DEFINITION
Canada Life Long-Term Disability: A type of insurance coverage provided by Canada Life that offers financial protection to individuals who are unable to work due to a long-term disability or illness. It provides a portion of their regular income, typically up to a specified percentage, to help cover living expenses and maintain a certain standard of living during the disability period.
FAQs
1. What is Canada Life Long-Term Disability coverage?
Canada Life Long-Term Disability coverage is an insurance policy that provides financial support to individuals who are unable to work for an extended period due to a disability.
2. Who is eligible for Canada Life Long-Term Disability coverage?
Eligibility for Canada Life Long-Term Disability coverage depends on the specific terms and conditions of the policy. Generally, individuals who are employed and meet the policy’s definition of disability are eligible.
3. How does Canada Life Long-Term Disability coverage work?
If you become disabled and are unable to work, you must file a claim with Canada Life. Once approved, the policy will provide you with a monthly income replacement, usually a percentage of your pre-disability earnings, to help you meet your financial obligations.
4. How long does Canada Life Long-Term Disability coverage last?
The length of coverage provided by Canada Life Long-Term Disability depends on the policy terms. In most cases, coverage continues until the individual reaches retirement age (as defined by the policy) or until they are deemed capable of returning to work.
5. Are there any waiting periods before receiving benefits from Canada Life Long-Term Disability?
Yes, there is usually a waiting period, known as an elimination period, after the onset of the disability. During this period, no benefits are paid. The length of the elimination period varies depending on the policy.
6. Is Canada Life Long-Term Disability coverage mandatory?
No, Canada Life Long-Term Disability coverage is typically not mandatory. It is an optional insurance policy that individuals can choose to purchase to protect themselves against the financial risks of long-term disability.
7. Can I receive Canada Life Long-Term Disability benefits while working part-time or in another occupation?
It depends on the policy terms. Some policies allow for a partial disability benefit, which means you may receive benefits if you can only work part-time or in a different occupation due to your disability. However, the eligibility criteria and benefit calculations may differ, so it’s important to review your policy.