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This plan covers eligible expenses that continue when business
revenue slows or stops because you are totally or partially disabled
due to an injury or sickness. As a self-employed professional,
you are responsible for the fixed expenses of running your business
and these office expenses continue even when you are unable to
work. You may purchase an amount equal to your average fixed monthly
expenses in the last 6 months less any business expense or office
overhead coverage in force.
Coverage is available in units of $100 per month (minimum $500,
maximum $8,000). Coverage starts after you have been totally disabled
for your selected elimination period (14 or 30 consecutive days).
You will then be reimbursed each month for your incurred expenses
up to your monthly benefit amount. Benefit payments cease when:
the total payments equal 12 times your monthly benefit; you recover;
payments have continued for 36 months; or you reach age 70 - whichever
occurs first. Under present legislation, premiums for this insurance
are tax deductible. Therefore, benefits would be taxable. (Although,
expenses being reimbursed would be tax deductible.)
Totally Disabled means you are unable to perform the regular
and important duties of your occupation due to an injury or sickness.
You must suffer a loss of income and be under the ongoing care
of a physician and you must not be engaged in any other occupation.
Partially Disabled means you are unable to perform one
or more of the important duties of your regular occupation or
you are unable to work for more than half of the time usually
spent at your occupation prior to your injury or sickness. To
be considered partially disabled you must be under the age of
60 and your partial disability must immediately follow a period
at least equal to the elimination period, during which you were
totally disabled.
Conditions
Disabilities resulting from the following are not covered by this
plan: self-inflicted injuries; war or act of war; service in the
armed forces; pregnancy (except complications thereof) or committing
a criminal offence. Benefit payments are limited to actual expenses
incurred and benefit payments cease when you reach age 70.
Recurrence of disability
If you suffer a subsequent period of total disability resulting
from the same injury or sickness within 3 months of your return
to full-time employment, the second period of disability will
be considered a continuation of the first, and the benefits will
resume without the need for you to satisfy another elimination
period.
Waiver of premium
If you become disabled and benefits are payable for a period longer
than 3 months, we will refund the premiums you paid during the
elimination period. Premiums will continue to be waived as they
become due, on a monthly basis, while you receive benefits and
continue to be disabled.
Death benefit
If you should die while receiving monthly benefits, the plan will
reimburse your estate for eligible expenses incurred in the 3
months following your death, to the extent such expenses would
have been reimbursed had you lived and remained disabled.
Guaranteed convertibility
If the contract between the CCPE and Maritime Life were to terminate
and you were not provided with coverage under either a new CCPE
contract or a contract arranged by an affiliate organization,
you would be entitled to convert your coverage to a then current
Maritime Life individual guaranteed renewable business expense
policy, without the need to provide proof of good health.
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