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Member Office Overhead Expense Insurance
When you are the company, a disabling accident or illness can jeopardize your practice.
The daily expenses of running your practice don’t stop when you’re not there. Fortunately, the Institute's Members' Insurance Plans offer you cost-effective Member Office Overhead Expense Insurance to help you manage the risk of being an independent business owner or partner. With this coverage in your protection portfolio, a disability that puts you out of commission needn’t put you out of business too.
Choose the amount of coverage that meets your needs, up to $10,000 in monthly expenses reimbursed. Coverage is available in your choice of 1 to 100 units, each unit offering you $100 of protection against the incurred expenses of your business or partnership.
For added flexibility, you can also choose your Waiting Period before benefits begin (7, 14 or 30 days), and your Benefit Period for how long benefits can continue (6, 12, 18 or 24 months).
What is covered:
- Reimbursement will be provided for incurred expenses such as rent, salaries, utilities, leased or rented equipment and other expenses which are normal and customary in the operation of your Firm.
- In the event of joint occupancy or partnership, only your share of the office overhead expenses will be covered.
Receiving Your Benefits:
- If you become totally disabled, benefits begin after the chosen waiting period has expired.
- If you die while receiving benefit payments, your beneficiary will receive a further three months of benefit payments in a lump sum to help finalize the affairs of your Firm.
Eligibility
To apply for Member Office Overhead Expense Insurance, you must be the owner of or partner in your own Firm, and be eligible to apply for Member Income Protection Disability Insurance. Coverage ends at age 70 or when you cease to be the owner of or partner in your own firm. See the Office Overhead Expense Insurance rates that apply to you, or let us calculate the cost for you.
- Own Occupation Option
If you purchase the Own Occupation Option rider for an additional premium and you cannot perform the essential duties of your regular occupation, you will be considered totally disabled, even if you are working in another occupation.
- Survivor Benefit
If you die while receiving benefit payments, a three month lump sum payment will be made to your beneficiary.
- All your premiums waived if you are disabled
If you become totally and permanently disabled before age 65, all premiums for Member Office Overhead Expense Insurance will be waived for as long as disability benefits are being paid.
- Coverage that goes where you go
So long as you remain a member of a participating Institute and maintain your eligibility, you can take this coverage with you anywhere in the world you may go. However, Manulife Financial has the right to request that you return to Canada, Bermuda or the U.S. to provide adequate proof of disability if you make a claim for disability benefits from elsewhere.
- Limitations and exclusions
This plan does not pay any remuneration to the member, or to any person replacing the member, for performing the member’s prior duties intended to generate income for the firm. The costs of any new purchases of equipment or supplies are excluded as well. In addition, all limitations and exclusions which apply to Member Income Protection Disability Insurance also apply to this plan.
You can apply online (except for residents of Quebec) or print an application (including residents of Quebec) and mail it to: Manulife Financial, Affinity Markets, P.O. Box 4213, Station A, Toronto, Ontario, M5W 5M3.
If you have questions or feedback about our coverage, click here to contact us online, telephone us toll-free at 1 866 219-4245 Monday through Friday from 8 a.m. to 8 p.m. ET, or e-mail us at am_service@manulife.com any time.
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