How To Complete Pre-Med Requirements While Working A Full-Time Job A Guide – Professional and Business Owner Disability Insurance Planning

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A Guide – Professional and Business Owner Disability Insurance Planning

You can’t buy proper home insurance if your house is on fire, and if you wait until you’re sick or injured to look at your disability insurance contract, the fine print may surprise you.

1 in 3 Canadians will become disabled for longer than 90 days at least once before age 65. For those who are disabled for more than 90 days the average duration of this disability is 2.9 years. Despite the statistics, many professionals and business owners often neglect or delay proper disability insurance planning.

For business owners and professionals covered by a group insurance plan, taking the time to dust off that benefits booklet for a review sooner rather than later might be a good idea. Typically, group insurance plans will have an NEM (maximum without evidence) of $4,000 to $5,000 depending on the size of the group and the nature of the business. This NEM will limit the monthly benefit a high-earning owner or professional would receive while providing strict guidelines on when to return to work and in what capacity.

Disability insurance contracts can pay up to 66.7% of the pre-disability earnings of high-income professionals or business owners with a completed application and medical exam. Built-in features such as “Own Occupation”, “Additional Insurance” and “Residual and Partial Disability” are often NOT included in group insurance plans and will have a significant impact when claiming. A review and understanding of these options is worth considering. More details on each term mentioned above are provided below:

– Own occupation: If you are unable to perform the substantial duties of your regular occupation due to injury or illness, you will still be considered fully disabled if you choose to work in another occupation. Group insurance plans will have an “Any Occupation” designation.

– Supplementary insurance: guaranteed insurability up to the age of 55 provided you are not disabled and your income justifies the increase.

– Residual/partial disability: you are not totally disabled but you are unable to work full time. You will receive a portion of your monthly benefit to compensate for this decrease in earnings.

If you became disabled, would your business continue to generate the same profits? Many business owners are so heavily involved in their operations that they find it difficult to take a sick day, let alone not show up for long periods of time. Disability insurance planning for entrepreneurs and working professionals is often overlooked, but it’s a key part of your income protection mix.

Group Insurance LTD – The need to know

As mentioned, pay attention to the maximum of no evidence (NEM). This is the maximum amount of disability benefit you would be entitled to without providing medical evidence. You may be eligible for higher coverage if you go to a doctor and complete an application as explained above.

Please note that LTD benefits are usually offset (reduced) by any disability benefits you may receive from CPP/QPP or Workmen’s Compensation. Any benefits paid out as a result of an accident by an automobile insurance plan may also reduce your LTD benefits.

If the LTD premium is paid for by you personally, the benefit will be received tax free.

In groups where the employer pays the LTD premium, the benefit received will be taxable. If so, be sure to discuss with your employer or insurer what your options are to have tax withholding if disabled, so there won’t be any nasty surprises come tax time.

As you can see, there are many options and details to look into when it comes to disability insurance planning for working professionals and entrepreneurs. It may be time to dig into your coverage and review it to make sure you have a clear understanding of the definitions in your current program and what alternatives may be available.

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