Disability Insurance

Did you know that your chances of becoming disabled for 90 days or longer at least once prior to age 65 are 1 in 3? And that the average length of a disability which lasts over 90 days is 2.9 years? Sobering statistics when you think about it.If an employee were to become disabled, his or her personal savings, loans or spousal income may not provide sufficient resources for maintaining the basic necessities of life. Group disability insurance ensures employees continue to have a source of income to rely upon, should they become disabled and unable to work for certain periods of time. This type of insurance coverage provides salary replacement for employees who are unable to work due to injury or illness, and can replace 55 to 70 per cent of an employee’s earnings.

There are two types of Disability Insurance available:

• Short Term Disability (STD) - Replaces an employee’s salary for up to six months if the plan member is unable to work due to injury or illness.
• Long Term Disability (LTD) – Replaces salaries for employees who are disabled for extended periods of time due to illness or injury. Coverage is available to age 65.

GROUP LIFE INSURANCE

Preparing for the unexpected is the basis of group life insurance.
It provides financial support for employees and their families in the event of a death.

Group Life Insurance offers the flexibility of a wide range of coverage amounts available to employees without medical evidence. These amounts can be based either on a specific amount, or a multiple of an employee’s annual salary.

ACCIDENTAL DEATH & DISMEMBERMENT

Accidents can happen in an instant. However, the results of an accident can last a lifetime. Group Accidental Death & Dismemberment provides your employees with added financial security should they be faced with sudden and tragic circumstances such as:

• an accidental death
• the accidental dismemberment of part or all of a limb (i.e. hands, feet, arms, legs, fingers or toes)
• loss of sight, hearing or speech.

Benefits

While benefit amounts can vary from plan to plan, typically the principal sum is payable for the loss of life, both hands or feet, or sight. Fractions of the principal sum are payable for other losses (for example, 3/4 for the loss of a limb, 1/2 for speech or hearing, and 1/4 for the fingers of one hand).

Benefits are paid directly to the employee, with the exception of loss of life. In the event of death, benefits are paid to the beneficiary designated by the employee, if living, otherwise to the employee’s estate.