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COVERAGE TYPE

COVERAGE OPTIONS

ADVANTAGES

DISADVANTAGES

Term CI

Temporary protection usually purchased in conjunction with term life insurance to cover the balance of a mortgage or other debt vehicle

10 or 20 years.

A more inexpensive alternative to a permanent policy. Ideal if needed to cover a temporary liability.

Premiums are not guaranteed. If you cancel the policy there is no money back option

Permanent CI

Long term protection usually purchased to complement a Long Term Disability program.

Payable to age 100. Payable to age 65. Payable over 10 or 20 years. Return of Premium

Provides a tax-free lump sum upon diagnosis and survival of a critical illness. Most policies cover anywhere from 4 to 30 illnesses.

Premiums are guarantee and can be paid for a pre-determined period of time. At the end of the policy period you stop your monthly payments and the policy face value is guaranteed for life.

Premiums can also be structured to be refunded to you if you never make a claim

More inexpensive than term CI coverage.

Long Term Disability

Income replacement against disability occurring on or off the job.

Usually purchased by small business owners or independent contractors because of its flexibility.

Can also be combined to form part a WLRP.

A wide variety of options that includes Return of Premium, lifetime coverage, partial/residual disability and more..

Increased flexibility over your traditional group insurance disability program.

Multiple design options to suit almost any occupation.

Ideal to top-up your current group insurance disability coverage.

Underwriting can be strict depending on the amount of coverage applied for and age.


Sterling Brokers