Disability Insurance

How much income you make, and how you make it, will determine the benefit amount payable in the event of a claim, and will be determined by your Qualifying Insurable Monthly Earnings (QIME) at the time you become disabled. If your income changes after purchasing Loss of Income Coverage this could affect the benefit amount payable.
The benefit amount payable to you at claim time is the lesser of your QIME or the Benefit Amount purchased. (The benefit amount payable may be lower than this amount if you are receiving benefits from other sources.). The maximum Loss of Income Benefit amount available to purchase is based on your QIME, and must be within $250 of the QIME amount.

Business Overhead Expense coverage is a reimbursement of the actual amount of fixed expenses paid. You may select a monthly benefit amount that is 25% higher than the actual amount of fixed expenses to account for future growth. The business Overhead Expense Benefit paid at claim time will be the “actual” expense amount submitted for the month. The Maximum Total Benefit is 12 x the benefit amount purchased.

At claim time you will be required to provide written evidence of your Qualifying Insurable Monthly Earnings. This may include information from third parties, a copy of income tax returns, audited income and expense statements or employer?s salary statements. Once a method of determining income has been selected that same method will be used throughout the entire period for that claim.For the self employed, we offer a choice of income verification methods to provide you the most favourable benefit amount; either the average monthly income during the prior 6 month period, or the last taxation year, or the best consecutive 2 year period in the past 3 years immediately preceding the date of Disability (the 2 year period must commence after the effective date of coverage).If the monthly benefit purchased, plus any other benefits received exceeds your QIME, benefits payable will be reduced by the excess amount. During the first 18 months of Total Disability but will not be less than 25% of the monthly benefit purchased.