Long-term disability insurance

Long-term disability insurance

You want your firm's partners, sole proprietors and employees to be healthy and working with you. But if an accident or illness keeps them from working, it's a relief to know they'll have a financial safety net to help support them.

Long-term disability (LTD) insurance could help:

  • Pay the mortgage  
  • Cover expenses
  • Protect long-term savings

With our plan, the firm can choose to add either basic or enhanced long-term disability insurance coverage to its insurance program. The plan must include everyone in the firm and, in some cases, plan members will have to give proof of their good health. Firms and sole proprietorships can choose not to have coverage under this insurance if they are already covered under the Chartered Professional Accountants of Ontario’s Individual Income Protection Plan.

Coverage details

  Basic Enhanced
Benefit level 50% of member's monthly earnings 60% of member's monthly earnings
Maximum $2,500 per month $5,000 per month
Cost of living adjustment None Lesser of consumer price index or 3% 
Qualifying period

120 days

Member must be receiving regular, ongoing care and treatment from a physician during the qualifying period for benefits to be payable at the end of the qualifying period

Offsets Workers’ Compensation or similar coverage; Canada or Quebec Pension Plans, including dependant benefits; and any government motor vehicle automobile insurance plan or policy, unless prohibited by law
Non-evidence maximums

2 to 4 people - all amounts of insurance are subject to evidence of good health

5 to 9 people - evidence is required for amounts in excess of $1,500

10 to 24 people - evidence is required for amounts in excess of $2,500

25 people or more - evidence is required for amounts in excess of $3,000

All-source maximum Partners and sole proprietors who are covered under CPA Ontario's member LTD Plan: 100% of pre-disability monthly earnings
All other employees: 85% of pre-disability monthly earnings
Maximum age of eligibility Up to the 65th birthday of the insured
Termination of benefit The earliest of the following to occur: attainment of age 65 (less the elimination period), retirement, or termination of employment
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