Canada Life’s Disability Plan: Four Features for Future Fortunes

Canada Life Assurance Company offers four types of disability plans: lifestyle protection plan, independence plan, overhead expense plan, and a buy/sell plan. Its flagship disability product is their lifestyle protection plan. The plan is non-cancelable (i.e., you can cancel the plan but the insurance company cannot) and is guaranteed renewable. The policy is designed for professionals, business owners and executives. The plan is very flexible—providing basic injury and illness protection, and allowing the applicant to choose from a host of riders which enhance the level of protection. One unique feature is their “own occupation” feature, which ensures that the insured will be entitled to a claim under the plan as long as an injury or illness prevents them from doing their own occupation. This can be advantageous, especially for highly skilled professionals such as surgeons.

A cost of living feature can also be added which provides for the benefit to stay in line with inflation. Future income options allows the insured to upgrade coverage as their income increases, without any additional medical requirements.

Another very popular feature is their return of premium benefit, which returns 50% of the eligible premiums paid after seven years, if no more than 20% of the premiums have been paid out in claims. As an example, an individual who contributes $20,000 to their Canada Life disability plan over seven years and remained healthy for the entire period would receive $10,000 back. Therefore, the net cost of the coverage is $10,000.

Canada Life’s independence plan is geared toward the blue-collar worker. The coverage is more limited than their lifestyle plan, and is available with or without protection from illness-related disabilities. The latter is available without a medical.

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10 Comments

  1. Lee Anne Baker 05/03/2008 at 6:10 pm

    I am interested in the Return of premium disability plan. Could a rep please call me back with more info and how do I get a quote?
    Thanks
    Lee Anne
    250-215-4373

  2. LSM Insurance 05/06/2008 at 3:49 pm

    Thanks Lee Anne. I left you a message a few days ago. I’ll try and call again now. Regards … Lorne

  3. Paula 12/02/2008 at 4:45 pm

    HI

    I am interested in getting prices on disability insurance for my husband.
    The company he currently works for does not offer
    this.

  4. LSM Insurance 12/02/2008 at 4:51 pm

    Hi,

    I’m happy to help out. I will send you a seperate email. Best Regards … Lorne

  5. Steve 12/29/2008 at 4:43 pm

    Hi,

    I am interested in obtaining quotes on disability insurance for my son, who is currently studying in Scotland for a year while on a leave absence from his Canadian employer. His employer provided him with adequate disability insurance when he was working, but has chosen to stop the coverage during his educational leave.

    An indication of premium rates would be appreciated.

  6. LSM Insurance 12/29/2008 at 5:43 pm

    Thanks for your comment. My associate Al Wong is based in Ottawa and will contact you by email shortly.

    Best Regards … Lorne

  7. Giselle 07/21/2011 at 2:15 pm

    I am interested in disabiltiy insurance and i would want a quote.

  8. LSM Insurance 07/21/2011 at 4:53 pm

    Thanks for the note. The rates will depend on the amount of coverage, waiting period, benfit period your occupation age and smoking status. We will send you a separate email now.

  9. Denise Hill 09/29/2011 at 7:24 pm

    My daughter is a single mom who cleans houses for a living. She is self-employed and has a mortgage. What product would you recommend for her in the event of an injury that left her unable to work?

  10. LSM Insurance 09/30/2011 at 9:13 am

    Disability Insurance would provide her Foundation. The rates will depend on the amount of coverage, waiting period, benfit period her age and smoking status. She may also want to look into Critical Illness insurance. We will send you a separate email now

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