Injury Disability Insurance Income Protection

Do you need injury disability insurance because of a hazardous job?
Injury disability insurance is designed for trades-people, labourers, truckers, farmers and those who have more physical risk on the job-site.

If the biggest risk facing you today is being hurt while on the job, you should be looking into injury disability insurance. It is much more affordable than combined injury and sickness disability insurance (comprehensive disability insurance). Based on the type of work you do and your current age the premiums will go up or down. Even with an injury disability insurance plan, more dangerous types of work will demand a higher monthly premium simply because of the greater risk of getting injured on the job.

One of the best companies offering injury disability insurance in Canada today is called The Edge Benefits.  Here is a brief overview of their plan:

The EdgeTM Disability Insurance

Loss of Income Injury Disability Insurance Coverage Is Guaranteed To Issue*

(issue ages 18 – 64, coverage to age 70)

$1,000 to $4,000 per month

Injury Disability Insurance or Injury & Illness Disability Insurance, 24 hour or Non-Occupational available. This means you can add sickness protection to the base injury disability insurance plan if you so choose, for an additional monthly premium and you will have to qualify medically for it. Also, you could have coverage around the clock – both at work and away from work or you can choose to be covered only away from the job site. For workers who have full Workers’ Compensation but nothing else, the Non-Occupational insurance is very affordable top-up coverage.

Benefits payable to age 70 for most occupations. If you are totally disabled, and never return to work, your monthly benefit would continue until you are 70.

5 year benefit period available for all eligible occupations. If you want to keep premiums down, you can choose to limit your benefit period to 5 years. About 95% of all injured workers are back to work within 5 years, however the other 5% typically never re-enter the workforce.

Payable from the FIRST DAY, or 30 day or 120 day waiting period also available. How fast do you want your insurance benefit to start? Can you cover your bills for a month or more from savings? If so you can keep your premiums down by taking a longer waiting period. The faster the insurance benefit starts, the more pricey the policy.

Benefits based on Gross Business Revenue or Net Earned Income. This is very important for the self employed person who writes off all the expenses they can. Your gross cash-flow might be relatively good, yet your net income declared to CRA could be much smaller. Most disability income insurance plans only cover net income, after expenses are deducted. The Edge covers Gross Business Revenue – and they do it well.

Other Key Features

Partial Disability Benefit – 50% benefits for up to 180 days.Unable to do some important functions of your job due to a disability? Are you losing about half your regular work hours? Has your income reduced significantly due to an injury? If this was your situation, yet you are still able to go to work and do some activities, at least part-time, then the Partial Disability Insurance Benefit would kick-in and you would receive 50% of your month insurance cheque.

Waiver of Premium – after 30 days of Total Disability and when benefits are payable. You don’t have to keep paying insurance premiums while you collect benefits from the policy.

Return to Work Assistance Benefit – rehabilitation and financial assistance in returning you to work. The insurance company will help you get back to work, either in the career you left or another equivalent type of work with similar earning potential. Nobody wants to sit at home for the rest of their lives.

Accident Medical Reimbursement Benefit, providing reimbursement up to $10,000 for a number of medical expenses not covered by provincial plans. Very useful benefit to pay for drugs, crutches, wheelchairs, etc. which might not be covered by the government.

Optional Benefits

Business Overhead Expense Insurance $1,000 to $4,000 per month. For business owners where the day-to-day operation of their business relies on them! Paying the rent, lease, utilities, insurance, and wages of your business when you are not there, so there is a business to come back to once you recover.

Up to 12 times the monthly benefit (Starts after 30 days)

How long would your Canadian business survive if you were temporarily disabled? Don’t let your disability, due to injury or sickness, disable your business also. Business Overhead Expense Insurance is designed to reimburse a business for overhead expenses in the event a key person of the business becomes disabled.

Accidental Death and Dismemberment Coverage $100,000, $200,000 or $300,000

  • A lump sum payment for specific losses, in addition to any other insurance you may have.
  • Principal sum amount in the event of Death, Paraplegia, Hemiplegia or Quadriplegia.
  • Includes an enhanced loss schedule, as well as benefits like day care, education, home alteration/vehicle modification.

Out-of-Province/Canada Travel Emergency Medical Coverage

  • Provides up to $5,000,000 of coverage for reasonable and customary medical expenses as part of the emergency treatment arising from a medical condition.
  • Covered Expenses include hospital accommodations, physician charges, diagnostic services, paramedical services, ambulance services, emergency air transportation, transportation to bedside, and more.
  • Emergency Assistance Service available 24 hours 7 days a week no matter where you travel.
  • Unlimited number of trips and within the first 30 consecutive days of each trip. Certain exclusions, limitations, and definitions apply. All provisions of the plan are contained in the policy booklet.

There are exclusions and limitations in all policy contracts and it is important that you understand under what circumstances a claim may not be paid. It is important to review your policy contract in its entirety for complete details of these exclusions and Limitations.