DEFINITION:Canada Life Long Term Disability (LTD) refers to a type of insurance coverage provided by Canada Life, a leading insurance company in Canada. This policy offers financial protection for individuals who are unable to work due to a long-term illness or injury.
FAQs:
1. What does Canada Life Long Term Disability cover?
Canada Life LTD coverage provides income replacement for individuals who are unable to work due to a long-term disability. The policy typically pays a percentage of the insured person’s pre-disability income.
2. How long does the Canada Life Long Term Disability coverage last?
The duration of coverage may vary depending on the policy terms and conditions. Typically, the coverage lasts until the insured person is able to return to work, reaches the maximum policy benefit period, or reaches the age of retirement.
3. Can I apply for Canada Life Long Term Disability if I have a pre-existing condition?
The eligibility for LTD coverage may depend on various factors, including the presence of pre-existing conditions. Canada Life may have specific guidelines or exclusions regarding pre-existing conditions, so it is advisable to review the policy terms or consult with an insurance agent to understand the coverage options.
4. How do I apply for Canada Life Long Term Disability?
To apply for Canada Life LTD coverage, you would need to contact Canada Life and follow their specific application process. This typically involves filling out forms, providing medical documentation, and fulfilling any other requirements outlined by the insurance company.
5. How much does Canada Life Long Term Disability coverage cost?
The cost of coverage varies based on factors such as age, occupation, income, and the selected coverage options. Canada Life will assess these factors and provide a quote based on the individual’s specific circumstances.
6. Can I receive Canada Life Long Term Disability benefits while working part-time?
In certain cases, Canada Life may allow individuals to work part-time while receiving LTD benefits. However, there are usually limitations and criteria set by the insurer regarding the level of income earned while on claim. It is recommended to review the policy terms or consult with Canada Life for detailed information.
7. Can I cancel Canada Life Long Term Disability coverage?
Yes, as the policyholder, you generally have the option to cancel your Canada Life Long Term Disability coverage. However, it is important to consider the potential loss of financial protection and seek advice from Canada Life or a financial advisor before making this decision.