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Protecting Your Assets in the Event of a Disability
If an accident or illness prevented
you from pursuing your occupation—even for just a few months—what
financial resources could you rely on to replace your income?
We offer two types of protection to help you
meet this eventuality:
1. |
Individual Disability Income Insurance
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Individual disability income insurance
is specially designed for workers who do not have a group insurance
plan, including:
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self-employed workers;
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small-business owners;
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employees, whether
or not they are covered by the Workers’ Compensation
Act. |
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Disability income insurance provides you
with a source of income that replaces your salary during a period
of disability resulting from an accident or illness. You receive
a monthly amount that meets your needs and allows you to maintain
your standard of living.
Momentum
Disability Income Insurance, for example, provides you with:
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disability income insurance in the
event of an accident;
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monthly benefits of between $500
and $4,000 (up to a maximum of 70% of your monthly income);
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benefits for two years or until
you reach the age of 60.
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Momentum also offers additional protection—sickness
income insurance, business overhead expenses insurance and hospitalization
insurance—and you may choose a waiting period of 0, 30 or
120 days. (The waiting period is the period between the beginning
of the disability and the beginning of benefit payment.)
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2.
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Waiver of Premiums in the Event of Total
Disability
You may take out a waiver of premium rider in the event that a total
disability prevents you from continuing to pay your insurance
premiums. Your coverage will then remain in effect. There is generally
a waiting period of a few months before the coverage begins.
Most Industrial Alliance life insurance
products offer this type of rider. For further information, contact
your representative.
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