LONG TERM DISABILITY INSURANCE




Maximum Coverage

The less of (calculation):

→   60% of the first $11,668 of Monthly Earned Income;
→   50% thereafter;
→   Up to a maximum of $10,000


Monthly Premiums Per Unit of $100


Selected Waiting Period For Male
Age at April 1 30 Days 90 Days 120 Days 180 Days 365 Days
<30 0.81 0.42 0.38 0.34 0.30
30-39 1.02 0.55 0.51 0.43 0.38
40-44 1.53 0.94 0.85 0.77 0.67
45-49 1.90 1.53 1.45 1.36 1.20
50-54 3.32 2.47 2.30 2.21 1.95
55-64 3.72 2.81 2.64 2.47 2.17
65-68 4.17 3.23 3.06 2.89 2.54
69 Coverage Terminates


Selected Waiting Period For Female
Age at April 1 30 Days 90 Days 120 Days 180 Days 365 Days
<30 1.36 0.76 0.68 0.60 0.52
30-39 1.57 0.89 0.81 0.68 0.60
40-44 2.08 1.28 1.15 1.02 0.90
45-49 2.81 1.87 1.77 1.62 1.42
50-54 3.61 2.64 2.47 2.38 2.10
55-64 3.72 2.81 2.64 2.47 2.38
65-68 4.17 3.23 3.06 2.89 2.54
69 Coverage Terminates

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Benefit Payment

Benefit payments begin after the chosen waiting period has expired and are payable to age 65. For disabilities occuring between the ages of 63 and 69, benefits are payable for the earlier of 24 months or age 69. Benefits are based on earnings in the 12 or 24 months immediately preceding the disability.

Benefits for partial disability will equal your full insured benefit reduced by the ratio of your earned income received while disabled to your earned income prior to disability. Partial disability is only available for the first 24 months of disability.

If your total monthly income from all sources during total disability exceeds 100% of net after tax monthly earned income prior to total disability, the benefit will be reduced by the amount of excess.

Total monthly income from all sources will include:

→   Any monthly income payable under the benefit;

→   Payment from an employer or partnership excluding return of capital and/or sale of ownership interest;

→   Any disability benefits payable under the Canada/Quebec Pension Plan, excluding benefits for dependents or any cost of living increase;

→   Any disability benefits payable under any Workers' Compensation Act or any other government plan;

→   Any disability benefits payable under any other association group or franchise insurance plan;

→   Any damage for loss of income recovered from a third party, arising out of the same circumstances that caused your disability.

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Are LTD Benefits Taxable?

Under current legislation, LTD benefits are received tax-free, as long as the premiums have not been deducted from taxable income. Our plan is designed to be non-taxable, and therefore, you must pay the premium personally.


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Definition of Disability

Total Disability: You will be considered totally disabled if, due to sickness or injury occuring while insured under the plan, you are unable to perform the essential duties of your normal occupation and are not employed in any other gainful occupation.

Partial Disability: You will be considered partially disabled if, due to sickness or injury, you are only able to perform some of the normal duties of your regular occupation or you are engaged in and receiving earned income from any other gainful occupation, providing your earned income is reduced at least 20% from its pre-disability level as a result of the disability.

Cost of Living Adjustment: Each April 1st, if you have been receiving benefits, your monthly benefit will be adjusted for inflation using the Consumer Price Index, subject to a maximum increase of 2.5% per annum. If the adjustment is less than 2.5%, the difference will be carried forward to add to the allowable percentage adjustment in subsequent years.

Recurrent Disability: If total disability from the same or related cause recurs within six months of your return to full-time work, benefit payments will resume without the usual waiting period.

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Limitations and Exclusions

A claimant must be under the care of a qualified physician and receiving appropriate treatment. Disabilities resulting from self-inflicted injury, active participation in a criminal offense, insurrection or war are not covered.

Claims must be submitted within 90 days of the end of your qualifying period

Applicants must normally work a minimum of 20 hours per week or 1,040 hours annually.

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Termination

Your long term disability insurance will automatically terminate on the date you retire, stop working, your 69th birthday, other than for reason of disease, injury or pregnancy. For short leaves of absence, coverage may continue for six months or to the end of the current premium year, whichever is greater.

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Employee Family Assistance Plan (EFAP)

EFAP is a supplemental service offered to CPAIPW members. Click here to learn what EFAP can do for you. To register, please search "Chartered Professional Accountants Insurance Plans West".

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Waiver of Premiums

Premiums will be waived retroactively after 6 months of total disability.

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