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| | | Q: | What's wrong with traditional Long Term Disability Programs? | A: | Most traditional group Long Term Disability Programs provide a benefit of a specific percentage of earnings for the first one or two years of disability benefit payment following the waiting period, provided that:
the insured is unable to perform the essential duties of his/her own job; is under continuing medical care appropriate to the condition; and is not engaged in any gainful occupation. At the end of the initial benefit period, however, a reassessment takes place to determine if the insured can then in fact perform the duties of any occupation for which he/she may be qualified by reason of training,
education or experience. For those that are approved, the approval for continued benefit payments is for a one-year period of time (unless it is a terminal illness such as non-operable cancer). At the end of each benefit year the insured must prove that they are still "totally disabled" and unable to work. This can be an annoying and frustrating experience for the disabled person. |
| | Q: | How is Menuflex™ Income Protection better than traditional programs? | A: |
Recognizing the foregoing, and the real need for disability income protection for everyone, Alternative Benefit Solutions Inc., in conjunction with The Norfolk Group of Calgary, have designed a new Disability Program that is comparable to those offered in Europe and other countries. The new combined Menuflex™ Income Protection Program provides comprehensive, accident, critical illness and disability insurance protection under one program. It provides a combination of Temporary Total Disability benefits of 66.67% of weekly salary to a maximum of $1,000 per week; and Permanent Total Disability
benefits providing a lump sum, tax-free payment of up to 5 times gross annual earnings (up to a maximum of $500,000) after 25 months of continuous disability when it has been determined that the insured is "Permanently and Totally Disabled" This can be the result of an accident or sickness; and 24 hour, 365 days per year Accidental Death & Dismemberment coverage of up to $500,000. During the first 24 months of benefit payment, which commences after a 30-day waiting or elimination period, the insured is entitled to receive a monthly disability income benefit of 66.67% of weekly earnings to a maximum of $1,000 per week for either accident or sickness. If the insured is still disabled at the end of 25 months, and is
considered Permanently and Totally Disabled (unable to perform the duties of any occupation), the tax-free lump sum of 5 times gross annual earnings (subject to a maximum of $500,000) is payable. Once paid there is no further annual medical reporting requirement.
The tax-free lump sum can be invested to provide a continuing source of monthly income, if desired, or it can be used to pay off a mortgage, or other debts in whole or in part. A sum of $500,000 invested at 6% could produce an income of $30,000 for life, without touching the capital amount. | | | Q: | How does Menuflex™ compare to other plans in the marketplace? | A: | The Menuflex™ Income Protection Program provides straightforward, needs-related, easy-to-understand disability income protection without any medical exam or detailed financial information requirement.
Other programs require extensive medical and financial underwriting before coverage can be approved, and often contain many more exclusions. | | | Q: | How do I apply for coverage? | A:
| You have two options: - You can apply online using our Online Enrolment Form, which allows you to quickly choose your coverage, determine your rates and complete the Personal Health Declaration.
Or
- Download the application kit to your computer, fill it out and return it to us. Simply complete the Application Form & Personal Health Declaration (available as a download here) indicating your benefit choices and providing the personal information requested. To ensure prompt processing of your application, please answer the Health Questions fully and accurately, and provide explanatory details as required.
Monthly premium payments will be debited from financial institution. Sign the forms where indicated, and return to Alternative Benefit Solutions at the address indicated. | | | Q: | What is meant by the term "medical underwriting"? | A: | The insurers
underwriting the Program reserve the right to consider the medical history of the applicant and eligible dependents based on the responses to the questions posed on the Personal Health Declaration or Health Statement, any additional information requested from the family physician, as well as their height and weight and current medication usage, in determining if the applicant will be approved for coverage. No medicals are required. | | | Q: | What if I fail to disclose my full past medical history or current medication usage? | A: | All coverage can and will be terminated, and any pending claims will be declined. | | |
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