Facts on Disability Insurance Policies

Facts on Disability Insurance Policies


  1. Guaranteed renewable and non-cancellable: The insurance company cannot cancel the policy during the specified term, except for non-payment of premiums. The insurer cannot change any terms of the policy, including premiums. Most policies are renewable to age 65 and can in some cases even be beyond 65.
  2. Guaranteed Renewable: Can increase premiums upon renewals as long as it imposes the increase on all policyowners in the same risk class.
  3. Renewable:  The policy is not cancellable during the specified term. The insurer can change the policy terms or re-underwrite the policy at any anniversary date. The insurer can also request new evidence of insurability, and increase the premiums.
  4. Non-Renewable: The insured cannot renew the policy at the end of the term. The insured must make a new and separate application for continued coverage.
  5. Cancellable: The insurer can cancel the policy at any time with written notification. Typically, these policies are also non-renewable. The insurer can increase the premiums or decrease benefits if the claims for the class are higher than expected.
We at YourInsuranceGuy.ca are experts in explaining the various Disability Insurance contracts, its feature, fine prints etc etc. Please feel free to contactus at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.


RBC Insurance has four Disability Insurance Plans

1. Professional Series policy provides a long-term individual disability income protection to fee-for-service /non-salaried professionals, consultants as well as other high income professionals and executives who work in corporate business settings. With Professional Series’ extensive benefit options, you can closely match policy coverage to  your particular needs…Know more about Disability Insurance.


Different definitions of Disability

Unlike Life Insurance which is quite straightforward, Disability Insurance can be a little more complicated and technical. One of the things important to understand in a Disability Insurance policy the definition of Disability. There are three most common definitions of total disability used in injury and illness insurance contracts are….


Prepared by:  Aman Kapur

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