The TK Advisor -TK Financial Group Ottawa Blog about Life Insurance, Critical Illness Insurance, Wealth Management and Estate Planning

Disability insurance coverage !

The other day CBC had aired a program about a young lady who was denied by her group insurer under the Long Term due to non disclosure . The relevant statements were that her doctor " did not think " lumps on the breasts were cancerous . Firs and foremost personal disability , group insurance disability and disability coverage offered under a association plan all are very different . If you are not sure what your coverage is call us for a insurance audit and do not leave things to chance .

Definitions of Total Disability is very important component of any disability coverage !

The core of any disability policy ( group long term disability , association long term disability coverage , private personal or corporate plan ) is the definition of DISABILITY under your insurance policy . When and if you will be paid is based on your type as well as severity of your disability . Here are definitions of a disability programs and they will need to be satisfied for you to qualify for receiving that monthly cheque : * Loss of Income Definition * Any Occupation Definition * Limited Regular Occupation Definition * Regular Occupation Definition and * OWN OCCUPATION  definition . What is the definition of your policy ? Will you qualify for " OWN OCCUPATION " coverage or will you only be paid if you can not do " ANY JOB " ? Get clarity on what you can expect to receive if you are sick or disabled now !

Deductable Premiums for Your Disability Insurance !

Deductible premiums for Executive Disability Insurance can be achieved when insuring a " CLASS " of employees which qualify under CRA guidelines . Also at claim time , Earned Income Definition allows the disabled individual to qualify for current or future RRSP contributions . Working in the insurance industry for over 28 years I still get amazed how many corporationshave not looked at the advantages of providing executive coverage to a " CLASS" of employees with deductible premiums ! It is up to the insurance advisers to provide the clients with necessary information to make informed decisions .

Disability Insurance Contracts and Your Financial Well Being !

Majority of business owners have no idea that their group insurance contract will most likely not pay them a cent at time of their disability ? WHY ? Contractual obligation under the Long Term Disability plan exhibit reverse discrimination against executives as well as shareholders . A receptionist has a better chance to qualify at time of claim then would a CEO of a company ! Most people never complete insurance audits on their disability insurance personal policy , Long Term Disability under a group contract or under a Association plan . Time to find out about your disability is not at the time of claim .

Disability Insurance and Depression claims !

When we talk about depression most people think it happens to someone else . Majority of disability claims deal with depression and there are difficulties when trying to insure someone with depression . There are different severity's of depression and when applying to secure disability insurance careful attention is needed to obtainthe best possible contract .  Apply with at least three insurers that are not related like Great West and Canada Life .More information is better as the insurer underwriter needs as much information as they can obtain to assess their risk to issue a policy . Time loss from work is one of those factors that will be closely looked at . Do not assume that you do not qualify for coverage if there is a history of depression with you or your immediate family .