Income Replacement Policies

If you become ill or injured, will your company be able to continue your salary while you recover?  Can your business survive without hiring a replacement?  A short absence may not be critical but what if your recovery takes months? or years?  Will there still be a business waiting for you, when you return?

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We recommend Business Owners purchase Individual Income Replacement Policies, even if you have a Group Long Term Disability (LTD) plan included in your company benefit plan.   Why?

Reasons Business Owners should have an Individual Income Replacement Plans vs a Group LTD plan:

  • There is no increase in premium as you age.  You lock in your premiums at your current age and they will only go up if you add more coverage.
  • Your monthly benefit can be higher as Income Replacement plans can include more than just salary
  • The features and benefits in an Individual Plan offer much more protection than a group LTD plan.
  • Group LTD plans typically are payable after 120 days but an Individual plan can be payable from Day 1
  • Some of the riders available to an Individual Plan include Cost of Living increases while disabled, Additional Coverage without completing medical information as your income increases, 1st day Hospitalization,  Registered Pension Plan deposits while disabled and a Premium Refund if there have been  minimal or no claims.

Whether you are a business owner, executive, professional or tradesperson, an Individual Disability policy is a smart idea!

Who will pay your expenses if you become sick or are injured and can’t work?  Income Replacement Insurance provides a safety net for you and your family.

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