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Disable (Gov Benefit (all taxable) (CPP (Def: can't work anymore,…

- - - - EX active income 72000/yr -> 6000/m -> (if choose 60%, then disable benefit= 3600/m)
    - - own occ(4A)
        
        generous def and lowest premium
        
        total disability mean cant do his own occ and receive disable benefit. (but if he teaches instead of own job, he can receive disable benefit and receive of income of new job)
      - Any occ (B) Antiosh
        
        Def get benefit if cant do ANY OCC
      - Reg (A-3A)
        
        Def: cant do certain range of skill, exp, or edu that list on resume
        
        But if you are able to do a job related to your ability, but income is significant lower than pre-disable level, insurance will top up the income
    - - Residual benefit
        (replace lost income)
        
        monthly income x DI% x (PDI- PTI)/PDI
      - partial disability benefit
        
        Def: able to do part duty of job
        
        50% of disability benefit for 2-3 yrs, and some policy has Qualification period
      - presumptive benefit
        
        pay whatever loss of sight, limb, hear, speech
    - - non-cancelable Guaranteed renewable contract(elaborate)
        
        premium and coverage unchanged
      - Guarantee Renewable
        
        premium may change due to change occ, or add rider to change coverage
      - canelable / commercial policy (cheapest)
        
        insurer may cancel policy or change premium or restrict rider
    - - 1 Future purchase benefit/ Future income benefit
        
        For younger or business owners to be able to buy more in the future without medical proof but financial proof of increase. Thus the coverage will base on income increase and depend on bought age.
        
        if insurer think the client may disable for long term, then pay lump sum. otherwise, paying for long term but it has inflation issue.
        
        to solve inflation problem of paying long term, insurer will sell rider(cost of living rider or cost of living adjustment) to keep pace with inflation
      - 2 waiver of prmium (usually 90 days of waiting period)
        
        after wp insurer will waiver premium and may pay the premium during WP.
      - 3 Rehabilitation benefit (retrain)
        
        help to get off claim
      - 4 Return of premium (50-100%)
        
        nothing happen until 65 age