Summary
Your disability insurance policy allows the insurer to deduct other benefits, like CPP disability benefits. If you dont apply, they can estimate and deduct the amount. Applying for CPP disability benefits wont reduce future CPP retirement benefits. Signing Service Canada Form 1618AB allows information sharing with your insurer, aiding in processing benefits. However, as its irrevocable, understand the shared information and its duration. Consider consulting a legal professional for personalized advice.Full Conversation
I need help with my disability insurance provided by a Canadian insurance firm. They want me to sign a service Canada 1618ab form, I want to know if I should? Also they pointed out my policy says "Amount of Disability Benefit
The amount of Plan Member Long Term Disability benefit payable is the Benefit Amount shown in the Plan Summary, less any amount of benefits the Plan Member receives, or is entitled to receive, from the following sources:
a) Workers Compensation or similar coverage, excluding automatic cost-of-living increases that occur after the benefit becomes payable under the Plan;
b) Canada Pension Plan, Quebec Pension Plan, or similar government plans, excluding dependent benefits and automatic cost-of-living increases that occur after the benefits begin;
c) any motor vehicle insurance plan or policy, unless prohibited by law; and
d) any employer sponsored short-term disability benefits." My adjuster says that means they can esitmate the amount of canadian disability pension they think I am entitle to if I don't apply for it. They also say applying for canaidan disabilty pension will not forfiet or reduce my CPP when I am old enough to get it. Is she correct?
Hi ****,
To clarify your situation:
- Your disability policy allows the insurer to deduct other benefits you receive, including Canada Pension Plan (CPP) disability benefits.
- If you don't apply for CPP disability benefits, the insurer can estimate and deduct the amount they believe you're entitled to.
Regarding your adjuster's claim:
- Applying for CPP disability benefits will not reduce your future CPP retirement benefits. This is correct.
Please confirm if you need more specific information or assistance.
I have beenn approved for LTD with the company and they want me to apply for Canadian disability pension. is there any reason I shouldn't apply to the canadian disability pension plan?
Hi ****,
Based on your policy and the information provided:
- Your insurer can estimate and deduct the CPP disability amount from your LTD benefits if you do not apply.
- Applying for CPP disability benefits will not reduce your future CPP retirement benefits.
There's generally no reason not to apply, given these points.
Would you like more specific information on how to apply for CPP disability benefits?
they also want me to sign a form service canada form 1618AB. should i do this why or why not?
Hi ****,
Service Canada Form 1618AB is typically used for consent to disclose personal information. Here are some points to consider:
- Signing it allows Service Canada to share your information with your insurer.
- This can help in processing your disability benefits.
If you need more specific advice, consider consulting a legal professional.
it seems to be irrevocable, should i be worried about that
Hi ****,
Irrevocability can be a concern. Here are some points to consider:
- Understand what information will be shared and for how long.
- Assess the potential impact on your privacy and benefits.
- Consider consulting a legal professional for personalized advice.
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