Income Protection for Self-Employed
- February 5, 2020
- Posted by: olinsadmin
- Category: Insurance Toronto
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