Disability Insurance for Professionals: Consumer Review

An overview of disability plans
available to professionals.

LSM will be taking a look at a variety of insurance plans and we will dissect them on our website in an effort to show you the pros and cons of each. With this kind of clarity, we hope you’ll be able to find the plan that’s right for you and your family.

Provider: Manulie Financial

Plan name: Proguard Series

Pros:

• Guaranteed Premiums
• Guaranteed Policy Wording (The insurance company can’t change the contract)
• The ‘Regular Occupation’ definition is available to age 65, along with a built-in partial and residual disability benefit
• Very good pricing for Chiropractors

Cons:

• The Return-of-Premium rider can be expensive
• Face amount maximums are less than RBC

Unique features:

• Built-in Long Term Care conversion option (however, it’s not as robust as RBC because there are no lifetime benefits available on the their Long-term care policies)

Provider: RBC Insurance

Plan name: Professional Series

Pros:

• If the insured wants lower initial premium, guaranteed premiums and a step-rate option are available to applicants under 35
• Guaranteed policy wording (the insurance company can’t change the contract)
• You’ll get a ‘Regular Occupation’ definition to age 65 and a built-in partial and residual disability benefit
• Guaranteed 15% discount for medical professionals

Cons:

• General dentists, chiropractors, and veterinarians do not receive competitive pricing
• No return-of-premium option

Unique features:

• Built-in Long-term Care conversion option

Provider: Canada Life

Plan name: Lifestyle Protection Plan

Pros:

• Guaranteed premiums
• Guaranteed policy wording (the insurance company can’t change the contract)
• Return-of-premium option
• More occupation classes qualify for the ‘Own Occupation’ rider

Cons:

•  A ‘Regular Occupation’ definition to age 65 or a partial/residual disability benefit is not built in to the policy
• It’s an à la carte policy, so if consumers are not informed properly, they may think they have more comprehensive coverage than they actually have

Unique Features:

• A multi-policy critical illness and disability insurance discount

For more details on disability insurance for professionals, please contact us at 1.866.899.4849 or visit our Disability Insurance Quote Page.