A Canadian Consumer's Guide to IA Excellence Disability Insurance

Posted on November 3, 2018

If you became injured or fell ill, would your family be alright without your income?

If the answer is no, you're not alone. Many people take their health for granted and avoid thinking about worst-case scenarios.

It's unpleasant to imagine what would happen if you became seriously ill or injured. Because of this, disability insurance is not something you're likely to discuss at a dinner party.

We're here to make things simple. Read on to find out about IA Excellence Disability Insurance. We'll tell you everything you need to know about how disability insurance can become part of your life.

What Is Disability Insurance?

If you become disabled, you're likely to lose your main source of income for a period of time. This may even be a permanent loss.

In addition, you'll face other expenses related to your injury or illness. Disability insurance is designed to take this into account.

IA Excellence Insurance guarantees you a source of income to replace your salary and other expenses if you become disabled. It doesn't matter if your injury is a result of an accident or illness, you'll be covered.

Your coverage is ensured because Industrial Alliance Insurance offers a range of options. This means you'll easily find one to best suits your specialized needs.

Who Benefits?

A variety of people can benefit from disability insurance. The reality is that anyone can experience a sudden, unexpected injury.

Unfortunately, we can never anticipate if or when this will happen. And this is why disability insurance is a critical part of planning for the future.

From employees and self-employed workers to professionals and business owners, everyone can benefit from investing in Disability Insurance.

Of course, as you get older, your risk of injury and illness increases. Along with this, the older you get, the more likely it is you have dependents.

For this reason, people who are heading toward middle-age will benefit greatly from a disability policy.

People with families or those with a predisposition to a certain illness will also gain a huge amount from disability insurance. It's never too early to start planning for future events.

What Are Your Options?

IA Excellence Disability Insurance offers two coverage options.

1. Acci-Jet Program

This option was designed with active people in mind and guarantees coverage in the event of a soft tissue injury or accident.

It's a simplified disability insurance option and is for people aged between 18 and 69. You're eligible for this option if you work at least eight months a year and 21 hours a week.

If you have a current serious injury or illness or a degenerative chronic disease, you're not eligible for this option.

If you're a Canadian citizen or reside in Canada, you are eligible for the Acci-Jet Program.

The monthly benefit payments on this coverage range from $500 to $6,000 per month. The benefit period is two years, five years or until the age of 70.

Your risk is based on your occupation and you have the choice of gross or net revenue method when deciding your maximum benefit.

2. IA Excellence Superior Program

The next option is the Superior Program. It offers comprehensive coverage in life and health insurance for all workers. People who are self-employed also qualify for this option.

If you're a Canadian citizen or reside in Canada, are between 18 and 59 and you work 21 hours per week, you're likely to be eligible for this option.

This option provides protection in the case of a total disability in the event of an illness or accident. Your monthly benefit will range from $500 to $10,000 depending on your occupation.

A unique difference of this option is that, in the event of day surgery or hospitalization for more than 18 hours, benefits are payable on the first day.

Additional Coverage

IA Excellence Insurance offers additional coverage as part of the above packages. At no extra cost you're also guaranteed the following additional coverage:

  • Maintenance of coverage if remunerative work stops: In the case of losing your job or you stop working temporarily, your disability insurance will remain for one year.
  • Residual disability benefit: You're eligible for a monthly benefit if you return to work after a disability. If your functional ability has declined, you're eligible for a monthly payment amounting to your loss of income.
  • Occupational class enhancement: Depending on certain requirements, it's possible to benefit from an improvement in your occupational class. This will lower your premiums.
  • Death benefit: If death results from a disability, an additional amount is paid to your estate.
  • Organ donation benefit: Disabilities resulting from organ donation will lead to an eligibility for benefits.
  • Occupational rehabilitation: Added benefit payments and the provision of professional services to support you.

You'll also have a waiver of premiums. This means that if you're totally disabled, you're released from the obligation to pay any premiums.

How Much Will You Pay?

As you've seen above, disability insurance covers a range or related expenses. Therefore, the amount you pay per month will depend on a few factors:

  • Your health: More serious health problems equal higher premiums
  • Age: The older you get, the more you pay
  • Income level: If you had a high earning job pre-injury, you'll pay more
  • Insurance policy type: Depending on what policy you chose and what it covers
  • Length of disability: Longer lasting policies cost more

These factors all play a role in figuring out what you can expect to pay for your disability insurance premium.

Peace of Mind

No matter the amount you pay per month, one thing is certain. The peace of mind that comes with disability insurance is priceless.

IA Excellence Insurance will ensure your total peace of mind. You can relax knowing your family will be taken care of in a tragic situation.

Instead of last-minute scrambling for savings or selling assets, you and your family will be guided through the process.

It's no secret that a disability has a serious effect on the whole family. The last thing you need in an already stressful situation is to be worrying about finances.

We're Here for You

Your peace of mind and financial security is a top priority. Insurdinary will support and guide you to a personalized coverage that works for you.

Remember, you're not just a number. IA Excellence knows this and we do too.

Products and services are always evolving to meet your changing needs. Financial coverage is guaranteed at all times, so you don't need to stress about the future.

Every unexpected circumstance is catered for. You're able to sit back and live your life, knowing any unexpected challenge will be managed.

Please contact us to find out more about disability insurance. We're more than happy to answer your questions and discuss how specifically you can benefit from it.

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