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Eligibility
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Members who are under age 61 and reside in Canada are
eligible to apply for Income Protection Insurance.
Member, as defined under the plan, includes either a Certified General Accountant in good standing with their Provincial/Territorial Association or CGA-Canada (excluding associate, honourary and retired CGAs); a registered student of the CGA program; or a full-time employee or a partner of a provincial or national CGA office or firm.
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Benefit |
Income Protection Insurance provides you with a portion of your regular salary while you are disabled and unable to work.
If you are totally disabled, benefit payments start after your waiting period has expired. If disability results from an accident, benefits are payable for your lifetime while disability continues. If disability results from sickness, benefits are payable to age 65, or for a maximum of 24 months if occurring at age 63 or 64.
If you are partially disabled, you will receive benefits at an amount equal to your full insured benefit less any gross monthly earnings you receive during your disability as a CGA. As a Student/Employee, benefits are payable for up to six months at 50% of the insured amount less any gross monthly earnings received.
If partial disability results from an accident, benefits are payable when the chosen waiting period has expired or immediately following total disability. If resulting from sickness, benefits are payable only when partial disability is preceded by a period of total disability for which benefits were received.
Rehabilitation
Following a period of total disability, students and employees engaging in rehabilitative employment approved by IAP will be eligible for up to two years of continuing benefits. Rehabilitation benefit payments will not exceed the income protection benefit less 50% of income from rehabilitation employment.
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Coverage Options |
Coverage is available in units of $100.
The maximum monthly benefit that can be applied for is the LESSER of:
- $10,000 per month, or
- 66 2/3% of your gross monthly earnings (excluding any bonus, commissions and overtime).
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Waiting Period |
You can choose a waiting period of 0-7 days, 30, 90, 120 or 180 days. This represents the length of time you must be disabled before any benefit payment begins. You can choose more than one waiting period, but the combined total benefit can not be greater than the maximum noted above.
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Premium Rates |
Income Protection Insurance
Annual Premium per $100 Unit |
Age at
November 1st
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WAITING PERIOD |
| 0-7 days |
30 days
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90 days
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120 days |
180 days
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| Under 30 |
$16.44 |
$13.56 |
$10.80 |
$10.44 |
$9.84 |
| 30 - 39 |
22.68 |
16.44 |
13.56 |
12.84 |
12.24 |
| 40 - 49 |
35.64 |
27.12 |
22.92 |
22.32 |
21.48 |
| 50 - 59 |
63.96 |
53.76 |
44.64 |
44.16 |
43.68 |
| 60 - 64 |
71.40 |
56.28 |
45.12 |
44.64 |
44.16 |
| 65 |
Coverage Terminates |
Plus provincial taxes where applicable.
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Additional Benefits |
Cost of Living Adjustment
Each November 1st, if you have been receiving benefit payments continuously for six months, your monthly benefit will be adjusted for inflation by using the Consumer Price Index factor at January 1st, subject to
a maximum increase of 5% per annum. The amount of monthly benefit at the renewal date will never be less than the amount of benefit for which you are insured.
Waiver of Premium
While you are receiving benefits for partial or total disability under this plan, IAP will waive the premiums due for your Income Protection coverage.
Coverage Between Jobs
In the event you become unemployed, your Income Protection Insurance may
be continued for up to 6 months, provided:
- you were insured continuously for this benefit for at least 6 months prior to the date unemployment commences, and
- you notify IAP, in writing within 31 days of the date your unemployment commences, and
- you are a resident of Canada.
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General Information |
Definition of Disability
CGAs: You will be considered “totally disabled” if, due to sickness or injury, you are unable to perform all of the normal duties of your regular occupation and you are not employed in any other gainful occupation.
Students/Employees: You will be considered “totally disabled” if, due to sickness or injury, you are unable to perform all of the normal duties of your regular occupation for the first 24 months of benefit (if a student) or the first 36 months of benefit (if an employee). Thereafter, you must be unable to engage in any occupation for which you are reasonably suited by training, education or experience.
CGAs: You will be considered “partially disabled” if, due to sickness or injury, you are unable to perform at least 50% of the normal duties of your regular occupation, or your earnings from any other gainful occupation are reduced from their predisability level as a result of the disability.
Students/Employees: You will be considered “partially disabled” if, due to sickness or injury, you are unable to work at least 50% of your customary workday in the performance of your regular occupation. Partial disability due to sickness must be preceded by a period of total disability.
Portable Protection
As long as you maintain your eligibility as a member, you can continue your Income Protection Insurance as long as the Group Policy remains in force. Please also see “Residency Limitations”.
Termination of Coverage
As long as you pay your premiums when they are due, insurance will continue
until the earliest of:
- the date the Group Master Policy between CGA-Canada and IAP terminates (unless you are in receipt of monthly benefits);
- the end of the month coincident with or following the date your written request to cancel your insurance is received by IAP;
- the due date of any unpaid premiums;
- the November 1st coincident with or immediately following your 65th birthday*;
- the November 1st coincident with or immediately following the date you no longer qualify as an eligible CGA, student, employee, or partner;
- the end of the month coincident with or next following the end of six months of unemployment.
*If you are disabled due to an accident, your benefits
will continue as described in the section entitled “Benefit”.
Residency Limitations
Your benefit payments are limited to a maximum of six months should you choose to travel or reside outside Canada unless you have received agreement in writing from IAP.
Limitations & Exclusions
While you are disabled, you must be under the continuing care of a registered physician.
Benefits are not paid for disabilities resulting from self-inflicted injury, committing or attempting to commit a criminal act, riot, insurrection, war or service in the armed forces.
Your benefits payable from this plan and from all other sources (e.g. disability benefits from another group plan, Canada/Quebec Pension Plan, Workers Compensation, EI) may not exceed 85% of your average take-home pay.
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