Income Protection for Self-Employed

Income Protection for Self-Employed

If you are self-employed you need to adequately cover your income, because accidents and sicknesses happen every day. Do you know that only 5% of disabilities happen on the job are covered by WSIB (The Workplace Safety and Insurance Board)?

If you believe that you:

  • have all the coverage you need with WSIB
  • are paying too much money as it is
  • can’t have both an individual plan and WSIB

You are at 95% risk to lose your income in case of disability happen at work.

There are insurance plans that offer protection for Self-Employed Individuals 24/7/365!

EDGE Disability Insurance

EDGE Disability Insurance is meant to provide you with an income when you can’t work due to an injury or illness.

Highlights:

  • Benefits are paid monthly
  • Benefits are usually a percentage of your income, based on your Gross Business Revenue or Net Earned Income, depending on how you get paid.
  • Sometimes a disability affects your ability to work part of the time. That’s when Partial Disability can help by paying 50% of the benefit amount for up to 180 days.
  • While you are disabled and benefits are being paid, you are not required to pay premiums and your coverage will continue.

The EDGE Loss of Income Injury Coverage

Ages 18 – 69, coverage to age 75:

  • $1,000 to $6,000 per month – injury only or injury and illness coverage, 24 hour or non-occupational available
  • Benefits payable to age 70
  • Payable from the FIRST DAY (30 day or 120 day waiting period also available)
  • Partial Disability Benefit – 50% benefits for up to 180 days
  • Waiver of Premium – after 30 days of Total Disability while benefits are payable
  • Return to Work Assistance Benefit – rehabilitation and financial assistance in returning you to work
  • Accident Medical Treatment Benefit – providing reimbursement up to $10,000 for medical expenses not covered by government health plans

 Business Overhead Expense Coverage Issue ages 18 – 69, coverage to age 75

  • $1,000 to $6,0002 per month (Benefits start after 30 days) Can be purchased as a standalone product

 Optional Benefits Issue ages 18 – 64, coverage to age 75

 Lifestyle Protection Enhancer

  • $300,000 lump sum tax free benefit paid to the insured after 60 months of Total Disability due to injury, under the Loss of Income Policy

 Travel Medical Emergency Coverage

  • Provides up to $5,000,000 of coverage for reasonable and customary medical expenses as part of the emergency treatment arising from a medical condition

Don’t hesitate to reach out if you are working on a case and would like some assistance. My contacts: Olga Ryjkova 416-822-2698; email: info@insurancestoronto.ca

Source: https://www.edgebenefits.com/product-disability-details

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SELF-INSURANCE

Please let us know how we can help. Whether it is a free no-obligation quote or just a question – we will be happy to provide you with detailed answers.

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