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Income Replacement Policies

We recommend Business Owners purchase Individual Income Replacement Policies rather than rely on the Group Long Term Disability (LTD) plan included in the company benefit plan. There are several reasons for this, not least of which is that a business owner is probably not enrolled in the government Employment Insurance (EI) program and therefore would benefit by a shorter wait time for benefits than the traditional group LTD plan that is designed to become payable after EI benefits are completed.

The other reasons for purchasing an Individual Income Replacement Plan or Disability plan are:

  • There is no increase in premium as you age.
  • The amount of income insured can include more than just salary as with a group LTD plan.
  • Your ability to perform your own job is used as a definition of disability for longer than 2 yrs as is standard
    with most group LTD plans. You can choose 5 yrs, or age 65.
  • The features and benefits in an Individual Plan offer much more protection that a group LTD plan.
  • Some of the riders available to an Individual Plan include Cost of Living increases of benefit, Additional
    amounts of benefit without completing medical information, 1st day benefit if Hospitalized, Pension deposits while disabled and a Premium Refund if there have been no or minimal claims.

Whether you are a business owner, lawyer, medical professional, business executive or contract tradesperson, an Individual Disability policy is a smart idea!

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