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SOLO Agriculture

SOLO Agriculture offers disability coverage to farm producers.

Features

Main features

First $1,200 guaranteed for the first 36 months

No integration nor coordination for the first 36 months of a total disability.

Payment of monthly amount on the first day in the event of hospitalization or day surgery

The client is eligible to receive a monthly amount with no waiting period and as soon as the first day in the event of hospitalization or day surgery. Available for all waiting periods of 90 days or less.

Amount payable at death

5x the selected monthly insurance amount (if the client dies while receiving disability monthly amounts).

Disability income

Disability Income offers a monthly amount in case of total disability following an accident or an illness. This amount allows the insured to meet his financial obligations by paying a percentage of his personal income as a replacement income.

The calculation of this amount is adapted to the unique situation of an agricultural producer by taking into account the major investments that are needed in an agricultural business and allows farmers to add the amortization cost in the calculation of their insurable income.

Target market

To access the agricultural producer illustration within the illustration software, go in the “Occupation information” section. Then select the Income and current employment situation followed by “Agricultural Producer” (Agriculture).

You must have determined the occupation class of the client from the occupation list prior to this step. The agricultural producer must meet the following eligibility requirements:

  • Be a recognized agricultural producer and own an agricultural business
  • Hold at least 20% of the shares in the agricultural business

Product description

Eligibility requirements

  • Be the owner of the agricultural business
  • Hold at least 20% of the shares
  • Work at least 30 hours a week; and
    • Be employed at least 40 weeks a year OR
    • Be employed between 35 to 39 weeks per year (minimum waiting period of 60 days)​​

Occupation class

  • 3A – Owner - supervision only (no manual labour)
  • 2A – Owner - worker (manual labour)​

Issue age (age to the nearest birthday)

  • ​T65: 18 to 60
  • T10: 18 to 50

Waiting period

  • 30 days
  • 30+ days
  • 60 days
  • 90 days
  • 90+ days
  • 120 days
  • 365 days
  • 730 days

For waiting periods of 90 days or less, the monthly amount is payable as of the first day in the event of hospitalization or day surgery.

The "+" sign indicates the monthly amount is payable as of the first day in the event of an accident.

Benefit period

  • 2 years
  • 5 years
  • Up to age 65

The benefit period can extend beyond 65 years, as it is always a minimum of 2 years. If the farm producer becomes disabled after age 63, but before age 65, the monthly amount will be paid to him as long as he is disabled for up to 2 years.

Establishment of insurable income

  • Salary including your share of business profit (or loss) and amortization

Monthly amount

Minimum: $400

Maximum:

  • 3A: $9,000
  • 2A: $7,000

Premium structure

  • Term 65: Level up to age 65
  • Term 10: Level for 10 years

The premium structure may be changed from T10 to T65 without any medical or financial proof.

End of coverage

The coverage will terminate when the first of the following events occurs:

  • Policy anniversary nearest to age 65
  • Death of the client
  • Policy lapse
  • Date of exchange from SOLO Disability Income coverage to SOLO Loan Insurance
  • Client’s retirement date

Renewal

  • Guaranteed renewable up to age 65
  • Continuation of coverage after age 65

Total disability definition

  • Regular occupation 24 months

Recurrent disability

  • 12 months – occupation classes 3A and 4A
  • 6 months – occupation classes B, A, 2A​​

Built-in benefits

  • Exchange privilege of SOLO Agriculture to SOLO Loan insurance
  • Based on their insurance coverage, complimentary assistance services are available at any time for your clients and their loved ones:
    • They can use them when times are good, or when times are bad.
    • 24/7 phone assistance services is also available.
  • Payable amount at death of 5x the monthly amount on contract
  • Eligibility to receive monthly amounts as of the first day of hospitalization or day surgery
  • Organ donation after 6 months
  • Presumptive total disability
  • Rehabilitation
  • Waiver of premium
  • Recurrent disability

The assistance services are not a contractual obligation of Desjardins Insurance.

Additional coverages

  • Cost of living
  • Partial disability
  • Residual disability
  • Return of premium
  • Future insurability option
  • Regular occupation period extender

Particularities

A farm producer is engaged in the production of an agricultural product. He must own the farm and hold at least 20% of the shares.

To establish the disability income monthly amount, the insurable income considers the salary, the business profit (loss) and the amortization indicated in the income statement and tax returns of the farm operation.

Sales material

To order, complete and submit the marketing supply requisition form.