Disability Income Replacement Insurance gives you an easy, economical way to protect your income – your single most important asset – should an accident or illness keep you from your job.
While you are unable to work, the money can be used towards maintaining your family’s lifestyle, covering everyday expenses, paying medical bills and more, so you can focus on your recovery without financial worries.
Engineers Canada-sponsored Disability Income Replacement Insurance helps to replace a portion of your income if you become injured or ill and can't work. It provides monthly benefit payments, based on a percentage of your monthly earnings, while you are disabled and unable to perform your occupation.
Elimination Period is the number of days during which no benefits are payable. After satisfying the elimination period, monthly benefit will be payable to you.
The Disability Income Replacement Plan ensures your income and lifestyle continues uninterrupted with maximum monthly benefit payment up to $15,000. These extra features are included at no extra cost:
This comprehensive disability insurance covers six different types of disabilities when you experience an illness or accident:
1. Total
Paid for as long as totally disabled, and may continue for life if disability is due to an accident, or to age 70 if due to an illness
2. Residual
Pays a percentage of the benefit to age 70 if disability is due to an accident or illness.
3. Partial
Pays 50% of regular benefit for up to six months following a total disability that starts on or after age 60 but before age 70.
4. Presumptive
Even if able to work, will be considered totally disabled if loses:
Pays total disability benefits for illness whether loss was due to an illness or accident.
5. Recurring
If, upon returning to work, becomes total disabled again due to the same illness or accident within six months.
Benefits will resume without having to satisfy another elimination period
6. Catastrophic loss
Pays 125% of monthly disability benefit if totally disabled because of a catastrophic loss.
Disability Income Replacement Insurance does not cover:
Determining your eligibility
Participation is reserved for members of provincial or territorial associations of engineering professionals.
Eligibility for application is granted to a Canadian resident under age 65, who is:
Step 1: Determine your earned income
This is income earned from your employment or profession, after business expenses but before income taxes. If you have fluctuating income, your average monthly earnings before disability is the greater of: a) your average monthly earnings during your last taxation year, or b) the average of the previous 24 months
Step 2: Check the maximum benefit amount you can apply for
Use the table below to find your earned income on the left and match it with the maximum monthly benefit available on the right.
Use the table below to find your earned income on the left and match it with the maximum monthly benefit available on the right.
Step 3: Find the rates that apply to you
Use the table below to find rates based on each $100 of monthly benefit amount.
Benefit payments begin following the elimination period you choose when you apply – from 7 days up to 365 days. The longer the Elimination Period, the lower your premiums.
Use the table below to find rates based on each $100 of monthly benefit amount. Monthly premium* Per $100 of monthly benefit
To calculate annual premiums, divide the monthly premium by 0.09.
* Premiums are subject to change without notice. Premiums increase as you enter a new age bracket.
** Elimination Period is 0 days if hospitalized or if disability results from an injury.
*** Rates for ages 65 to 69 are for renewal only.
The number of days during which no benefits are payable. After satisiying the elimination period, monthly benefit will be payable to you.
Disability benefits could be paid after only 7 days or after an elimination period of 365 days. The longer you wait before beginning to receive disability benefits the lower the premium cost will be.
Disability benefits could be paid out until age 70, and a disability due to an eligible accident or injury will not terminate at all during the lifetime of the insured.
From your employment or profession, after business expenses but before income taxes. If you have fluctuating income, your average monthly earnings before disability is the greater of:
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