Non-cancellable, guaranteed-renewable, cancellable and guaranteed-issue disability policies: see who controls your premium and renewal, and what you trade for the guarantee.
Highlights its line, stats and matrix row.
Coverage runs to age 65; that sets the projection length.
Tax-free income if you're disabled. Scales the premium.
How much the insurer raises re-ratable premiums each year. A non-cancellable premium can never move, whatever you set here.
Starting annual premium
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Premium at age 65
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Total premiums to 65
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Who controls your premium
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Who controls what
How this works. Individual DI policies differ by the level of guarantee they give you.
A non-cancellable policy locks your premium and benefits and must renew to age 65: the strongest
guarantee, so it starts the most expensive. A guaranteed-renewable policy must renew to 65 but lets
the insurer raise premiums class-wide. A cancellable policy gives the fewest guarantees (the insurer
can re-price, cut benefits or cancel at any time), so it starts the cheapest. A guaranteed-issue plan
guarantees coverage will be offered to a target group, but the insurer can end the guaranteed aspect later.
Slide the re-rating dial to see how a low starting premium can overtake a locked one.
Educational illustration of standard Canadian insurance concepts. Figures are illustrative, not an insurer’s rates.
Illustration only, not a quote or advice. Figures are simplified for education and do not
reflect any specific insurer's rates. Consult a licensed advisor.