Industrial Pacific’s Disability Insurance Plan: Gain Momentum

Industrial Alliance Pacific and its parent company Industrial Alliance Insurance and Financial Services Inc. has a disability insurance plan called Momentum. The base plan provides income replacement coverage from $500 to $4,000 per month in the event of a disability due to injury. The plan has three waiting period options—0 days, 30 days or 120 days, and a benefit period of 2 years or to age 60.

Riders can be added to extend coverage in the event of illness; business overhead protection and hospitalization riders are also available.

This plan has many limitations when compared with RBC Insurance, Canada Life and Manulife’s disability plans. The limitations are especially pronounced in the professional market—many professionals and other high-income earners require income protection in excess of $4,000 per month. The definition of disability is more restrictive with Industrial Alliance than that of its competitors, and certain riders, such as having the benefit increase with the cost of living or the ability to upgrade the plan without a medical, are not available.

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8 Comments

  1. brent 11/03/2008 at 4:21 pm

    Is there such thing as a policy that covers a person that is still able to work, but not to 100% ability. Ex. broken ankle.

  2. LSM Insurance 11/03/2008 at 6:56 pm

    Hi Brent,

    Thanks for note. There are policies that cover you for partial and full disability benefits.

    I will send you a seperate email on this.

    Best Regards … Lorne

  3. kayonga 12/21/2008 at 7:58 pm

    would like to have detail about disability insurance like what are the requirements to qualify for this insurance

  4. LSM Insurance 12/22/2008 at 9:47 am

    Hi Kayonga,

    I will send you a sepertate email shortly.

    Many injury only disability insurance plans are available without a medical. Injury and illness related policies usually have a health questionnaire and depending on your age and the amount of coverage a nurse may need to meet with you and or the insurance company may write your doctor (they will cover the cost for this).

    Most disability insurance also have an income requirement – applicants can generally qualify for a maximum of 60% of their net monthly income before tax.

    Best Regards … Lorne

  5. Kevin Richard 02/07/2009 at 12:51 pm

    I own my own business and would like to get some quotes for disablity insurance in the event I was injured. Thank you

    Kevin

  6. LSM Insurance 02/07/2009 at 3:12 pm

    Hi Kevin,

    I’m happy to help out.

    I’ll send you a seperate email shortly. Regards … Lorne

  7. Paul 02/09/2011 at 12:30 am

    What if my Ulcerative Colitis is killing me? What options do I have for some kind of disability income?

  8. LSM Insurance 02/09/2011 at 9:37 am

    You will likely be unable to qualify for traidtional disability while your Ulcerative Colitis is not controlled. You could still qualify for an injury only disability plan.

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