Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC Shoreline Financial in Victoria BC Shoreline Financial in Victoria BC Shoreline Financial in Victoria BC


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Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC
Shoreline Financial in Victoria BC

Disability

Disability Insurance

In the event of illness or accident that prevents an individual from earning their regular income, disability insurance will provide a montly income. Plans may be purchased on an individual basis or through an employers group insurance.

The key variables in disability insurance are the waiting period (i.e., how many days before benefits start), the amount of the monthly payment (i.e., the percentage of your earned income), your monthly premium, and duration of the contract.

Individual Disability Insurance:

Advantages:

  • Typically, the monthly premium for the duration of the contract is fixed at the time of purchase.
  • Generally, once issued, the policy cannot be cancelled by the insurance company (varies from company to company).
  • The monthly income is exempt from tax.

Disadvantages:

  • The monthly income is fixed at the time of purchase. However, a future purchase option may be included in the contract.
  • Medical information is required and a medical examination may be required.
  • Some occupations are ineligibile.

Group Disability Insurance:

Advantages:

  • Lower cost for a specified level coverage.
  • Provisions may exist in the group contract to increase the monthly benefits (i.e., monthly income).
  • Enrollement may not require a medical examination, this is typically dependant on the size of the group.

Disadvantages:

  • Coverage is tied to current employement.
  • Current age dictates the monthly premium.
  • The monthly income is subject to tax (unless the employee has contributed 100% of the plans cost).
  • Benefits will be reduced by any payments made by any other plan including governmental agencies (e.g., UIC, WCB, ICBC).

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