Maximize your coverage with CPA Ontario Income Protection

For most of us, our income is our greatest asset, so it's important to protect it. Your CPA Ontario benefits can help maximize your protection – at the right price.

The CPA Ontario Income Protection Insurance Plan is designed to give you the protection you need in the event of an accident or illness that could end (or reduce) your ability to earn an income. The Plan provides you with another source of funds if you were suddenly unable to work due to a disability – and helps to minimize a drain on your savings.

Available exclusively to you as a member, the CPA Ontario Income Protection Insurance Plan is offered at extremely competitive rates and includes many great features:

• While many employer plans cap overall benefit payments at lower levels, CPA Ontario Income Protection coverage provides monthly disability benefits from $500 to $15,000 (depending on pre-disability income).
• The Plan offers automatic cost of living adjustment (COLA). For example, each January 1, if you have been receiving total disability benefits for at least the preceding six months, your monthly benefit will be adjusted for inflation. The change will be based on the Canadian Pension Plan annual rate increase factor, to a maximum of 8%.
• Exclusive, low rates. CPA Ontario Income Protection Insurance offers members premiums that can be up to 40% lower than the general marketplace.¹
• Includes a Waiver of Premium. If you are Disabled, your premiums for your Income Protection Insurance will be waived up to Age 70 while disability benefits are being paid.
• A Survivor Benefit is Included so if you were to die while receiving benefit payments, your beneficiary will receive a lump‐sum payment equal to 3 times the monthly benefit payment you were receiving at the time of your death.
• The Own Occupation Option and Future Insurability Option are added features that can be purchased when you first apply:
  • The Own Occupation Option further helps protect your ability to work as a CPA.
    Essentially, when you purchase this rider, you will be considered Totally Disabled (and can access benefits from your income protection coverage) if you are unable to perform the essential duties of your regular occupation – even if you may be able to continue working in another occupation.
  • The Future Insurability Option allows you to easily Increase your coverage in future. Just like the Term Life product, you can also purchase a Future Insurability Option to help safeguard your ability to purchase more coverage later – as you won’t need to worry about providing medical evidence.
     

Top up or offset your employer plan with CPA Ontario to maximize your coverage

CPA Ontario Income Protection coverage can help you to reduce or eliminate gaps in your group plan with “top up” or “offset” options if you’re already covered by a group disability plan:

• Top Up allows you to purchase coverage equal to the difference between the benefit provided by your employer group plan and the additional amounts available to you through CPA Ontario Income Protection Plan.
• Offset allows you to purchase the maximum CPA Ontario Income Protection coverage possible based on your earnings, regardless of your current employer’s coverage.
  If you suffer a covered disability while insured by both plans, your CPA Ontario coverage will be reduced by the amount of your group benefit. However, if you’re no longer covered by the group plan at the time of disability, you’ll receive full coverage from your CPA Ontario Income Protection Plan.
   

The CPA Ontario Income Protection Insurance Plan was designed exclusively for CPA Ontario members. Take a moment to ensure you are maximizing your protection. You can apply for new or additional coverage up to the age of 65 and you can keep it until the age of 70.

If you need more information about the Plan or want to calculate how much coverage you’re eligible for, you can go online for full details. For specific questions, you can reach out to a licensed Insurance representative at 1.866. 219.4245 (Monday to Friday 8am to 8am EST).

This article was brought to you by Manulife. As a CPA Ontario member you have exclusive access to the affordable CPA Ontario Insurance Plans sponsored by the Chartered Professional Accountants of Ontario and underwritten by The Manufacturers Life Insurance Company of Canada (Manulife).

¹ Comparison as of March 2022 vs. Canadian competitors is for non-smokers for $5,000 in monthly disability benefits with a 30-day waiting period.