Canada Life Return of Premium Disability Plan

Posted on June 22, 2009 and updated April 12, 2018 in Life Insurance Canada News 3 min read
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Founded in 1847, Canada Life is one of Canada’s oldest and most reputable insurance providers. A leader in the disability market, they offer disability insurance plans for blue collar workers, professionals and business owners.

The Return of Premium feature ensures that you receive a benefit whether you have a disability or not. It provides 50% of the yearly eligible premium paid away on the policy on certain dates.

Their flagship plan, The Lifestyle Protection Plan, is geared toward professionals and allows you to customize the features and riders on the policy to your own insurance needs and budget. Their most popular rider is their Return of Premium feature.

The Return of Premium feature ensures that you receive a benefit whether you have a disability or not. It provides 50% of the yearly eligible premium paid away on the policy on certain dates. If you are not disabled, and claims haven’t exceeded 20% of the eligible premiums that were paid or waived.

Return of Premium eligibility is contingent on seven consecutive policy year periods that do not overlap. The benefit may also be paid upon death, or the policy anniversary nearest to your 65th birthday.

Below is an example of the Lifestyle Protection Plan, with a Return of Premium rider for a 40-year-old, male office manager with a $5000 monthly indemnity, a 90-day waiting period and an age 65 benefit period. The only rider selected is the Return of Premium rider.

The quote below also assumes an occupation class of four. Occupation classes are determined by the occupation risk of claim, with one being the highest risk and five being the lowest. The base premium is $144.86/month and the cost of the Return of Premium Benefit is $60.84/month, so the total monthly premium is $205.70/month.

The first Return of Premium would be at age 47 and then every seven years thereafter. The plan ends at age 65.

Age 47 $7,971.88

Age 54 $7,971.88

Age 61 $7,971.88

Age 65 $4,555.36

We can customize a disability insurance plan for you through our Disability Quote Page, or call us at 1.866.899.4849

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LSM Insurance
LSM Insurance

Hi Johnny,

Thanks for the note. Disability insurance plans do not qualify for preferred rates. There are othr variables that influence premium including the elimination period and other riders.

I will send you a separate email now. Regards … Lorne

Johnny
Johnny

Pls give me quote, male 49 prefer health , no smoking. 2500 per month, a 2 year benefit period with cash back rider. I am a real estate salesman making 80000 a year