Living Benefits


Disability Insurance

Disability Insurance provides you with financial security by replacing your personal income, typically on a monthly basis, in the event of an accident or sickness. Benefits are paid out tax free at time of claim, if premiums are paid personally with after-tax dollars. Insurance companies offer many choices in customizing your policy to suit your budget.  Typically disability insurance plans have the following features:

  • Guaranteed non-cancellable contracts available with premiums guaranteed to age 65
  • Customizable features to design the right policy for your needs
  • Different definitions of disability to suit your needs. The three most common definitions are:
    • “the inability to perform the duties of your own occupation,”
    • “a job in your field,” or
    • “any job at all”.
  • Partial and residual disabilities are covered under many contracts
  • Upon recovery from a disability, the policy continues and will protect you should you suffer subsequent disabilities or in the event that a prior disability reoccurs. Premiums do not increase as the result of a claim.


Why Do I Need Disability Insurance?

Often people have purchased life insurance to protect their families in the event of death, but most people are unaware of the startling disability statistics.

In fact, the odds are far greater that a person will become disabled in a given year than will die. There is at least an eight times greater chance of suffering a disability for at least 90 days as compared to the chances of death (up to age 37). While death may be inevitable, disability is more probable at any given age.



Glossary of Disability Terms
Russian Roulette
Disability Claim Statistics


Business Overhead Insurance

When a disability occurs, as a business owner, you not only have to cover your own personal living expenses, but you will also be responsible for the continuing expenses of your business. Having to pay these expenses from your personal disability benefit could potentially erode your standard of living. The solution is Business Overhead insurance.

Business overhead works much like a personal disability policy, except the insurance company pays the claim as reimbursement of eligible business expenses, up to the maximum amount for your policy.

  • If your expenses are lower than your monthly benefit amount in one month, most insurance carriers will carry forward the difference to be applied to future months where your expenses may be higher.
  • Maximum benefit period of 2 years, assuming you will dissolve your business should you be unable to return to work after 2 years of disability.
  • Premiums for business overhead insurance are a tax deductible business expense.
  • Partial and residual disabilities are covered under many contracts

Eligible and Ineligible Expenses


Retirement Savings

If you suffer an accident or sickness often the first sacrifice is contributions to your retirement fund. These missed contributions greatly impact your retirement nest egg. By adding the Retirement Savings Protector to your disability contract you help reduce the risk of sacrificing your retirement savings. This plan deposits a monthly benefit amount into a trust for retirement, should you suffer a total disability.


Buy/Sell Insurance

Many people put a buy/sell agreement in place if they have business partners, in order to address the buyout of the company should the other party die or become disabled for the long term. Often, the funding required to finance this buyout is neglected. Having the proper insurance in place will ensure your ability to buy out your partner/shareholder’s share of the business avoiding a heavy financial burden from having to take on extra debt.

  • Policy can be personally or corporately owned, depending on the circumstances


Critical Illness Insurance

When a critical illness strikes, you may be faced with financial difficulty, as there are often extra expenses involved with an illness. Critical illness insurance pays a lump sum benefit, should you be diagnosed with one of the covered conditions of the contract and survive the waiting period, and the cash flow can be used at your own discretion. These plans provide great flexibility, allowing you to focus on your health without being concerned about your finances.

  • Supplement your spouse’s income as they may require time off to care for you,
  • Pay for increased medical expenses and child care costs, or
  • Travel to another location for specialized care.


Long Term Care Insurance

Long term care insurance is meant to protect your assets during retirement, and pays a monthly benefit if you require care within your home or in a facility. While a certain degree of public support is available, government programs are not comprehensive and services can become costly.

  • Flexible options to create a plan that works within your needs
  • Options to pay the plan up in 20-25 years
  • Flexible waiting periods and benefit payment periods to keep premiums within your budget



Costs of Long Term Care
Long Term Care Statistics