Professional Overhead Expense (POE) Insurance

Running your own practice is a great opportunity. But what if you were to become temporarily disabled or seriously ill? How would you cover those costs? That's where Professional Overhead Expense (POE) Insurance comes in. This plan will provide reimbursement for incurred expenses in the normal operation of a business, allowing you to concentrate on your recovery rather than worrying about the financial stability of your business or how you are going to pay expenses such as rent or your employees' salaries.

Definitions and exclusions

Detailed features:

Coverage available for: You
You can apply for coverage if you are: Under 60-years-old
An Association member working a minimum of 25 hours a week
Residing in Canada
Covered under the Association's Long Term Disability Insurance plan
Benefit amount: You may select a monthly benefit starting at $500 per month to the maximum of $5,000 per month.
Coverage is available in units of $100.
Benefit Payable: The monthly benefit payable will be the lesser of:
  • the monthly benefit you choose:
  • the average of the covered monthly overhead expenses that you incur in the six months immediately preceding the start of your total disability.
Benefit Period: Benefits are payable for a maximum of 12 months and are not paid past age 65.
Elimination periods: You can choose a 14-day or 30-day elimination period. The elimination period is the amount of time you must be totally disabled before you receive benefits.
Integration of benefits: When Professional Overhead expenses are covered under another insurance plan which provides similar coverage, Sun Life will pay only the proportional share of the eligible overhead expenses that are incurred.
Your coverage ends: To learn when your coverage ends click here.
Coverage limitations: Please refer to Definitions and exclusions.
Rates: Please refer to the Rate Card.

Key features:

Waiver of premium – If you are under the age of 65 you will not pay premiums if you are totally disabled for 90 days or more and you're receiving long term disability benefits.

Partial Disability Benefit – You may qualify for this benefit if, immediately after receiving benefits, you start working and your medical progress is monitored by a physician. Read more.

Covered expenses

The covered monthly overhead expenses consist of, but are not limited to, the following: rent, heat, water, electricity, telephone, depreciation, wages or salaries of your employees and other fixed expenses normally related to running an office.

Taxes and mortgage interest payments (but not mortgage amortization payments), on business premises that are owned by you and used by you in your profession are included in covered monthly overhead expenses.

Covered expenses do not include:

  • any salary, fees, drawing account, or any other remuneration for you or any other member of your profession or any person employed to perform the duties of your profession or occupation,
  • cost of goods, wares or merchandise of any nature,
  • equipment,
  • payments on mortgage principal, or
  • the cost of your automobiles.

This website is intended only as an outline of the insurance policy. The complete terms, conditions, exclusions and limitations governing the insurance coverage are found in the group insurance policy issued by Sun Life Assurance Company of Canada.