An individual can purchase disability insurance with a return of premium benefit that allows them to be protected from disability, as well as receiving a return of premium if the individual remains healthy.
There are numerous disability insurance providers with provide return of premium such as; AXA Assurance, Canada Life and Manulife. They offer disability insurance policies with various choices of return of premium options. The good news is that return of premium is a tax free benefit when received. Percentages of premiums returned vary between plans and companies, however, the payout percentages are generally between fifty and seventy percent.
It is not possible for an individual to know when an accident or sickness will occur. Disability insurance allows a healthy individual to purchase this insurance to protect themselves from loss of income if disabled. If they stay healthy both physically and mentally they will receive a significant fraction of their premiums back, which will be awarded as they continue maintaining their health.Share