To qualify for Synergy, your client must qualify according to one of the four sets of criteria described on this page.
Criteria IActively engaged in an insurable occupation:
a) working at least 20 hours a week, and
b) working at least 10 months a year, and
c) declaring at least $15,000 of earned income on their tax return, and
d) engaged in an insurable occupation. For Synergy, we will consider all occupations that are insurable for our stand-alone disability insurance products (i.e. occupation classes B to 4S). A comprehensive description is found in the Occupation Schedule for Disability Insurance on Repsource.
The occupation must not have unusual physical hazards (i.e. handling explosives) or have a high degree of instability (i.e. artists, authors, actors, composers, entertainers, models, singers, etc.).
(insurable occupations) Critical illness and disability insurance are core parts of the Synergy solution. The benefit amounts for these are directly related to the Synergy face amount. For clients earning income in an insurable occupation, we offer a maximum of 10X* the earned income that is declared in question 5.7a of the application “What is your annual earned income (within $10,000), including commissions, bonuses and pension?”
* The Synergy amount, plus all life insurance inforce and pending, cannot exceed 20X income.
Note: Incomes of less than $15,000 require a cover letter to support the application, including an explanation of how premiums will be paid. A 180-day waiting period will be required (no impact on premium).
Some other examples of uninsurable occupations:
- Air traffic controllers
- Animal trainers
- Apartment superintendents living in building
- Bike couriers
- Car wash employees
- Chauffeurs/taxi and limo drivers
- Commercial pilots/flight attendants
- Domestic help/nannies/babysitters/child care from home
- Door to door sales
- Firefighter (engaged in forestry firefighting)
- Fishermen not returning to shore each day
- Fishing/hunting guides
- Floor/day traders
- Foreign correspondents
- Judo/karate/martial arts instructors
- Lumber industry: fallers, peelers, chainsaw operators,riggers
- Massage Therapist: no RMT
- Offshore drilling and production
- Police/security/law enforcement: undercover, riot/bomb squad, narcotics
- Postal service workers
- Professional athletes and coaches
- Students (other than specifically stated below in II and III)
- Tattoo artists
- Window cleaners
- Working from home more than 75% of the time: Individuals who do not have at least two years of fulltime employment working primarily from their home
Criteria IIFull time student in final year of a select professional programme or within first year of practice i.e. accountant (CA, CGA, CMA), actuary (FSA, FCAS, FCIA), architect, chiropodist, chiropractor, engineer (P.Eng), lawyer (Quebec: notaries), nurse practitioner, occupational therapist, optometrist, osteopath, pharmacist, physician’s assistant, physiotherapist, podiatrist, psychologist (Ph.D), speech therapist/pathologist, veterinarian.
Financial Underwriting (final year students in select professional programmes or within first year of practice)
Details of the professional programme should be provided in question 5.6 of the application. Based on income potential related to these select professional programmes, up to $500,000 of Synergy may be considered.
Criteria IIIFull time student in medical or dental school or residency or in first year of practice
(dental and medical student)
Details of the professional programme should be provided in question 5.6 of the application. Based on income potential related to professional programme, up to $500,000 of Synergy may be considered.
Criteria IVHomemaker: full time, stay-at-home parent and/or spouse (i.e. non-income earning spouse)
To qualify as a homemaker, there must be a track record that the stay-at-home spouse has not pursued paid employment and has not been receiving an income, Employment Benefits, or maternity leave benefits for at least one year.
This also means the following would not qualify:
- a person currently on maternity leave
- a person receiving Employment Insurance (EI) benefits
- a person who has run out of EI and is looking for employment
- a person on sabbatical
- a person on welfare
- a person working part time.
(homemakers/non-income earning spouse)*
Can apply for the lesser of:
a) The amount of life insurance the spouse has inforce or applied for and inforce with all companies, or
The Synergy amount can be up to 10X the incomeearning spouses’ income but cannot exceed a total of 20X income for total Life (including Synergy) applied for and in force.
1) Waiting Period will be 180 days (no impact on premium)
2) Details must be provided in 5.7 a, b, c, d, and e for client and in Section 8a and b re: other life insurance inforce or pending for the spouse.
3) Household incomes of less than $20,000 require a cover letter to support the application, including explanation of how premiums will be paid.