There are a few great insurers for disability insurance.
Canada Life is definitely at the top of the pile.
But, depending on the occupation group, Canada Life may or may not be the choice.
So, let’s have a look at which occupation types that Canada Life looks favorably upon, shall we?
A rank of class 5, means that this is the best rate that can be had. Which occupations get the most favorable rating?
Let’s list them in alphabetical order:
- Accountants , CA, CGA, CPA
- Actuary
- Acupuncturist, MD
- Air Conditioning, Engineer, Office & Consulting
- Anaesthesiologist
- Architects, less that 20 hours per week at construction site
- Auditor, with professional accounting degree
- Bacteriologist
- Biochemist or biologist, consulting
- Botanist, with Ph.D
- Chemist, with Ph.D, consulting only, no lab duties
- Chiropodist – Podiatrist
- Chiropractor
- Computer Industry, systems analyst, consultants, programmers, website designers, earning $50,000 plus, or university degree in computer science
- Coroner
- Dentist
- Dermatologist
- Doctor of Medicine (Medical Doctor)
- Drug Store & Pharmacy, Druggist, or Pharmacist
- Engineer, professional
- Executive, Business Owners, under certain restrictions
- Geologist, office and consulting
- Gynecologist
- Homeopath
- Doctor in Hospital
- Judge or Justice of the Peace, office and court duties only
- Lawyer
- Naturopath or Homeopath, M.D.
- Ophthalmologist
- Optician, income of $75,000 or more per year
- Optometrist
- Orthodontist
- Osteopath
- Pharmacist
- Physician & Surgeon
- Physicist
- Podiatrist
- Psychiatrist
- Psychologist, with Ph.D
- Radiologist or Roentgenologist
- Teacher, University Professor, including cegep
- Topographer, office duties
- Vetrinarian, small animal
Now, it should be duly noted that there are certain occupations that are very close to the top rate, and in fact, Canada Life has a process called a quality risk upgrade,that may help occupations from 3 and 4 to get to a class 5 rate. This depends on income, job stability, and other factors.
Generally speaking, the riskier the occupation the lower the rating and the higher the rate for a given age group.
Speaking with a qualified broker is the only sure bet to ensure you pay for a disability plan that may actually be structured to ensure it fits your needs properly.
Call us today at 1.866.856.6799
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