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The Myth of Social Programs. - Drivers you need coverage!
By Lina Demedieros
In 2007, our office received more calls for drivers who were covered by WSIB but had no disability insurance coverage under group insurance plan. The fact remains many transport companies do not provide disability coverage and focus only on health care needs. The only benefit a driver has is a 15 week benefit from Employment Insurance. After that they are forced to do any type of job, forcing them back to work or be dependent on their spouse, if they have a working spouse.
The Canada Pension Plan is a catastrophic benefit, only intended to provide a benefit when a person is totally dependent on someone else being unable to eat, dress, toilet or do any kind of job. This program has become more stringent over the years. It is not intended to replace private insurance programs either individual or group disability insurance coverage.
The Workplace Safety & Insurance Board covers you only for on the job related injuries, however the majority of long term disability claims are NOT related to work. They may have been attributed to work such as stress, diet, lifestyle or lack of exercise/inactivity. So this means if you were diagnosed with a condition like an ulcer, heart attack, stroke, cancer, degenerative disc disease, anemia, asthma, bronchitis, hemorrhoids, arthritis that does not allow you to do your job, WSIB will NOT pay you a benefit. These illnesses many times are contemplated with WSIB as job related illnesses however approval still remains bleak. Many more are covered through disability coverage also known as “Loss of Income Replacement.” The short term benefit is the most integral part, while long term an asset, since we really never know the outcome of an illness; progressive or short term.
So where does this leave you in the absence of any personal coverage whether it be group or individual disability coverage? Usually you are dipping into retirement savings, looking at a credit proposal or worse; filing bankruptcy.
This month we have put together some rates of common benefit amounts applied for by drivers based on an industry average of a net taxable of $40,000.
Benefit Amount $2,000 Monthly Injury Only plus Illness Coverage until age 65, Injury age 70.
120 wait for illness benefit in lieu of Employment Insurance.
| Ages |
Male |
Rates |
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| 25-29 |
30-34 |
35-39 |
40-44 |
45-49 |
50-54 |
55-59 |
| $114.08 |
$131.30 |
$157.88 |
$195.68 |
$245.39 |
$300.72 |
$367.15 |
The above rates will cover you on all claims not covered by WSIB, illness, Injury not sustained at work and provide you that peace of mind you need. Now as you get older you do not need such a long term benefit, so call us for your own individual quote. You also can choose 100% of your premiums to be returned.
You will notice that coverage starts to get progressively more expensive the longer you wait and we all know that the older we get that the more expensive it gets. So idealistically, we encourage all young drivers to buy coverage NOW, in spite of the fact they feel they have other priorities. Without an income you are left with nothing or looking for work in spite of your failing health. A domino effect.
We explain to all of our clients whether they are Corporate or an individual that there is no social system that will ONLY protect you or your employees. The onus rests with the private sector to address this need. If you are incapable of doing ANY kind of job, you qualify for CPP Disability Benefit and a Doctor has to complete an “Attending Physician Statement” that may cost $50-$75 however this does not guarantee you a benefit from them. When we talk to clients and perspective clients we tell them, “the majority of all claims are illness related and most definitely would not be paid by the government.”
So stop kidding yourself and call us today to learn why you need coverage. The only person that is missing out is you.
Lina M. Demedeiros
Living Benefits Specialist, E&O.E.
Tel.(416) 748-9992
Toll Free -1-800-236-5810
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