Facing a Disability

You’re healthy today. You’re lucky enough to lead an active life and earn a regular income. But how would your finances fare if you were suddenly unable to work for awhile due to accident or illness?
One thing is certain: you would suffer far fewer effects if financial support were available when you needed it.

Protecting your assets in the event of disability

If an accident or illness prevented you from working, even for just a few months, what financial resources would you count on to replace your income?

Disability insurance provides a source of income that replaces your salary during a period of disability due to accident or illness. It provides for payment of a monthly benefit based on your needs so that you can maintain your standard of living.

Superior Program Disability Insurance is designed for working individuals who are not eligible for a group insurance plan, like:

• self-employed workers and professionals;
• small business owners; and
• employees.

Accxel Disability Insurance, on the other hand, is designed for individuals whether or not they hold remunerative work.

The definition of total disability varies from one insurer to the next, as well as from contract to contract. This makes it especially important for you to check with your insurer to understand when disability coverages apply.

At Excellence, we define total disability as follows:

“Total disability” means the state of incapacity resulting, directly and independently of any other cause, from an illness that began or from an accident that occurred while you are covered under appropriate insurance coverage and under the regular care of a physician according to the frequency required for that disability and which prevents you:

• during the first twenty-four (24) months, from performing the duties of your regular occupation; and
• after that period, from performing any remunerative work for which you would be qualified by virtue of your education, training or experience.

You may also have the option to cover your regular occupation up to age 65 or for a period of five (5) years.