Great-West Life’s Disability Pans: Professional, Boss Plus, Competitor and Protector

According to the Canadian Life and Health Insurance Association, close to one million Canadians have their own individual disability insurance plan. Another 4.6 million have short-term group disability protection, while 10 million have long-term disability insurance through a group plan.

On average, 32% of men are more likely to gain a disability than die by age 65. For women, the average is over 100% -- from 147% between the age of 25 and 65 to 111% between 45 and 65. The Top performing disability insurance providers include Sun Life Financial, RBC Insurance, Manulife Financial Canada Life and, at the top, Great-West Life.

Great-West Life has four disability plans. Their Professional plan is high-end disability insurance geared toward professionals, business owners and key employees. The Boss Plus plan targets business owners who are concerned about cash flow if they become disabled. The Protector plan targets employees, and the Competitor plan offers low-cost disability coverage for people whose occupations or current work situations make it challenging to obtain coverage, such as part-time or seasonal workers.

Great-West’s Professional plan is their flagship program, and competes with RBC Insurance’s Professional Series and Canada Life’s Lifestyle Protection plan in the high-end market. The Professional plan has the following standard policy features:

  • Recurrent disability – the insured’s monthly income benefit will resume immediately if the same (or related) disability recurs within a specified period.
  • Waiver of premium – if the insured has been disabled for 90 days, Great-West will refund the premiums paid for this period, and waive the premiums while the disability continues.
  • Cash flow – the insured can qualify for a two-month extension of benefits when he/she returns to work full-time in the same occupation as prior to the disability.
  • Rehabilitation program – Great-West will cover the cost of a pre-approved vocational program, and the insured will still receive his/her monthly benefit while totally disabled. This feature can assist the insured learn a new occupation.
  • Transplant surgery – if the insured donates an organ, he/she will be covered during the recovery, if the policy has been in force for six months.
  • Survivorship – the insured’s estate will receive a lump-sum benefit if they die while receiving their monthly disability income.

The following optional riders are also available on the Professional plan: return of premium rider; limited first day accident rider; cost of living adjuster rider; future earnings protector option rider; future savings protector rider; lifetime accident and graded sickness benefit rider; accidental death and dismemberment rider; and a health care rider.

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39 Comments

  1. John Hunter 04/11/2008 at 9:33 pm

    I am 52 self employed in the ag industry. I am looking for short and long term disability making now 3000 to 4000 monthly income

  2. Melinda 06/26/2008 at 12:57 am

    interested in disability insurance

  3. LSM Insurance 06/26/2008 at 7:57 am

    Hi Melinda,

    Thanks for your note. I will send you a seperate email with my contact information and we can arrange a time to discuss things further. Regards … Lorne

  4. bruce 12/05/2008 at 7:36 pm

    HI my name is bruce I am 60 I am selfemployed I make between 5500 and 6000 a month I would like a quote on disablilty insurance and accidental death insurance and critial illness insurance

  5. LSM Insurance 12/05/2008 at 9:33 pm

    Hi Bruce,

    Thanks for your note. I’m happy to help out – I will contact you via a seperate email. Best Regards … Lorne

  6. tony 02/04/2009 at 10:58 pm

    I am a 45 year old self-employed male for 20 years, a non-smoker for over a year, healthy and would like to receive $4000 a month in disability benefits.

  7. LSM Insurance 02/05/2009 at 9:32 am

    Hi Tony,

    Thanks for the note. I need to confirm your occupation and few other details and I will prepare a quote for. I will send you a seperate email. Regards … Lorne

  8. Abdul 02/18/2009 at 3:32 pm

    I am 39 non smoker, and make between 3000 netcome, I would like to receive about 4000 in disability insurance. I would like to know the exact terms.

    Thanks,
    Abdul

  9. LSM Insurance 02/18/2009 at 4:42 pm

    Hi Abdul,

    Please note with disability income generally speaking your maximum monthly benefit is limited to 60% of your net income before tax after expenses.

    Regards … Lorne

  10. dave 04/24/2009 at 9:19 pm

    I,m a 20 year old welder in northen canada, am interrested in disabilty insurance to protect me in the event of a off work accident. I curently earn 125,000

  11. LSM Insurance 04/25/2009 at 8:43 am

    I am happy to help out. I will send you a separate email with some of the details I need to provide a quote.

    Regards … Lorne

  12. K 05/10/2009 at 4:07 pm

    Hello:

    I am self-employed and have been working in the IT sector for 8-years. In the event I am injured at work or off-site, I would like a disability insurance coverage of $5,700.00 (tax free)/month.

    I currently have insurance but have grown disatisfied with my current provide.

  13. LSM Insurance 05/10/2009 at 7:45 pm

    Thanks for the note.

    We can definitely help. I will send you a separate email and you can also visit our on-line disability insurance quote page link to lsminsurance.ca.

    Regards … Lorne

  14. Henry 06/18/2009 at 3:19 pm

    Hi my name is Henry. I am 49 and working in IT filed. I make between 8000 and 10000 a month I would like a quote on disablilty insurance and critial illness insurance

  15. LSM Insurance 06/19/2009 at 3:15 pm

    Thanks for the note. I’m happy to help I will send you a separate email. Best Regards … Lorne

  16. Jeff 08/30/2009 at 8:59 pm

    I am self employed in the tile industry. I make about 4000 per month how much would I need to be insured for to be covered in the event of a disability

  17. LSM Insurance 08/30/2009 at 9:21 pm

    Thanks Jeff,

    I am happy to help out and will send you an email shortly.

    Regards … Lorne

  18. Brad 09/29/2009 at 11:42 pm

    Hi there,

    I would like a quote for the professional disability package. My current income is 200K per year. Thanks

  19. Gary 10/16/2009 at 7:00 pm

    55000 a year business, subcontractor, no employees , looking for personal coverage

  20. LSM Insurance 10/17/2009 at 11:50 am

    Hi Gary,

    I’m happy to help out without a quote. I will send you a separate email shortly. Regards … Lorne

    In order to provide an accurate quote we would need verify your

    • Date of birth and smoking status
    • Duties of your occupation
    • The benefit period you want
    • The elimination period
    • Monthly indemnity amount
    • Any riders

  21. Bill 11/24/2009 at 5:15 am

    I would like to get a quote on short and long term disability as the company that I work for dose not offer any .

    I am a network analyst
    I am 57
    I do not smoke or drink.
    my take home income is $4000 a month.

    Could you give me a group rate as I know others that I work with need this as well.

    Regards

    Bill

  22. LSM Insurance 11/24/2009 at 9:32 am

    Hi Bill,

    Thanks for the note.

    Individual disability policies offer both short and long term disability coverage under one umbrella.

    In addition to the information you shared your premiums will be based on your
    • The benefit period you want
    • The elimination period
    • Monthly indemnity amount
    I will send you a separate email now. Regards … Lorne

  23. MH 01/05/2010 at 3:09 am

    Hi,

    I have a question about the professional disability package.
    I have noticed that it is non-cancelable.
    What if I want to change my plan or simply just not needing the policy anymore.
    are there any exception to cancel the policy?

  24. LSM Insurance 01/05/2010 at 11:25 am

    Hi MH,

    Thanks for the note. Non cancellable refers to the insurance company not being able to cancel the contract you can cancel it anytime.

    Regards … Lorne

  25. Tammy 01/16/2010 at 1:00 pm

    Hi there,
    I’m a 36 yr old hygienist making approx 3000-4000 month. please send more detailed info regarding your disability insurance. Thankyou Kindly Tammy

  26. andrea harrison 02/16/2010 at 9:08 pm

    Hi there, I would like a quote for long’short term disability..I work full time in the salon as a general hairdresser(color/cutting).As well I freelance on my own time for photoshoots..
    My company has a insurance plan,but no coverage for disability.I would consider switching all my insurance over if i could get a reasonable plan.
    thank you( my yearly income is between 40 and 50.)

  27. LSM Insurance 02/17/2010 at 12:01 pm

    Hi Tammy,

    Thanks for the note. I will send you a separate email now.

    In order to provide an accurate quote we would need verify your

    • Date of birth and smoking status
    • Duties of your occupation
    • The benefit period you want
    • The elimination period
    • Monthly indemnity amount
    • Any riders

  28. Abe 04/11/2010 at 10:31 pm

    Q. As a self employed incorporated individual consultant signing up for Professional disability and Oasis critical illness insurance through Great West Life, is it best to pay the premiums from my inc. company or from personal after tax funds?

    What are the advantages / disadvantages with either route from a tax perspective? Thanks

  29. LSM Insurance 04/12/2010 at 11:05 am

    Hi Abe,

    Thanks for the note. As a rule of thumb if you deduct your insurance premium as an expense the benefit is taxable. I will send you a separate email with more details. Regards … Lorne

  30. Abdul 06/11/2010 at 11:11 pm

    I am looking for disability insurance that averages between 3000 to 4000 month. I am currently employed, and earn about 3000 after taxes.

    Thanks,
    Abdul

  31. LSM Insurance 06/12/2010 at 10:03 am

    Thanks for the note Abdul – there are a number of variables that will influence your quote. We’ll send you an email now.

  32. Joe 12/18/2010 at 5:32 pm

    If a person claims LTD and they receive 60% of their normal pay is that then taxed? Do I pay income tax on it?

  33. LSM Insurance 12/19/2010 at 3:23 pm

    Thanks for the note if your disability insurance is a taxable benenfit the money receiced would be tax free.

  34. Sybil 03/23/2011 at 5:19 pm

    If someone is working and takes out disability coverage in case they become disabled and unable to work, do they get back all the premiums they’ve paid over the years when they reach 65 yrs. of age and have not become disabled due to critical illness?

  35. LSM Insurance 03/23/2011 at 5:55 pm

    Hi Sybil,

    Thanks for the note. Some companies offer a return of premium feature on disability insurance and critical illness plan – if you remain healthy and a claim is not made. This is a rider at an extra cost. Additionally most disability plans do not offer a full return of premium usually limited to 50% yo 75%. Thanks, LM

  36. IOAN 07/11/2011 at 8:03 pm

    I am looking for disability insurance that averages between 3000 to 4000 month.I would like a quote for the professional disability package. My current income is 55k per year. Short term or long term, pls. I am 51 and working as a truck driver -long haul-Thanks

  37. LSM Insurance 07/12/2011 at 9:40 am

    Thanks for the note.

    The premiums will depend on gender, date of birth, smoking status and your health. Other factors are the elimination period and benenfit period selected.

    We will send you a separate email now.

  38. John Dean 12/21/2014 at 10:02 am

    I am looking for a quote on short term and long term disability insurance. I am 52yrs old, a self employed truck driver who doesn’t smoke. I currently net around 9000/month

  39. LSM Insurance 12/23/2014 at 12:35 pm

    Thanks John. The premiums will depend on your age nearest age, smoking status and the amount of coverage. I will be in touch by email.

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