Individual income replacement plans replace earned income, without maximums, including any “non-traditional” earnings such as bonuses, commissions and contributions to Pension or Profit Sharing plans. Also, a reasonable portion of the corporate earnings, relative to ownership, may be insured.
All contract provisions and terms are guaranteed and cannot be changed by the insurer. The coverage itself is guaranteed and will remain in force until age 65, and is conditionally renewable thereafter. Coverage is also portable.
Premiums for individual coverage are level, and guaranteed to age 65. Other features such as pre-claim and post-claim indexing of benefits and RRSP protection are also available.