DEFINITION:
Canada Life Disability Insurance is a type of insurance policy that provides financial protection to individuals who become disabled and are unable to work due to injury or illness.
FAQs:
1. What is Canada Life Disability Insurance?
Canada Life Disability Insurance is a form of insurance coverage that offers financial support to individuals who are unable to work due to a disability caused by injury or illness. It replaces a portion of the individual’s income by providing monthly benefits.
2. Who is eligible for Canada Life Disability Insurance?
Eligibility for Canada Life Disability Insurance varies depending on the specific policy. Generally, individuals who are employed full-time and meet the insurer’s medical and occupational criteria are eligible to apply.
3. What types of disabilities are covered by Canada Life Disability Insurance?
Canada Life Disability Insurance typically covers a wide range of disabilities, including both physical and mental health conditions. These may include injuries, chronic illnesses, mental health disorders, and severe disabilities that prevent an individual from performing their job duties.
4. How are benefits calculated under Canada Life Disability Insurance?
The calculation of benefits under Canada Life Disability Insurance depends on the specific policy terms. Typically, benefits are calculated as a percentage of the insured individual’s pre-disability income, up to a maximum limit set by the policy.
5. How long do disability benefits last under Canada Life Disability Insurance?
The duration of disability benefits provided by Canada Life Disability Insurance varies based on the policy terms. Some policies provide short-term benefits, ranging from a few months to a few years, while others provide long-term benefits until the individual reaches retirement age or is able to return to work.
6. Is Canada Life Disability Insurance portable if I change jobs?
The portability of Canada Life Disability Insurance depends on the policy and the specific conditions outlined by the insurer. Some policies offer portability, allowing individuals to continue their coverage even if they change employers, while others may not offer this feature.
7. Can I apply for Canada Life Disability Insurance if I have a pre-existing condition?
The acceptance of applicants with pre-existing conditions for Canada Life Disability Insurance can vary. Some policies may exclude coverage for pre-existing conditions, while others may provide coverage with certain limitations or waiting periods. It is important to review the policy documents or consult with an insurance agent to understand the specific terms regarding pre-existing conditions.