AXA’s Disability Insurance Policy: A blue-collar plan

SSQ, Life Insurance Company Inc. has purchased AXA Life Insurance Inc., with the official date of the transfer being January 2012. SSQ Insurance Company Inc. is the new name chosen for the subsidiary

About 4.4 million Canadians (14.3%) report having a disability of some kind, according to Human Resources and Skills Development Canada.  WebMD says that the top six most common causes of disability claims are arthritis, heart disease, cancer, mental health issues, diabetes and nervous system disorders, such as multiple sclerosis, parkinson's disease, ALS and Epilepsy. 

AXA Canada offers a blue-collar individual disability plan with a monthly indemnity from $300 to $3,500. The waiting periods on their plan range from the first day on injury-only coverage, to the 120th day on their illness protection. Benefit periods range from six months to 60 months. On their injury-only coverage, the benefit period can be extended to the age of 65.

The plan offers add-ons such as a business overhead expense benefit, hospital allowance, and critical illness benefit. AXA’s disability plan offers a built-in return of premium benefit. If the insured is less than 46 years old at the time of issue, 50% of all premiums paid (less what the plan has paid out) goes back to the policyholder. This benefit is paid out when the insured reaches 65 years of age. An enhanced return of premium of benefit feature can also be added, which will return 100% of the insured’s premiums at age 65 if a claim has not been made.

AXA’s disability plan has some attractive features, but is geared toward the blue-collar market. Professionals and business owners can get a higher quality and more competitively priced plan from other carriers like Manulife, Canada Life or RBC Insurance. This plan is also not appropriate for higher income earners, as the monthly benefit is limited to a maximum of $3,500. According to The Financial Post, 5 million Canadians make between $50,000 and $100,000 a year and another 880,000 make between $100,000 and $150,000, so this policy would not be appropriate for them. Another drawback is the illness benefit period, which is only available for a maximum of 60 months.

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56 Comments

  1. Joao 04/20/2011 at 12:55 pm

    Hi, I’m construction worker, just because i don’t have a permanent job I would like to look in to buy some kind of disability insurance in case something happens. Would you provide me with some information that could help me on this?. Thanks you.

  2. LSM Insurance 04/20/2011 at 1:26 pm

    Thanks for the note Joao.

    Disability insurance is used to replace lost income. So the amount of coverage you qualify for will depend on your current Net Income.

    You may want to consider a disability and critical illness insurance combination. Critical illness insurance is not dependent on your income.

  3. Dianne 03/03/2012 at 9:30 pm

    Looking for a quote on disability insurance for my husband to cover our mortgage payments of 1600 a month. Gross income approx 6,500 a month.

  4. LSM Insurance 03/04/2012 at 10:18 am

    Thanks for the note. The premiums will depend on your husbands age and the plan features – we will you a separate email now.

  5. Amarjit Athwal 12/27/2012 at 3:19 pm

    Hi I’m an agent who is
    looking for great
    disability products for his
    clientelle, who are both
    employees and self
    employeed. Could you please
    send me some info. in which
    I will be able to price
    the products. Thanks

  6. syed 01/03/2013 at 9:45 pm

    Hi Amarjit,

    Thanks for the note. I have sent you a separate email.

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