Disability Insurance Overhead Expense Plan With Canada Life

Posted on April 30, 2011 and updated May 3, 2011 in Canada Life Insurance Company of Canada, Canadian Life Insurance Companies, Life Insurance Canada News 2 min read
Even a small company can bring big benefits
Business owners can get a
business plan that
covers their overhead.

Canada Life offers a disability insurance plan with an overhead expense that provides non-cancellable protection to age 65 for business owners.

The plan provides reimbursement of eligible business overhead expenses while the insured individual is totally disabled. The plan is non-cancellable, meaning that the plan can’t be cancelled or modified and the premiums cannot be raised by Canada Life prior to age 65 (with the exception of the health care profession rider, if selected), as long as the premium is paid to date.

The policy becomes conditionally renewable after age 65. The insured can maintain their coverage on an annual, renewable basis as long as they continue to work full-time and still have an ownership interest in the business.

The insured can choose from waiting periods of 30 days, 60 days ,and 90 days and benefit periods of 12 months or 24 months.

Below is an example of the pricing on the policy for a 50-year-old business owner who doesn’t smoke and who qualified for a Class 4 occupation. (Psychologists, Veterinarians and many other professionals qualify for a 4A classification).

If the above was the scenario, the business owner would receive $4,000 a month during a 24 month benefit period and after a 90-day waiting period for $82.47 a month.

For more details on disability insurance in Canada please contact us at 1-866-899-4849 or visit our Disability Insurance Quotes Page.

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