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

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 .

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 .

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 .