Recent chatter suggests it’s very difficult for truck drivers to get good disability coverage but there are some solutions advisors say.
Ashley Gray is an insurance advisor in Langley, BC. He was recently looking for input from insurance advisors at “For Advisors Only” about a client earning six figures driving truck requiring disability insurance. Frustrated by the rating class most insurers give truckers, the veteran agent reached out to other experts for a solution.
BC-based advisor Wayne Shaw quickly chimed in suggesting Gray take a look at the Roadside Package from The Edge Benefits. Neil Paton, its CEO, joined the conversation adding some insights into this particular product.
“I would not focus on trying to find a regular occupation definition to age 65 but rather on getting first a quality program as an alternative to WSIB (assuming your client is an independent operator in the eyes of WSIB) for injury coverage,” wrote Paton. “The Edge offers one of the best definitions with a 3 year regular occupation with reasonable occupation thereafter. I would also look for a quality gross revenue definition so your client can get a meaningful benefit amount as opposed to relying on earned income.”
Truckers aren’t the only occupation to have difficulty getting disability coverage – martial arts professionals, Cirque de Soleil performers, etc., also have a tough time – but certainly they’re in the bottom class when it comes to qualifying.
“You see a lot of that – a truck driver as opposed to a pharmacist – and the reason being is that they stay on claim much longer on average,” said Lorne Marr, an independent advisor and director of new business development at LSM Insurance. “If you have someone with a bad back who’s a truck driver and someone with a bad back who’s a lawyer, the truck driver is going to stay on claim longer if you pool everyone together. Both people could legitimately stay on claim but the lawyer has more incentive to get back to work sooner. “
While Gray believes the well-meaning suggestions from fellow advisors provides “a” solution, it might not be “the” solution for this particular client.
“The majority of FAO members recommended the Edge product and highlighted that it was perfect for truckers,” Gray wrote in an email to LHP. “I think it is probably very good for accidents, but maybe not the best for illness.”
If anyone’s got any other suggestions, Gray would love to hear them.
BC-based advisor Wayne Shaw quickly chimed in suggesting Gray take a look at the Roadside Package from The Edge Benefits. Neil Paton, its CEO, joined the conversation adding some insights into this particular product.
“I would not focus on trying to find a regular occupation definition to age 65 but rather on getting first a quality program as an alternative to WSIB (assuming your client is an independent operator in the eyes of WSIB) for injury coverage,” wrote Paton. “The Edge offers one of the best definitions with a 3 year regular occupation with reasonable occupation thereafter. I would also look for a quality gross revenue definition so your client can get a meaningful benefit amount as opposed to relying on earned income.”
Truckers aren’t the only occupation to have difficulty getting disability coverage – martial arts professionals, Cirque de Soleil performers, etc., also have a tough time – but certainly they’re in the bottom class when it comes to qualifying.
“You see a lot of that – a truck driver as opposed to a pharmacist – and the reason being is that they stay on claim much longer on average,” said Lorne Marr, an independent advisor and director of new business development at LSM Insurance. “If you have someone with a bad back who’s a truck driver and someone with a bad back who’s a lawyer, the truck driver is going to stay on claim longer if you pool everyone together. Both people could legitimately stay on claim but the lawyer has more incentive to get back to work sooner. “
While Gray believes the well-meaning suggestions from fellow advisors provides “a” solution, it might not be “the” solution for this particular client.
“The majority of FAO members recommended the Edge product and highlighted that it was perfect for truckers,” Gray wrote in an email to LHP. “I think it is probably very good for accidents, but maybe not the best for illness.”
If anyone’s got any other suggestions, Gray would love to hear them.
