Long Term Disability Insurance


Did you know that you’re three times more likely to suffer disability, rather than death, during your career?

Alumni Long Term Disability Insurance provides you with a significant portion of your regular salary while you are totally or partially disabled and unable to work. A smart addition to your insurance portfolio.

If you are totally disabled, we will pay you your benefit amount. Benefit payments begin after your designated waiting period and continue while you are totally disabled. The benefit is payable to age 65, or if you become totally disabled between the ages of 63 and 65, the benefit will be payable for a maximum of 24 months.

If you are partially disabled, we will pay you 50% of your benefit. Payments for partial disability can begin up to age 65 and continue for a maximum of 6 months while you remain partially disabled.

Additional Benefits

Optional Cost of Living Adjustment
Because the cost of living can increase over the years, iA Financial Group has added optional Cost of Living Adjustment coverage. If you apply for this extra coverage, your monthly benefits will increase to match inflation each January 1st, provided you have been receiving disability benefits for the preceding 6 months. Inflation is estimated based on the Consumer Price Index, subject to a maximum of 8%. If you wish to apply for this coverage, please use the "Monthly Premium Rates per $100 Unit INCLUDING Cost of Living Adjustment" to determine applicable premiums. 

Waiver of Premium
While you are collecting benefits under this plan for either total or partial disability all LTD premiums will be waived. 

Mental and nervous disorders are also covered under this plan.

According to current Canadian Tax laws, these benefits are not taxable if you personally pay the premiums.

Benefits payable from this plan and from all other sources (e.g. disability benefits from another group plan, Canada/Quebec Pension Plan, Worker's Compensation, EI, etc.) may not exceed 85% of your average take home pay.

Coverage Options

Coverage is available in units of $100.

The maximum monthly benefit that can be applied for is the LESSER of:

a) $3,500 per month, or
b) 50% of your monthly earned income

Premium Rates

Monthly Premium Rates per $100 Unit WITHOUT Cost of Living Adjustment
Waiting
Period
30 Days 120 Days 180 Days
Attained Age
at June 1st
Male Female Male Female Male Female
Under 30 $1.82 $2.19 $0.68 $0.82 $0.64 $0.76
30-34 $2.29 $2.75 $0.94 $1.14 $0.91 $1.09
35-39 $3.21 $3.86 $1.53 $1.84 $1.49 $1.79
40-44 $3.80 $4.57 $2.12 $2.55 $2.08 $2.50
45-49 $4.39 $5.27 $2.89 $3.48 $2.84 $3.41
50-54 $4.97 $5.97 $3.74 $4.50 $3.67 $4.41
55-59 $5.61 $6.75 $4.41 $5.30 $4.28 $5.15
60-64 $4.14 $4.97 $3.03 $3.63 $2.80 $3.36

 

Monthly Premium Rates per $100 Unit INCLUDING Cost of Living Adjustment
Waiting 
Period
30 Days 120 Days 180 Days
Attained Age
At June 1st
Male Female Male Female Male Female
Under 30 $2.26 $2.72 $0.84 $1.00 $0.77 $0.92
30-34 $2.87 $3.45 $1.18 $1.41 $1.10 $1.33
35-39 $3.99 $4.79 $1.88 $2.26 $1.78 $2.14
40-44 $4.62 $5.56 $2.55 $3.07 $2.43 $2.92
45-49 $5.18 $6.22 $3.37 $4.05 $3.22 $3.86
50-54 $5.63 $6.77 $4.19 $5.03 $4.00 $4.81
55-59 $6.08 $7.30 $4.72 $5.67 $4.51 $5.42
60-64 $4.27 $5.13 $3.12 $3.74 $2.88 $3.46

Waiting Period

You can choose a waiting period of 30, 120 or 180 days. The waiting period is the length of time you must be disabled before any benefit payments can begin. You can choose more than one waiting period, but the combined total benefit can not be greater than the maximum noted above.

Eligibility

Members under 61 years of age, residing in Canada, who have a monthly earned income of $1,000 or more on a continuous basis.

Member, as defined under the plan, includes alumni members, employees, faculty members and registered students.

Employee means a person who is employed with the University/College or Alumni Association at their Canadian operation on a full-time basis.

Registered student means a person who is enrolled in at least three courses of study at the University/College in a given year.

Earned income means income earned from your employment and/or profession, after business expenses but before income taxes. If your income fluctuates, use an average figure based on net income of the preceding two fiscal years.

Definition of Disability

"Totally disabled" or "total disability" means your inability, solely due to sickness or injury, to perform all the normal duties of your regular occupation. After you have been totally disabled for 24 continuous months plus your waiting period, total disability means your inability, solely due to sickness or injury, to perform all duties of any occupation for which you are or can become reasonably qualified by virtue of your education, training, or experience. You are not totally disabled if you are working full or part-time or if you have retired. You must be under the regular care of a licensed physician to be totally disabled.

"Partially disabled" or "partial disability" means your inability, solely due to sickness or injury, to perform at least 50% of the duties of your regular occupation. Your partial disability must follow a period of total disability for which you were receiving benefits under this plan.

Termination

Coverage will terminate on the earliest of the following dates:

  • the date of the month in which your written request to cancel your insurance is received by iA Financial Group;
  • the due date of any unpaid premium;
  • the date the Group Master Policy between your Alma Mater and iA Financial Group terminates;
  • the end of six months after you take up residence or continuous travel outside Canada, unless extension has been approved by iA Financial Group;
  • the date you are no longer employed;
  • the date you reach age 65.

Limitations & Exclusions

No benefit is payable if disability occurs as a result of self-inflicted injury, involvement in a criminal offence, war, participation in a riot or civil commotion, or uncomplicated pregnancy or childbirth.

Questions? We're here to help.
Call 1 (800) 266-5667 or email solutions@ia.ca