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Cut-off age for long-term disability benefits should remain the same, says industry expert

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David Keelaghan | 06 Jan 2017, 08:15 AM Agree 0
Dave Patriarche of the Canadian Group Insurance Brokers argues that increasing long-term disability coverage age would result in less coverage for consumers
  • mark m | 06 Jan 2017, 11:52 AM Agree 0
    I agree with Dave. I will leave it at that to avoid getting the regulators mad at me!
  • Scott | 06 Jan 2017, 01:01 PM Agree 0
    As a benefits advisor, I 100% agree with Dave
  • Gtown Guy | 18 Jan 2017, 02:45 PM Agree 0
    Based on hard data, statistically, the median age of retirement in Canada (even over the past 6 years) has been and still is at age 65. So, while there may be some small sliver of demand within the workforce to exend it beyond age 65, insurance companies are not actually being faced with this as a genuine need; hence no actual market demand. Creating new or changed insurance solutions is an expensive proposition that impacts the carrier's bottom line (most carriers are still mutuals without public shareholders). So, assuming a business risk to create a product that addresses a market demand that does not exist would be foolish; underwriting such risks only serves to bump-up premiums to solutions that exist today which serve the ACTUIAL need for LTD to individual plans and group plans. LTD premiums are high enough; why add to the challenge of selling such a necessary solution? Leave well enough alone. (Feedback written by a financial advisor who is also a disabled person).
  • FNM | 27 Nov 2017, 04:21 PM Agree 0
    If the median retirement age is 65, then 1/2 of people may retire AFTER 65. That should hardly be minimized. Your assertion that there isn't a driving need is false according to the data that you provided.

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