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Income Protection Plan
Benefits and Premiums
An affordable, practical plan offering you solid financial protection to help you meet the needs of your family, and maintain their standard of living, if an accident or illness leaves you unable to work.
. | Monthly Premium For Each $100
in Income Protection Monthly Benefits |
Waiting Period |
30 days | 120 days | 180 days |
Age | Male | Female | Male | Female | Male | Female |
Under 30 | $1.10 | $1.15 | $0.85 | $0.85 | $0.80 | $0.80 |
30-34 | 1.25 | 1.55 | 1.00 | 1.15 | 0.90 | 1.05 |
35-39 | 1.50 | 1.85 | 1.15 | 1.40 | 1.05 | 1.25 |
40-44 | 1.85 | 2.65 | 1.55 | 2.20 | 1.50 | 2.10 |
45-49 | 2.80 | 3.65 | 2.20 | 2.85 | 2.10 | 2.70 |
50-54 | 4.10 | 4.45 | 3.35 | 3.65 | 3.30 | 3.60 |
55-59 | 5.65 | 4.65 | 4.60 | 3.80 | 4.55 | 3.75 |
60-64 | 4.95 | 3.85 | 3.85 | 3.05 | 3.80 | 3.00 |
Rates are subject to change.
Choose your coverage in multiples of $100, each of which represents $100 of monthly benefit.
For more information, calculate your own coverage cost.
Maximum Benefit
The maximum monthly benefit you may apply for is the LESSER of:
(a) $3,500 per month, and
(b) 50% of your monthly Earned Income* reduced by any other disability insurance in force or applied for (ignoring Canada or Quebec Pension Plan benefits) and any Earned Income continued by your employer or partnership, rounded to the next higher multiple of $100 (unless already an exact multiple of $100).
We developed this formula to ensure that you do not apply for more coverage than you need.
If your Earned Income while disabled plus other benefits received from all sources while disabled (excluding investment income) exceed your average Earned Income over the 24 months preceding disability, benefits will be reduced on a pro rata basis.
* Earned Income means income earned from your employment or profession, after business expenses but before income taxes. If your income fluctuates, use an average figure based on net income of the preceding 2 fiscal years.
Eligibility
All alumni of the University are eligible to apply. All applicants must be resident in Canada, less than 61 years of age and must have a monthly Earned Income of $1,000 or more on a continuous basis.
Other Details
Cost of Living Adjustment
If you select this additional benefit, provided you have been receiving benefits for the preceding 6 months, your monthly income will be adjusted for inflation every January 1st using the Consumer Price Index Factor, subject to a maximum escalation of 8% per year. If selected, this benefit must be added to all units applied for.
| Additional Monthly Premium |  |
| Age | Premium Per $100 of Benefit |
| Under 45 | $0.30 |
| 45 – 64 | $0.65 |
Definition of Disability
Total Disability. You will be considered totally disabled if due to sickness or injury, you are unable to perform the normal duties of your regular occupation and you are not engaged in any gainful occupation. After the first 24 months of benefits, you must be unable to engage in any occupation for which you are reasonably suited by training, education or experience, and you are not engaged in any gainful occupation.
Partial Disability. You will be considered partially disabled if, due to sickness or injury, you are unable to work at least 50% of your customary work day in the performance of your regular occupation, and such incapacity follows a period during which you received total disability benefits.
Benefit Payments
Total Disability. Benefit payments begin after the chosen waiting period has expired and are payable to age 65, or for a maximum of 24 months if total disability occurs between the ages of 63 and 65.
Partial Disability. Benefits are payable at 50% of the insured amount if partial disability immediately follows a period of total disability during which benefits were received under this plan. Payments can begin up to age 65 and can continue for up to 6 months.
Limitations and Exclusions
You must be under the care of a qualified physician at all times. Disabilities resulting from self-inflicted injury, uncomplicated pregnancy and childbirth, involvement in a criminal offense and insurrection or war are not covered. Mental and nervous disorders are covered for up to 24 months. Total disability shall be deemed to continue for up to 24 months following the commencement of a rehabilitation program supervised by your physician and approved by Manulife Financial.
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