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ABOUT THE NEW PLAN
With increases in the average life expectancy, many engineers are discovering the need to extend their financial protection later in life. But health issues may make it difficult to obtain affordable life insurance at a later age. To meet that need, we have updated the Engineers Canada-sponsored Term Life Plan to offer extended protection.
What is this new Term Life Plan?
The new “Term Life to 85” Plan offers you level term life coverage until age 85.
Were all units of my current coverage under the previous Term Life Plan converted to the new “Term Life to 85” Plan?
For the majority of eligible Members, all units of coverage were converted to the new “Term Life to 85” Plan, with the exception of units of coverage that were issued under special underwriting circumstances such as with ratings or exclusions. For details please contact Customer Service.
Have there been any changes to my other coverages such as Major Accident Protection, Child Life and Accident Plan, Critical Illness or Disability Income Replacement Plans?
No changes have been made to these plans at this time.
Can I choose not to have this new "Term Life to 85 Enhancement" and go back to the previous Term Life coverage?
It is your decision whether you wish to keep the new "Term Life to 85 Enhancement", or return to your previous Term Life Plan. You can do this at any time during the lifetime of the Certificate. Cancellation will take effect at the next premium due date, and your premiums will be adjusted at that time. Just notify Customer Service that you want to cancel the enhancement. Note: Any additional Term Life coverage you purchase in the future will be the new "Term Life to 85" Plan that offers you level coverage to age 85.
ABOUT YOUR PREMIUM NOTICE
What is the "Term Life to 85 Enhancement" line on my Premium Notice referring to?
This refers to the difference in premiums and benefits between your coverage under the new "Term Life to 85" Plan and your coverage under the previous Term Life Plan. If you are age 65 or younger as of April 1, 2009, this difference will be zero for both premiums and benefits. If you are between the ages of 66 and 74 (inclusive) as of April 1, 2009, this amount will reflect your full coverage amount under the new "Term Life to 85 Enhancement".
Can I cancel the "Term Life to 85 Enhancement" item I see on my Premium Notice?
Yes, you can opt out of the new "Term Life to 85 Enhancement" coverage and revert to the previous Term Life coverage simply by notifying Customer Service at any time during the lifetime of the Certificate. Cancellation will take effect at the next premium due date, and your premiums will be adjusted at that time.
ABOUT APPLYING FOR ADDITIONAL COVERAGE
My application for additional Term Life coverage was declined or rated in the past. Can I apply for coverage under the new "Term Life to 85" Plan?
As a Member of your provincial or territorial engineering licensing association, resident in Canada and under 76 years of age, you are welcome to apply for this coverage. However, you must meet the medical requirements to be accepted.
Can I purchase additional coverage under the previous Term Life Plan?
No, any additional Engineers Canada-sponsored Term Life coverage you purchase will be under the new "Term Life to 85" Plan.
ABOUT CANCELLING COVERAGE
What if I don’t want to keep this much coverage to age 85?
You can cancel some or all of the units of the "Term Life to 85 Enhancement" as necessary by notifying Manulife Financial in writing. You can do this at any time during the lifetime of the Certificate. Cancellation will take effect at the next premium due date, and your premiums will be adjusted at that time. For details, contact Customer Service.
How long do I have if I decide to cancel some or all of this new "Term Life to 85 Enhancement" coverage?
You can request cancellation of some or all of your "Term Life to 85 Enhancement" coverage at any time during the lifetime of the Certificate. Cancellation will take effect at the next premium due date, and your premiums will be adjusted at that time.
ABOUT PREMIUMS
Will my premiums increase under this new "Term Life to 85 Enhancement" coverage?
Premiums will not change through to age 65. To reflect the fact that the new "Term Life to 85 Enhancement" provides you with the full amount of your coverage between the ages of 66 and 74 (inclusive), premiums will be higher within that age range. Also, because coverage under the new "Term Life to 85 Enhancement" continues to age 85 instead of ending at age 75, premiums will also be payable between the ages of 75 to 84, with coverage terminating at age 85. (Note that your premiums increase with age in five-year increments.)
Why have my premiums increased?
Plan premiums were temporarily reduced by up to 20%, in celebration of the Term Life Plan's 60th Anniversary, for the year starting April 1, 2008 and ending March 31, 2009. As of April 1, 2009, premiums have returned to the regular rates as shown in your Certificate. Another reason your premiums may have gone up is if you have moved into a higher age category. Based on the current rate structure, premiums do increase with age every five years, specifically at ages 31, 36, 41, 46, 51 and so on. Review the current rate table.
ABOUT SPOUSES
Does this new "Term Life to 85 Enhancement" coverage apply to my spouse as well?
Most spouses of insured Members choosing the new "Term Life to 85 Enhancement" coverage are also eligible to switch. However, there are some exceptions. Your Premium Notice indicates if the "Spouse Term Life to 85 Enhancement" has been added to any unit of spouse coverage. (If your spouse is age 65 or younger, this "Spouse Term Life to 85 Enhancement" will be zero.) If you have questions, contact Customer Service.
What happens to my spouse's coverage if I die?
Under either Term Life Plan, if you die your insured spouse will be given the option to continue his or her coverage under the Plan.
ABOUT INSURANCE CONTINUATION
If I have the "Term Life to 85 Enhancement", what will happen to the Insurance Continuation coverage that I have under the previous Term Life Plan when I turn 75?
The Insurance Continuation feature remains unchanged. When you reach age 75, you will have the premium-free coverage owing to you under the Insurance Continuation benefit which continues premium-free for life. This will be in addition to your Term Life coverage that will continue to age 85.
Note: If you purchase additional coverage under the new “Term Life to 85” Plan with the Insurance Continuation benefit, your premium-free coverage will become effective at age 85, when Term Life coverage ends.
Do I have to keep paying for the Insurance Continuation coverage I have under the previous Term Life Plan until age 85 now?
No, your Insurance Continuation premiums will end at age 75, as before. Only those premiums for any Insurance Continuation coverage purchased under the new "Term Life to 85" Plan will be payable until age 85.
OTHER
Do I have to maintain my membership in my provincial or territorial engineering licensing association to stay covered under this Term Life Plan?
Ongoing membership is a requirement to be covered under either Term Life Plan.
Do I have to maintain my membership in my provincial or territorial engineering licensing association to stay covered under Insurance Continuation coverage?
Ongoing membership is not a requirement when the Insurance Continuation benefit begins.
How do I update my payment method or contact information?
You can do this online in seconds at www.manulife.com/engineersupdates. If you need help, contact Customer Service.
How do I change my name, my smoking status or my beneficiary, or apply for additional coverage?
From www.manulife.com/engineersupdates, click on the link to download a printer-ready PDF form that you can print and mail to Manulife Financial. If you need help, contact Customer Service.
Can I pay my premiums online?
For your security, we currently do not accept premium payments online.
What if I have other questions?
Telephone Manulife Financial toll free at 1 877 598-2273 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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