DEFINITION:Canada Life Long-Term Disability Policy: A type of insurance policy offered by Canada Life that provides coverage to individuals who are unable to work due to a long-term disability. This policy offers financial protection by replacing a portion of the insured person’s income.
FAQs:
1. What is a long-term disability policy?
A long-term disability policy is an insurance policy that provides income replacement to individuals who are unable to work for an extended period due to a disability.
2. How does Canada Life Long-Term Disability Policy work?
Canada Life Long-Term Disability Policy works by providing financial support to policyholders who are unable to work due to a long-term disability. It offers a percentage of the insured person’s income as a benefit for the duration of the disability or until the policy end date, whichever comes first.
3. Who is eligible for Canada Life Long-Term Disability Policy?
Eligibility for Canada Life Long-Term Disability Policy may vary based on specific policy terms. Typically, individuals who are employed and meet the policy’s definition of a long-term disability are eligible for coverage. It is important to review the policy terms for more specific eligibility criteria.
4. What does the policy cover?
The policy covers a portion of the insured person’s income in the event they are unable to work due to a long-term disability. The exact coverage amount and duration may vary based on the policy terms and conditions.
5. Are there any waiting periods before benefits are paid out?
Yes, most long-term disability policies, including Canada Life Long-Term Disability Policy, have a waiting period before benefits are paid out. This waiting period typically ranges from 90 to 180 days, during which the insured person must be disabled and unable to work.
6. Can the policy be customized to meet individual needs?
Yes, Canada Life Long-Term Disability Policy offers customizable options to meet individual needs. Policyholders may have the option to choose different benefit amounts, waiting periods, and coverage terms based on their preferences and requirements.
7. Is the policy portable?
The portability of Canada Life Long-Term Disability Policy depends on the specific policy terms. Some policies may allow for portability, meaning that the coverage can be continued even if the insured person changes employers. However, it is essential to review the details of the policy to understand the portability options available.