Disability, Critical Illness and Long Term Care Insurance

Our experience in the insurance industry allows us to select the most competitive products offered to satisfy your critical illness, disability, long term care, term and universal life insurance requirements. We work with tier one insurance companies including BMO, Canada Life, Industrial Alliance, Manulife Financial, RBC Insurance and Sun Life Financial.

disability insurancecritical illness chart

Disability Insurance

The loss of income due to a disability is one of our greatest fears. Disability insurance is designed to protect your income if you are unable to work over the short or long term. Levine Financial Group offers non-cancellable coverage tailored to meet your individual needs. We offer several options for you to consider in your disability policy, including an own occupation definition of disability, a cost of living adjustment, a future income option, HIV and Hepatitis B and C coverage for medical professionals. Own occupation is the most comprehensive definition for total disability. It states that if you are unable to perform the important duties of your own occupation due to injury or sickness and are under the care of a physician, you will receive full disability benefits.

The cost of living adjustment (COLA) protects you from inflation while on a disability claim by ensuring that your benefit is adjusted annually to reflect changes in the consumer price index.

A future income option (FIO) allows you to increase your monthly disability benefit on the anniversary date of your policy with no medical required.

For complete details on all policy features, please contact our office. Disability insurance limits for medical specialists, first year doctors , fellows and residents

Medical specialists in their first year of practice up to $10,500 per month
Non-medical specialists in their first year of practice up to $ 7,500 per month
Fellows up to $ 8,500 per month
Residents up to $ 4,500 per month

Disability insurance limits

Based on your income, how much disability insurance are you eligible for? Below is a chart illustrating your net income before tax and the amount of monthly disability insurance for which you are eligible.

Income Disability Insurance per month
100,000 5,200
200,000 8,550
300,000 11,350
400,000 13,675
500,000 16,050
600,000 18,525
700,000 20,875
800,000 23,075
900,000 25,150
1,000,000 27,100

Limits may vary by company

Office Overhead Insurance

Office Overhead coverage is designed to pay your office expenses such as rent and staff salaries in the event of a disability. This policy covers total, residual and partial disability and can be designed for up to 24 months.

Critical Illness Insurance

Critical illness insurance is designed to create a tax-free lump sum payment of up to $2,000,000 soon after the onset of one of up to 22 critical illnesses (e.g. heart attack, cancer, stroke, MS etc.) A critical illness policy pays you regardless of your ability to return to work and is paid independent of your disability coverage.

One of the attractive options available is the return of premium option. This option states that as long as you have not claimed, you may elect to exercise the refund of premium option with some policies as soon as the tenth or fifteenth policy year!

We recommend that you review your critical illness insurance every few years to ensure that you have the most up to date definitions and policy provisions. Please call us today if you wish to review your current policy and/or your insurance needs.

To enroll for up to $75,000 of critical illness insurance with NO MEDICAL click HERE.

Long Term Care Insurance

Long term care insurance protects you against medical illnesses and the financial impact that prolonged medical attention may have on your ability to conduct your daily activities and the associated financial consequences. As a Physician, you are acutely aware that you cannot foresee a potential health problem and the associated cost of care. Most people want the freedom to make their own choices about their health care needs with the desire to maintain their independence so that they are not a burden on their spouse/family in the future.

In the event of a cognitive impairment or the inability to complete two or more activities of daily living, your full benefit amount will be paid tax-free to help you cover the cost of care.  The maximum available amount is  currently $2,300 per week or just over $9,000 per month and you can add an inflation protector that will increase this benefit amount while on claim. Long-term care insurance helps pay for a crippling expense without depleting your financial resources. This is available with no medical visit from a doctor or nurse.

Levine Financial Group would be happy to perform a complimentary review of your existing insurance portfolio.

Apply now online