Roughly one third of all Canadians will become disabled for a period of at least three consecutive months before they reach retirement. While the Worker's Compensation Board will cover some of those cases, the vast majority will be turned down.
Group Disability Insurance provides payments to an employee who is unable to work due to accident or illness. This vital insurance element can be added to a firm or association's comprehensive Blended Plan through Pacific First. We work with a number of life insurance companies providing disability insurance to guarantee your benefits plan is attributed the right policy.
A Group Disability Insurance plan has a variety of options from which to structure its benefit program. The plan benefit is a monthly amount, normally a percentage of earned income, for a set period of time or until the employee/member reaches the age of 65. Benefits may be developed to continue at a reduced level if the employee is able to return to part-time practice or become employed in an alternate occupation.
Disability insurance claims will need be completed and submitted to the relevant insurance provider. Monthly payments will commence depending on the waiting period established by the policy.
For all of your inquires regarding Group Disability Insurance options, features, premiums and claims processing, contact us today.