For disability insurance, our goal is to provide coverage to make up for lost income during a disability. We want as many people as possible to benefit from the coverage. That's why we reviewed the eligibility criteria for the occupation class upgrades available for our products:
- SOLO Loan Insurance
- SOLO Disability Income
New criteria
| Occupation class upgrade | Minimum annual income for each of the last 2 years | Years of experience |
|---|
| 3A > 4A | $70 000 | - At least 3 years of experience in the current
employment field
AND
- At least 1 year of experience in the
current occupation
|
| 2A > 3A | $60,000 |
| A > 2A | $50,000 |
| B > A | $45,000 |
Changes
Consideration for field of employment
Even more people eligible
We're relaxing the years of experience criteria so that we can account for people's experience in their field of employment, not just in their current job. With this change, we'll be able to offer the occupation class upgrade to more people.
Occupation class upgrade after taking out a policy
Help your clients save by offering it for the first 5 years
Since the change is made at the age of the insured person when they purchase the policy, your clients will be able to save a lot of money during the entire coverage period.
Tip: You can take this opportunity to review the needs of your clients who have held their policies for less than 5 years.
After 5 years
The change is made at the insured person's attained age, at their nearest birthday.
Increase in minimum annual income
Based on average wage growth in the labour market, the minimum annual income for each of the last 2 years is increased by $5,000 for each category of occupation class upgrades.
Your Illustration tool has been updated to reflect these changes.
Questions?
Contact your
Desjardins Insurance regional sales director.
