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ABOUT THE 50% SPECIAL ANNIVERSARY DISCOUNT
2013 marks 65 years since the Engineers Canada-sponsored Term Life Plan was launched to protect the financial futures of Canadian engineering professionals.
To celebrate this important milestone, we are giving Members and Spouses a special anniversary gift: 50% off new or additional Term Life coverage.
What’s the maximum amount of Term Life coverage I can buy to get the 50% discount?
The maximum amount of coverage available to each person at the special rate is 20 units, for a total of $500,000 in new or additional Term Life coverage (20 units @ $25,000 per unit). The 50% discount does not apply to existing Term Life coverage.
Why won’t the 50% discount apply to my existing Term Life coverage?
In order to offer you and new Members an opportunity to purchase additional or new Term Life coverage at the lowest price possible, the available funds have been directed towards the discounting of new purchases. This allows us to offer 50% off Term Life rates to all Members, the deepest discount we have ever made available on the plan. Had we opted to include this 1-year reduction on existing coverage, the discount offered would have been quite insignificant.
How long can I enjoy the discounted premiums?
The 50% discount will end and regular premium rates will resume on April 1, 2014.
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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 at 1 877 598-2273 Monday through Friday, from 8 a.m. to 8 p.m. ET.
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 at 1 877 598-2273 Monday through Friday, from 8 a.m. to 8 p.m. ET.
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.
ABOUT THE ENHANCED MAJOR ACCIDENT PROTECTION
Engineers Canada values its insurance programs and wants every eligible member to have the best product available to them. That means better benefits and competitive rates. That is why the Major Accident Protection (MAP) plan was recently enhanced with higher benefit amounts and additional features.
What are the enhancements to MAP?
- Increased accidental death benefit from $10,000 to $25,000 per unit
- Doubled benefit amounts for paralysis and loss of use of two limbs from $100,000 to $200,000 per unit
- Increased benefit amount for loss of use of one hand, one limb or one foot from $50,000 to $75,000 per unit
- Increased benefit amount for total and permanent loss of sight in one eye from $50,000 to $75,000 per unit
- New repatriation benefit of up to $10,000
- Extended claim declaration period from 90 days to 365 days
How does this affect my current MAP coverage?
If you were insured for MAP before April 1, 2010, your coverage has been automatically enhanced to include the new benefits and coverage levels.
How do these MAP enhancements affect my premiums?
All these enhancements are available to you at the same low rates. There will be NO increase in MAP premiums.
ABOUT THE ENHANCED CHILD LIFE & ACCIDENT INSURANCE
What are the enhancements to Child Life & Accident?
- Doubled benefit amounts for paralysis and loss of use of two limbs from $50,000 to $100,000 per unit
- Increased benefit amount for loss of use of one hand, one limb or one foot from $25,000 to $37,500 per unit
- Increased benefit amount for total and permanent loss of sight in one eye from $25,000 to $37,500 per unit
- New repatriation benefit of up to $10,000
- Extended claim declaration period from 90 days to 365 days
ABOUT THE TERM LIFE TO 85 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. The Engineers Canada-sponsored Term Life Plan offers extended protection to meet that need.
What does the Term Life Plan offer?
The “Term Life to 85” Plan offers you level term life coverage until age 85.
Were all units of my coverage under the previous Term Life Plan converted to the “Term Life to 85” Plan?
For the majority of eligible Members, all units of coverage were converted to the “Term Life to 85” Plan on April 1, 2009, 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 at 1 877 598-2273 Monday through Friday, from 8 a.m. to 8 p.m. ET.
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 "Term Life to 85" Plan and your coverage under the previous Term Life Plan. If you were age 65 or younger as of April 1, 2009, this difference will be zero for both premiums and benefits. If you were between the ages of 66 and 74 (inclusive) as of April 1, 2009, this amount will reflect your full coverage amount under the "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 "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 (if applicable).
My application for additional Term Life coverage was declined or rated in the past. Can I apply for coverage under the "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 "Term Life to 85" Plan.
What if I don’t want to keep all of the units of 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 (if applicable). For details, contact Customer Service.
Why have my Term Life premiums increased?
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.
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.
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 “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 "Term Life to 85" Plan will be payable until age 85.
Do I have to maintain my membership in my provincial or territorial engineering licensing association to stay covered?
Ongoing membership is a requirement to be covered under either Term Life Plan. Ongoing membership is not a requirement under the Insurance Continuation benefit.
* The 50% discount does not apply to existing Term Life coverage. The 50% discount will end and regular premium rates will resume on April 1, 2014.
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