Long Term Disability Insurance Plan

Transcription

1 Long Term Disability Insurance Plan

2 LONG TERM DISABILITY INSURANCE PROGRAM DESIGNED EXCLUSIVELY FOR QMA MEMBERS* Insured by : Eligibility : Period of coverage: Maximum Benefit Period : Maximum Monthly Benefit : Available Elimination Periods : Sun Life Financial Must be a member in good standing of the QMA; and be under 65 years of age; and reside and practice medicine as a general practitioner or specialist in the province of Québec at least 25 hours per week. Renewable to age 70 Payable to age 65** $12,000 30, 60 and 90 days Income replacement during total disability Knowing that no governmental program protects you in the event of a long-term disability, how would you fulfill your obligations without affecting your lifestyle if you become disabled du to an accident or an illness? Under the QMA plan, once you have satisfied the elimination period, monthly benefits will be paid to you provided you are: P P P unable to perform the essential duties of your professional occupation due to either sickness or injury; and receiving the regular care of a doctor appropriate for the condition which resulted in your being disabled; and not engaged in any other gainful occupation. This last condition can even be waived by subscribing a own occupation rider. No need to be totally disabled You are eligible for benefits in the event that you incur a loss of income of at least 20% as a result of sickness or injury. For example, if you are only earning one-third your normal income, you would receive two-thirds of the monthly benefits subscribed. Note: If you are less than 65 years of age, you are eligible for residual disability benefits even if you have not suffered a period of total disability. * This document is not an insurance contract. Coverage is subject to the terms and conditions of the policy. **The Maximum Benefit Period is 2 years if you become disabled between age 63 and 69. No benefits are payable past your 71 st birthday. Page 2

3 COVERAGE PERFECTLY ADAPTED TO YOUR PROFESSION... HIV/ Hepatitis B or C Benefit If you test positive for HIV or are determined to be a Hepatitis B or C carrier in an asymptomatic infectious state, you may be eligible for benefits even if you are not disabled as defined by the QMA policy. Presumed total disability If you suffer a major loss such as the lost of sight, hearing, speech or the use of any two limbs, the insurer will consider tou as totally and permanently disabled. Monthly benefits would begin immediately after your elimination period and would be paid until your 65 th anniversary. Attempt to return to work, without being penalized You wish to try to return to your full time duties during your elimination period with no penalty? No problem. Non-consecutive periods of disability which result from the same or related cause and which are separated by six months or less will be deemed continuous for the purpose of satisfying the elimination period. Reccurent disability Should you suffer a recurrent disability before the expiration of 6 months from the date of termination of a previous period of benefit payment, the elimination period will be waived and benefits paid immediately, as the disability will be consider an extension of the previous disability. Waiver of premiums In the event that you become totally disabled prior to age 65 and continue to be disabled for at least 90 days, all premiums which come due will be waived until the end of your total disability....and FOR YOUR NEEDS Receive the full amount of the benefit you paid for Should you become disabled, the full amount of the benefit provided by the policy is paid to you, regardless of any disability benefits you may receive from other sources. Durable coverage As long as you continue to pay your premiums, you can maintain coverage up to the first of month following your 70 th anniversary. Portability You may maintain your insurance coverage anywhere in the world, as long as you remain a QMA member and you continue to pay your premiums. Page 3

4 Survivor benefit Premiums Should you die while receiving monthly benefits, Sun Life will pay a survivor benefit equal to 3 times your last monthly benefit. Premiums increase upon attainment of the next age bracket. To be eligible for the non-smoker rate, you must be in good health and must not have used any tobacco products for a period of at least 12 consecutive months at the time of application. CUSTOMIZE YOUR PROTECTION THROUGH OPTIONAL RIDERS Own occupation Protect your occupation. The Own occupation rider provides for the payment of total disability benefits if you are unable to practice the profession you have chosen due to an injury or illness, even if you return to work in a new career. Cost of Living Indexation Protect your standard of living. If you are totally disabled or suffer a reduced disability for more than 12 consecutive months, this rider adjusts your monthly disability benefit for inflation. On each anniversary of your disability, your benefit is increased in accordance with the Consumer Price Index, subject to an annual maximum of 3% or 8%, depending on the selected option. These annual inflation adjustments will continue until you recover or reach age 65. Guaranteed Future Insurability Protect your future insurability. It s an unfortunate fact that a deteriorating state of health may preclude future increases in your coverage. The Guaranteed Future Insurability Rider allows you to remedy this situation. Provided you are actively at work, you will have the opportunity to increase your coverage at the renewal date of each odd numbered year, regardless of your state of health but subject to proof of sufficient income to justify the increase, by up to $1,000 or $2,000, based on your age. The maximum amount of additional coverage that can be added under this rider is $6,000. You must be under age 50 to exercise this rider. Retirement Savings Benefit Protect your future, even during a disability. A prolonged disability can have a major impact on your retirement savings. Under the Retirement Savings Benefit Rider, in addition to your regular disability benefits, the insurer will make monthly contributions to a personal retirement account whose proceeds will be paid to you at age 65 in order to compensate for those missed RRSP contributions. You may apply for this rider if you are under age 55. Page 4

5 We invite you to contact one of our specialists, who will design a customized protection plan sure to meet your needs. SPECIAL OFFER START OF PRACTICE (FOR MEMBERS UNDER 45 YEARS OF AGE) You are eligible for a monthly benefit of up to $3,000 ($4,500 for specialists) without having to provide medical evidence of good health and regardless of your income if your request for coverage is made within 90 days of obtaining your licence to practice and are working a minimum of 25 hours per week. This offer may be reduced if the total long term disability coverage already in force, or applied for, with any other insurer exceed $3,000 ($4,500 for specialists) and is subject to a pre-existing medical condition clause. Page 5

6 For further information, please contact an MD Financial Management Specialist: Toll free: Québec Region: valerie.linteau@cma.ca Montréal Region: elina.pacu@cma.ca This brochure is designed to outline the benefits for which you are eligible and does not confer any contractual or other rights. All rights with respect to benefits of a member will be governed by the Master Policy issued by Sun Life Assurance Company of Canada. February 2015