The Edge Benefits Disability Insurance Review

No one wants to think about being disabled, but the truth is that disability is more common than most people believe.

One in three working Canadians, on average, will experience a disability lasting for 90 days or more at least once during their working lives.

Ask yourself: Would you be able to provide for your family if you couldn’t work for an extended period without dipping into your retirement savings?

If the answer is ‘no’, consider disability insurance. It works when you can’t, providing you with a steady income so that you (and your loved ones) can live comfortably.

Among the options in the market for disability insurance is the Edge Benefits. In this review, we take you through its coverage, pros, cons, and more to help you decide if they're a good fit for you.

Who is The Edge Benefits?

The Edge Benefits partners with leading insurance companies to help Canadians attain financial security. With its network of more than 25,000 advisors, the Edge Benefits help thousands of Canadians protect their families and businesses.

The company has over over 35 years of experience selling life insurance, living benefits (including disability insurance), and investments.  

The Edge Benefits Disability Insurance Plans

The Edge Benefits offer one disability insurance plan, called Income Replacement Benefits, for full-time employees, self-employed, and business owners. In addition to it, they offer business overhead expense insurance to self-employed and business owners. It helps mitigate the financial impact of your disability on your business.

Income Replacement Benefits

Providing only injury coverage by default, the income replacement benefits plan is available to Canadians aged between 18 and 69.

The amount of monthly benefits you can purchase from $1,000 - $6,000, while three options are available for the survival period: 0, 30, and 112 days. The survival period (also known as the waiting period) refers to the number of days you must survive following a disability before the benefits become payable. The monthly disability benefits are payable for two or five years or up to age 70.

The Edge Benefits follow the regular occupation definition for three years and the any occupation’ definition after that. So, following a total disability, you will receive the benefits for the first 36 months if you cannot work in your chosen profession. After this period, you will continue receiving monthly benefits only if you cannot work in any job suitable for you based on your education, experience, and age.

You can add illness coverage to your policy at the time of purchase, but doing so will increase the monthly premium rate. Unless you select illness coverage and are above a certain age, you don’t need to undergo a medical exam. This, in turn, makes the Edge Benefits a good fit for someone who has a pre-existing illness or wants a policy quickly.

‍Business overhead expense insurance

If you run a business, you must protect not only your family but also your business from life’s uncertainties. As a business owner, chances are you play a key role in bringing in revenue. So, if an illness or injury were to prevent you from working for an extended period, your company might struggle to stay afloat.

This is where a business overhead expense insurance plan can prove indispensable. It covers the cost of running a business when you can’t work.

The Edge Benefit’s overhead expense insurance plan provides up to $6,000 in monthly benefits for up to 24 months. The benefits become payable after you survive 30 days following a total disability.

Here’s how these two plans stack up against each other:

What Does Edge Benefits Disability Insurance Cover?

The Edge Benefits’ individual disability insurance plan provides injury-only coverage by default. So, if you suffer any injury that prevents you from working, the insurer will pay the promised benefits. If you want comprehensive coverage, you can add illness cover to your plan.

Having both injury and illness coverage gives you peace of mind that you will get financial assistance regardless of what caused the disability. That said, mental illnesses, such as anxiety, depression, chronic stress, burnout, etc. are excluded. Nor will you receive a monthly benefit in the event of a subjective condition (e.g. chronic fatigue or pain).

Advantages and disadvantages of Edge Benefits Disability Insurance

Edge Benefits disability insurance cover has many things going for it. But like all financial products, it has a few drawbacks as well. Knowing its pros and cons can help you make an informed decision regarding its suitability.

Advantages:

• Offers the flexibility to purchase injury-only coverage or both injury and illness coverage
• Simplified underwriting ensures a shorter application process
• Offers online quotes (unlike most Canadian insurance companies)
• You will receive the policy document electronically, obviating the need to file paperwork

Disadvantages

• The monthly benefit is capped at $6,000, which will likely be insufficient for all those who earn more than $50,000 a year
• No payout for mental illnesses and subjective conditions
• Restricted payout periods for a soft tissue injury
• No return of premium rider

How Much Does Edge Benefits Disability Insurance Cost

Monthly premium payments for the Edge Benefits disability insurance vary widely, depending on your circumstances and policy-specific details.

Exactly how much you will pay for coverage depends on personal factors such as age, lifestyle (e.g. whether you smoke or not), overall health, and any pre-existing medical conditions. The monthly benefit amount, the length of the waiting period and benefit period, and the optional benefits you’ve chosen also have an impact on the price.

You could improve your chances of qualifying for lower rates by living a healthy lifestyle and applying for coverage at an early age.  

If you want an exact price quote for the Edge Benefits disability insurance cover, consult a Dundas Life advisor.

How to apply for Edge Benefits Disability Insurance?

Interested in Edge Benefits disability insurance? If so, simply Click the Check My Price button to get a free quote or have us call you to start the application process.

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Conclusion

The Edge Benefits give you the freedom to buy injury-only or both illness and injury coverage, often without a medical exam. And unlike many insurance providers, it allows you to receive the disability benefits up to age 70.

If you want a simple, straightforward disability insurance plan, the Edge Benefits can be a solid option. However, if you want more than $6,000 in monthly disability benefits or bells and whistles like the return of premium rider or catastrophic disability insurance, look elsewhere.

Still not sure if you should sign up for the Edge Benefits disability insurance cover? Let Dundas Life help you. Our advisor will take time to understand your financial goals, lifestyle, and risk tolerance and offer personalized advice tailored to your specific situation.

We will also provide free, no-obligation price quotes from multiple providers, making it easier for you to pick the best disability insurance plan. Book your free consultation today.

Frequently Asked Questions

Are there any limitations or exclusions within the Edge Benefits disability insurance?

The Edge Benefits disability insurance cover usually doesn’t cover severe pre-existing conditions and illnesses. Typically self-inflicted injuries and disabilities arising from substance abuse or illegal activities are also not covered.

Does the Edge Benefits disability insurance cover include the return of premium rider?

No, the Edge Benefits disability insurance doesn’t offer the return of premium rider, which allows you to receive a portion of the total premiums paid at specific times, such as when you reach age 60 or 65.

Can I cancel my Edge Benefits disability illness insurance policy if my circumstances change?

Yes, you can cancel your plan if your circumstances change. Review the policy terms and conditions for details regarding cancellation, potential fees, and any applicable refund of premiums.

Do I need to take a medical exam to qualify for the Edge Benefits disability insurance?

The Edge Benefits disability insurance cover include only injury coverage by default. For it, you don’t need to take a medical exam. However, if you choose to add critical illness coverage and are above a certain age, you may have to undergo a medical exam.

Can self-employed individuals apply for the Edge Benefits disability insurance?

Yes, they can. The Edge Benefits offer two disability insurance solutions, both of which are available to those who are self-employed.

What is the waiting period for the Edge Benefits disability insurance?

The Edge Benefits income replacement benefits plan offer three waiting period options: 0, 30,  or 112 days. In contrast, its business overhead expense insurance plan has a fixed waiting period of 30 days.

Can I customize the coverage amount of my Edge Benefits disability insurance policy?

Yes, the Edge Benefits offers flexibility in choosing the coverage amount for its disability insurance plans. Depending on your income, you can opt to receive anywhere between $1,000 and $6,000 a month as disability benefits.