High-Frequency Exam Traps: Quick Reference

A group LTD plan is NOT portable: when the employee leaves the job, the coverage ends. A self-employment transition requires individual coverage.
Own-occupation transitions to any-occupation after a specified period in many group and moderately priced individual policies. The transition is the trigger for many claim disputes.
CI insurance pays a lump sum unconditionally after the survival period. Disability insurance requires ongoing inability to work. They address different financial risks.
LTC is triggered by ADL impairment or cognitive impairment, NOT by inability to earn income. LTC and disability are separate products for separate risks.
BOE premiums are deductible; personal disability premiums are not.
Employer-paid LTD premiums do NOT appear on the employee's T4 at premium time, but the resulting benefits ARE taxable.

Not affiliated with CISRO, the AMF, FSRA, or any provincial or territorial insurance regulator. "LLQP" and "PQAP" are used for identification only.

A group LTD plan is NOT portable: when the employee leaves the job, the coverage ends. A self-employment transition requires individual coverage.
Own-occupation transitions to any-occupation after a specified period in many group and moderately priced individual policies. The transition is the trigger for many claim disputes.
CI insurance pays a lump sum unconditionally after the survival period. Disability insurance requires ongoing inability to work. They address different financial risks.
LTC is triggered by ADL impairment or cognitive impairment, NOT by inability to earn income. LTC and disability are separate products for separate risks.
BOE premiums are deductible; personal disability premiums are not.
Employer-paid LTD premiums do NOT appear on the employee's T4 at premium time, but the resulting benefits ARE taxable.