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Income Protection Certificate Update: Questions & Answers
Q: Have any benefits changed in my certificate?
A: All Income Protection coverage now includes a Survivor Benefit. If an insured dies while receiving IP benefits, a three- month lump sum full benefit amount will be paid to the beneficiary or estate.
Also, the Income Protection benefit payment periods as a result of Sickness and Injury are now the same – for disabilities occurring prior to age 63, benefits are payable to age 65; for disabilities occurring after age 63, benefits will be paid for a maximum of two years. Lifetime benefits for Injury are no longer available.
Q: What is the Future Insurability Option (FIO) and what is the change made to it?
A: The Future Insurability Option (FIO) enables you to increase your Income Protection coverage on your second anniversary of coverage, and every other year thereafter, up to age 55 without evidence of insurability. The FIO no longer expires at age 50, and has been extended to provide five additional years for you to exercise your options and increase your coverage without medical evidence.
Q: What other changes/enhancements were made to my certificate/plan?
A: Your certificate wording has been changed to gender neutral to eliminate references to “he” or “she”. We’ve reorganized the provisions to make it easier to read and we’ve expanded the definitions describing how benefits will be paid to make your coverage easier to understand.
Q: What is the effective date of these changes?
A: In accordance with the provisions of the Group Policy, this new Certificate amends Income Protection coverage effective June 1, 2006, provided that you are not currently on claim from a disability commencing prior to that date (in which case the new Certificate amendments will take effect after your claim ceases).
Did you find out what you wanted to know? If you have any other questions, you can contact us online
or call Manulife Financial toll-free at 1 866 219-4245
between 8 a.m. and 8 p.m. ET, Monday through Friday.
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