Did you know that most Canadians are unaware of the problems associated with a disability?
While it seems natural for our clients to take out life insurance, it’s less so when it comes to disability insurance. Why not benefit from their initial reflex to present an important individual insurance product : the disability rider credit?
Valuable aid at the right time
Disability credit insurance, offered in the form of a rider, adds additional flexibility to the life insurance product and meets an additional financial security need for our clients. This coverage supplements our insureds’ basic individual coverage only. With this supplement, insureds will receive benefits in the event of a disability and help them meet their financial obligations and maintain their quality of life.
Remember that Pick-A-Term term life insurance paired with the Disability Credit Rider is a winning combination that helps insureds protect important investments, like a mortgage. Feel free to tell your clients about it!
Reminder:
- Monthly benefits: $300 to $3,500
- Duration of benefits: two years, five years, or to age 65
- Disability credit rider premiums are levelled and guaranteed for the duration of coverage
- Products to which the coverage applies: Genesis, traditional insurance, EquiBuild
Eligible forms of credit:
Most forms of personal or commercial credit are eligible for the disability credit rider:
- Mortgage loans and lines of credit
- Lines of credit
- Leases (residential only), for the first 24 months
- Renovation loans
- Loans for buildings of less than seven buildings (commercial and residential)
- Student loans
- Automobiles and boats
- Car leases
Forms of ineligible credit:
- Unnotarized loans between individuals
- Credit card balances
- Loans for buildings of seven units or more (residential and commercial)
- Advances or collateral loans on a life insurance policy
- Consumer proposals
- Commercial leases and verbal leases
- Loans taken out after the disability start date
Proof of a loan is required for a disability insurance claim.
Good luck with your sales!
iA Financial Group offers a range of complete, flexible and easily accessible insurance products.
