|
Income Protection | Retirement Protection | Business Overhead Expenses
 |
The Professional Series policies – High-quality long-term disability insurance to specific fee-for-service professionals, including:
- Doctors
- Actuaries
- Podiatrists/Chiropodists
- Optometrists
- Lawyers and Notaries
- Chartered accountants
- Pharmacists
- Architects
- Engineers
- Psychologists
- Chiropractors
- Veterinarians
Various optional coverages can be included in The Professional Series policy. This allows you create a tailored income protection plan according to your specific needs.
Both the premiums and policy provisions are fully guaranteed until age 65, The Professional Series policy offers coverage for those who are actually still working full-time at a permanent
job. You may select a guaranteed fixed premium or a guaranteed fluctuating premium. The fluctuating premium allows people aged 35 or less to pay a lesser amount during their first years
in practice, at a time when expenses may be a concern. The guaranteed premiums then increase throughout the term of the policy, as the policyholders become better established in their profession.
Please find below a list of coverages that can be included in The Professional Series policies.
The leading professional insurance Definition of total disability
Due to an injury or sickness, you are unable to carry out the important duties of your occupation, you are not working in another occupation, and you are under a physician's care*.
This preferred definition allows you to be fully compensated if you become unable to perform the important duties of your occupation, provided that you are not engaged in another
remunerated activity. Simply put, this means that you will receive an income if you are sick or injured to the point that you are no longer able to work in your occupation.* [...]
- Residual disability
If your disability results in a reduction of 20% or more of your income and you are under physicians care, you are entitled to receive a percentage of your monthly benefits.
- Long-term partial disability
You are entitled to long-term partial disability benefits if you are under physicians care and are unable to carry out:
- One or several major tasks of your usual occupation, or
- The main tasks of your occupation for at least half of the time that is normally required.
You may receive up to 50% of the amount of your maximum benefit during the first 24 months, and 25% for the rest of the time.
You may choose instead the residual disability benefits at any time during your partial disability. Also, we make sure you receive any additional benefit amount for residual disability that you
would have received during the 12 months preceding the selection of this option.
Medical care
We may waive this requirement upon presentation of a written statement deemed satisfactory to us showing that other medical care would be of no benefit. Pre-disability income
We offer the choice between several definitions of pre-disability income used for calculating your residual disability benefits. Select the definition below that best suits your situation:
- Average monthly income for any consecutive six-month period during the 24 months preceding your disability, up to a maximum of 125% of the average monthly income of your last fiscal year,
- Average monthly income of the last fiscal year,
- Average monthly income of the best two out of the last three fiscal years. The period of two fiscal years must begin after your policy commencement date.
Inflation protection
After each year of disability, the pre-disability income is adjusted according to the fluctuations of the Consumer Price Index in order to prevent the erosion of your residual disability benefits
due to inflation. We guarantee that the rate of adjustment shall not be less than 2% and not more than 10% compounded on an annual basis.Protection after recovering from a disability
After you recover from a total or residual disability, if your income is decreased by a least 20%, you are entitled to receiving a percentage of your monthly benefits during four months. After
recovering from a partial disability, you may continue to receive partial disability benefits for two months. Neither of these coverages requires medical treatment. Exoneration of premiums
After 90 days of disability, you no longer have to pay your premiums and those that you have paid during the first 90 days will be refunded to you. Cumulating disability days
If your periods of disability are due to the same cause or to related causes, and if 12 months or less separates them, they will be accumulated and applied to the waiting period provided for in
your policy. This allows you to start receiving an income sooner. Relapse of disability
After recovering from a disability, if you become disabled again within less than 12 months for
the same causes or related causes, the waiting period shall be waived. Survival benefits
Should you die while in receipt of Total Disability Benefits, your beneficiary shall receive a
cheque representing three times the amount of the monthly benefit you were receiving at the time of your death. Presumption of total disability benefit
If you incur an irrecoverable loss of sight in both eyes, speech, hearing in both ears, or the use of two limbs, UnumProvident shall waive the requirements related to total disability, and you will
be entitled to total benefit after the waiting period is satisfied. Coverage for plastic surgery or transplants
You will receive income benefits if you are totally disabled due to plastic surgery or transplant. See policy wording for details.
Options
Options for a tailored policy |
|
Complementary monthly benefit:
If your specific needs call for it, you may add additional insurance to your basic policy.
|
|
Benefits for disability related to the exercise of your profession:
This coverage changes the definition of total disability in order to cover you in case you are totally unable to work in your occupation, even if you decide to exercise another occupation.
|
|
Future Income additional insurance option:
For your insurance to follow the increase in your income, you may purchase additional coverage at each policy anniversary date up to age 55 with no medical examination provided you financially qualify. You may even purchase additional insurance while you are already disabled!
|
|
Cost-of-living benefit:
Your current coverage may no longer cover your needs in 5, 10 or 20 years. The cost-of-living benefit protects you against inflation by guaranteeing the readjustment of your disability benefits during a period of total disability according to the fluctuations of the CPI (minimum 2%, maximum 10%, yearly compounded rates).
|
|
Retirement Protection:
This coverage helps you maintain your contributions to a retirement savings plan throughout your total disability, allowing you to preserve the integrity of your retirement plans and to safeguard them against the effects of total disability.
|
|
Accidental death and dismemberment:
If you incur accidental injuries or if you accidentally die you or your beneficiaries shall receive specific benefits.
|
|
Health Care Profession Rider:
The health care profession rider is offered to members of the following health professions: physicians, dentists, chiropodists/podiatrists, registered laboratory technicians, dental hygienists, dental assistants, acupuncturists other than medical doctors, nurses, nursing school instructors, practitioners who are registered nurses, registered nursing assistants and paramedical personnel.
As a professional authorized to practice in the health care area, the insured may be exposed to HIV or to Hepatitis B and C. If the insured complies with one of the following conditions, he or she does
not need to receive medical care to be entitled to disability benefits while the insured is HIV-positive or suffering from hepatitis B or C and, due to his/her condition:
- he/she is limited in the exercise of his/her duties and unable to carry out the material tasks of his/her occupation; or
- his/her patients refuse to receive treatment from the insured who must disclose his/her condition to them as required by, law or a general application guideline set by a professional regulatory
agency in the relevant health profession or by a medical regulatory agency.
Under this rider, "your profession" refers to the profession(s) that you worked in at the time of the onset of disability. The premium related to the Health Care Profession rider may change at
any time. Once changed, it remains fixed for five years. If the policy includes the additional Future Income option, the benefits provided by the health care profession rider should increase automatically as
options are being exercised.
|
|
Select among The Professional Series coverages which ones will help you set up a disability insurance policy that is both flexible and first-rate.
Income Protection | Retirement Protection |
Business Overhead Expenses
Introduction | Critical Illness | Life Insurance | Disability Insurance | Seggregated Funds
Copyright © 2000 Jean-Pierre Falet Insurance, Inc. All rights reserved.
|
|
