period or until age 70, and whether you select the immediate-pay option or a benefit elimination period of either 30 or 120 days. Then, you'll need to select how much coverage you want, up to the plan's maximum. For example, $500,000 worth of illness coverage without the Accidental Medical Expenses Reimbursement rider would be $55.00 a month, and with the Accidental Medical Expense Reimbursement rider, it would be $65.00 a month.

For injuries, coverage also depends on your occupation class, from class one to class six. Ask your advisor if the plan's rate is right for you once you determine the coverage amount, what occupation class you have, how long you want to be covered, and your elimination period. Your advisor will have a table that can show you the wide differences in price, depending on the variables selected. You should also note that every special rider you select comes with an additional rate on top of your illness and injury coverage, from the Accidental Medical Emergency Reimbursement rider to the Business Overhead Expenses rider.

The Business Overhead Expenses Rider comes in three varieties and is priced according to occupation class. You can get it just with injury-only coverage, just with illness coverage, or with injury and illness coverage. Even though injury-only coverage requires answers to only a few simple questions, illness coverage has a higher standard of acceptance. You will have to undergo a small battery of medical tests, including urine and blood samples to test for things like HIV or AIDS.

All in all, the Fundamental Series may be a little on the expensive side when you add it all up, but it's actually a pretty comprehensive and customizable option for people whose professions are usually shut out of disability coverage altogether. If you're interested in looking into this plan, please call us at 1-866-899-4849, or visit our Disability Insurance Quote Page.

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3173 Bathurst Street, Toronto, ON M6A 2B1
Head Office: 2900 John Street Suite #302 Markham, L3R 5G3
Office 1-866-899-4849, 905.248.4849 Fax 905.300.4848


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