Chartered Professional Accountants of Ontario
Manulife Financial

Getting the Best Disability Protection:
How Group Disability Plans Work With
CPA Select Income Protection Insurance


In addition to those self-employed, Members who are covered under employee group disability plans can fully supplement their disability coverage with CPA Select Income Protection Insurance. This opportunity will be of particular interest to Members who are concerned that their current benefit plan is lacking in one way or another – and who are looking for both added coverage and added flexibility. Thanks to a recent plan enhancement, you have two options to consider: top up and offset.

Top upIf your existing group disability insurance provides less coverage than you would otherwise qualify for based on your earnings, you can “top up” your coverage. Essentially, you can buy (and pay for) coverage equal to the difference between (1) the benefit provided by your current plan and (2) the additional amounts available through CPA Select Income Protection Insurance.

Offset – Alternatively, you can now purchase full or “offset” coverage under the CPA Select Income Protection Insurance Plan. This special option provides more protection than the simple top-up option outlined above; it also ensures that you will have full coverage in place if you ever decide to leave your current employer. When you apply for coverage under the offset option, the amount of CPA Select Income Protection you qualify for based on your earnings and the CPA Select income replacement formula, is not reduced by the amount of any group disability insurance you already have in place. Any benefits you receive from CPA Select during a disability may, in turn, be offset (i.e., reduced) by the benefits payable from your existing disability insurance arrangement (depending on your pre-disability income).

If you are worried about the quality of your group coverage, you can purchase CPA Select Income Protection benefits – up to the maximum available based on your earnings – regardless of your current group insurance coverage. In this way, your disability income protection plans can work together to:
  • cover all your earned income;
  • ensure you have access to the best of features, such as an own-occupation definition of disability and inflation protection; and
  • provide economical premium rates not available under individual disability insurance plans.
Better yet, you can take advantage of your good health today to take care of tomorrow – and to ensure that your income is adequately protected even if your coverage under a group disability plan comes to an end.

We encourage you to consider your options – and to take full advantage of the flexibility, features and value that the CPA Select Income Protection Insurance Plan offers. This important coverage will protect all the earning opportunities your career as a Chartered Professional Accountant may bring, whether you are an employee, a business owner, or a consultant.

If a disability strikes, CPA Select Income Protection Insurance will be there when you need it.

For more information, read our case study and our Frequently Asked Questions about group disability offset.