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Income Protection Disability

Income Protection Disability Insurance
Get a quote for Income Protection Disability Insurance
To calculate monthly premiums, simply follow the steps below. Please do not enter commas or decimals in numeric fields.
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Income Protection Disability Insurance
  1. Eligibility: Costco Business and Gold Star members and their employees are eligible to apply for Income Protection Disability Insurance if applying or already covered under Term Life Insurance. At time of application, each person must be a resident of Canada, under 61 and have a monthly income of $1,000 or more on a continuous basis.
  2. Date of Birth: Date of Birth, provided above, will be used to calculate Age. "Age" for the purpose of the policy is your age at the beginning of each policy anniversary date.
  3. Earned Income: Income earned from your employment and/or profession, after business expenses but before income taxes (not including severance pay). If your income fluctuates, use the highest figure based on one of the following periods: your net earned income over the last two taxation years immediately preceding the date of your disability, the 24 months immediately preceding the date of your disability, or the best 12 consecutive months within the 24 months preceding the date of your disability.
  4. Disability Coverage: Any other group or individual disability insurance in force or applied for (excluding Canada or Quebec Pension Plan benefits and Office Overhead Expense Insurance).
  5. Maximum Monthly Benefit: You are eligible to apply for a maximum monthly benefit based on this formula: Take up to 65% of your earned income; subtract any other disability coverage as described above and any income you will continue to earn from your employment or business. Round this figure up to the next higher multiple of $100 per month. The maximum amount of monthly benefit cannot exceed $5,000 (or $3,500 if you are in a class 2 occupation).
  6. Occupational Definitions:
    Class 1 Occupations: You fall into this category if your occupation is professional, technical or managerial and generally restricted to office duties. Supervisory, other skilled clerical occupations and skilled technical occupations are also included.
    Class 2 Occupations: You fall into this category if you perform light manual work of a non-hazardous nature.
  7. Waiting Period: means the number of consecutive days in a chosen period before you can begin to claim benefits. A longer waiting period will reduce the cost.
Cost of Living Adjustment
  1. Cost Of Living Adjustment: If you select this benefit option it will provide an increase of 3% per annum on your guaranteed post disability monthly income. This increase will be compounded annually and available to those between and including the ages of 18-50. Option is only available if the benefit period selected is to age 65.
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Coverage underwritten by The Manufacturers Life Insurance Company (Manulife Financial)

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