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Target market |
Recognized agricultural producer |
Recognized agricultural producer |
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Description |
Offers a monthly benefit to replace the insured's income in the event of disability. |
Offers a monthly benefit to reimburse the fixed
operating expenses in case of disability. |
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Basic features |
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Eligibility criterias |
· Be owner of the farm business
· Hold at least 20% of the share
· Be working at least 30 hours a week; and
- Be employed at least 40 weeks a year or
- Be employed between 35 and 39 weeks per year (waiting period should be at least 60 days) |
· Be owner of the farm business
· Hold at least 20% of the share
· Have been in operation for at least 2 years with a positive annual income or satisfy employment continuation criteria and
· Work at least 30 hours per week; and
- Work at least 40 weeks per year; or
- Work between 35 and 39 weeks per year (in this case, the waiting period must be at least 90 days +) |
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Occupation
class |
2A Owner – worker (manual
labour)
3A Owner – supervision only
(no manual labour) |
2A Owner – worker (manual
labour)
3A Owner – supervision only (no
manual labour) |
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Issue ages |
T65: 18 to 60 years old
T10: 18 to 50 years old |
18 to 60 years old |
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Waiting period
• For waiting period less than 120 days, the monthly benefit would be paid on the first day in the event of hospitalization and day surgery. |
14 days
30 days
30+ days
60 days
90 days
90+ days
120 days
730 days |
30 days
90+ days
120 days |
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• The “+” sign indicates that the insured is eligible to receive the monthly benefit on the first day in the event of an accident.
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Benefit period |
2 years
5 years
Up to 65 years old |
24 months
36 months |
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Establishment
of insurable
income |
Salary including business
profit (or loss) and amortization |
N/A |
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Monthly benefit |
Minimum: $400
Maximum:
4A: $10,000
3A: $9,000
2A: $7,000
A: $6,000
B: $3,500 |
Minimum: $400
Maximum:
4A: $6,000
3A: $4,000
2A: $3,000
A: $3,000
B: $3,000 |
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Renewal |
Guaranteed renewable up to age 65
Continuation of coverage after age 65 |
Guaranteed renewable up to age 65
Continuation of coverage after age 65 |
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Definition of total disability |
Regular occupation 24 months |
Regular occupation 24 months |
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Recurrent disability |
12 months – occupation classes 3A and 4A
6 months – occupation classes B, A, 2A |
12 months – occupation classes 3A and 4A
6 months – occupation classes B, A, 2A |
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Special features |
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Critical illness benefit |
Yes, 5 X the pre-selected monthly benefit |
No |
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RRSP benefit |
Yes, 5% of monthly benefit (paid at 13 month of benefit) |
No |
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Death benefit |
Yes, 5 X the pre-selected monthly benefit |
No |
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Exchange clause: transferring DI to BE (and vice versa) |
Yes |
Yes |
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Other benefits |
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Organ donation |
After 6 months |
After 6 months |
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Presumptive
total disability |
Yes |
Yes |
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Rehabilitation |
Yes |
Yes |
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Waiver of premium |
Yes |
Yes |
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Assistance services |
Yes |
Yes |
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Optional riders |
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Cost of living |
Yes |
No |
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Partial disability |
Yes |
No |
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Residual disability |
Yes |
No |
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Return of premium |
Yes |
No |
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Future insurability option |
Yes |
No |
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Regular occupation period extension |
Yes, 5 years or up to age 65 |
No |