OFFICE OVERHEAD
The value of one unit is $100 of monthly benefit.
Maximum Coverage $6,000/month
Age at April 1 |
Monthly Premium Per Unit |
| Under 40 | $ .54 |
| 40 - 49 | .78 |
| 50 - 59 | 1.27 |
| 60 - 68 | 1.83 |
| 69 | Coverage Terminates |
Eligibility
Partners and sole practitioners who are insured for long term disability with CAIPW are eligible.
Benefits Payable
The amount of the benefit is your share of the monthly overhead expenses, including rent, employees' salaries, utilities, membership fees, insurance (other than personal insurance), business taxes and any other normal office expenses, up to the amount of benefit selected.
Benefits commence after 30 days of total and continuous disability and continue until disability ceases, the practice is disposed of, or one year has elapsed, whichever occurs first. If you are partially disabled, benefits will be proportional to the time worked.
Exclusions
No benefit is provided for the member's salary, fees or drawing account, or remuneration to any Chartered Accountant or other person who replaces a member to perform his prior duties for the purpose of generating income for the firm. Payments for new equipment and mortgage principal are excluded.
In addition, the limitations and exclusions applicable to the Long Term Disability Insurance also apply.
