Disability Insurance for Professionals: Consumer Review

Group Insurance
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.

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Thomas
Thomas

I’m looking for Disability Insurance and Critical Illness combo for my wife. She is 53 GP. Is there a combo plan geared towards Professionals

LSM Insurance
LSM Insurance

Hi Thomas, Most of the combination type plan Manulife has a popular plan and Humania Assurance just introduced a combination type plan are more geared towards blue collar workers.

Your wife is likely far better off looking for an individual disability plan – which offers a preferred occupation class for physicians and a separate Critical Illness plan – some companies do offer multi policy discounts but you would likely only be saving the policy fee which is a relatively small % of the overall premium.

LSM Insurance
LSM Insurance

Thanks for the note Joel. The premiums will depend on your occupation, smoking status and the amount of coverage. We will be in touch by email soon.

LSM Insurance
LSM Insurance

I am 47 year old have $3000 a month through my association. I recently got diabetes and is looking to increase my coverage but my association declined my upgrade request. I make aboiut $150,000 a year. Can you provide me a quote

Graham
Graham

I want a $10,000 a month benefit. I just left my employer and I’m working a computer consultant I do have a few issues.

LSM Insurance
LSM Insurance

Thanks Graham. We are happy to help and will be in touch by email. Computer Consultant is a very favourable occupation for disability insurance. The premiums depend on the benefit amount, elimination period, benefit period, date of birth , smoking status and health.