Optional Riders
(definitions provided by Canada
Life Product Manual and can differ between company to company)
Accidental Death Benefit Rider
– Provides a lump sum benefit to the beneficiary in
the event of the insured’s death by accidental means.
The accident must occur prior to the policy anniversary nearest
the insured’s age 65. Death must take place within 365
days following the accident.
Cost of Living Rider –
Increases the monthly disability benefit in accordance with
annual changes in the Consumer Price Index (CPI). Cost of
Living increases are designed to protect the “purchasing
power” of your disability benefit from decreasing due
to inflation.
First Day Hospital Rider
– Provides a dollar amount for each day you are hospitalized
due to injury or sickness during the elimination period.
Future Needs Rider –
To protect future insurability, the Future Needs Rider (FRN)
guarantees the right to purchase future increases regardless
of health or occupation (subject only to financial underwriting).
Health Care Profession Rider
– Provides Disability Income Protection in the event
that the insured is restricted in the performance of his/her
job should he/she test positive for HIV, Hepatitis B or Hepatitis
C.
Own Occupation Rider –
Amends the Total Disability definition to “unable to
perform the important duties of your regular occupation.”
(“Not working in any other occupation” clause
is removed.)
Partial Disability Extension Rider
– The Partial Disability Extension Rider extends the
partial disability benefit to the end of the chosen benefit
period. (Some restrictions apply)
Return of Premium Rider –
Refunds a percentage of premiums if claims have been minimal
or non-existent. The Return of Premium Rider creates a unique”
Win-Win” situation. Healthy or disabled: the policyholder
will receive a benefit.
Some policies may have more riders available. Ask your insurance
advisor which ones are suited for you.
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