Four Great disability plans

Great West Life w186

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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  • LSM Insurance
    June 16, 2009 at 8:54 am

    Thanks for the question. Assuming you can’t find your policy you would have to contact your broker or the insurance company to see if your policy has a cost of living benefit. CPP benefits are pegged to the consumer price index.

  • EEl
    June 16, 2009 at 2:58 am

    I was wondering in response to the follow-up answer to my disability question regarding inflation. How is one able to know if this is part of the plan that they have, or is it in all plans? Also if you receive CPP disability are you ever able to recieve the cost of living adjustment done once a year?

  • LSM Insurance
    January 30, 2009 at 7:46 pm

    Hi Stacy,

    Thanks for the note. I’ll send you a seperate email now.

    Regards … Lorne

  • Stacy
    January 30, 2009 at 6:50 pm

    I would like to meet with someone to discuss disability plans.

    Please e-mail me directly

    I reside in Winnipeg, MB.

    Thank you!
    stacy