Manulife Financial
From the Institute Member's Plans Resource Centre New Member
From the Institute Members' Plans Resource Centre New Member Offer


Income Protection Insurance
Your most important financial asset is your income. But an accident or illness can rob you of that income in a heartbeat. And when it does, the expense of everyday living and medical treatments can quickly deplete your savings. So, it makes sense to shield your income as best you can.

CPA Select offers affordable Income Protection Insurance – providing a generous monthly benefit that replaces lost income in the event of serious accident or illness.

Plan Basics
The Income Protection Plan provides coverage for you, the member, as follows:

  • Select coverage ranging from $500 to $15,000 in monthly benefits, in increments of $100. (The maximum amount of coverage that you can apply for depends on your Earned Income. For Income Protection Insurance, Earned Income is measured after business expenses, but before deduction of any personal or corporate income taxes payable on it.) See Your Personal Coverage Maximum below.
  • Choose a Waiting Period from 0/7 days to 365 days. The longer the Waiting Period, the less you will pay for your coverage.
  • Apply up to Age 65 and keep your coverage up to Age 70.

Plan Features
This coverage includes special features at no additional cost:



Automatic Cost of Living Adjustment (COLA)



Premiums Waived If You Are Disabled



Survivor Benefit



Coverage That Goes Where You Go


Optional Coverage
Choose the Own Occupation Option and/or the Future Insurability Option when you apply, to get even greater value.



Own Occupation Option



Future Insurability Option


Getting Coverage Your Group Disability Plan Is Missing
If you're covered under an employee group disability plan, but it isn't giving you the coverage you need, now you can add to your protection with CPA Select Income Protection Insurance. More

Your Personal Coverage Maximum
The amount of Income Protection you can purchase depends on your Earned Income. The monthly benefit maximum of $15,000 provides non-taxable income replacement on annual pre-tax Earned Income up to $552,000. More

Your Personal Benefit Maximum
When you make a claim, your total income from employment, from this plan and from other specified sources cannot exceed 100% of your Pre-Disability Earned Income.



All Source Maximum Benefit Provision


Plan Rates
Refer to Your Personal Benefit Maximum to determine the maximum Income Protection benefit that applies to you, then see the rates that apply to you, or let us calculate the cost for you.

Eligibility
  • To apply for Member Income Protection, you must be a member of one of the following participating bodies:
    • Chartered Professional Accountants of New Brunswick
    • Chartered Professional Accountants of Newfoundland and Labrador
    • Institute of Chartered Accountants of Nova Scotia
    • Chartered Professional Accountants of Ontario
    • Chartered Professional Accountants of Prince Edward Island
    • Chartered Professional Accountants of Bermuda
  • be under 65 years of age;
  • be resident in Canada or Bermuda; and
  • currently have Earned Income. More
Note: During the application process, you will need to disclose your personal medical and non-medical history on the application. Any past or present medical and non-medical information provided on your application will be used by the underwriter to assess your eligibility for disability insurance.

Receiving Benefits
The benefits paid to you under the Income Protection Plan depend upon the type of disability you suffer, as determined by the following definitions. More

Limitations and Exclusions
Any benefits paid to members covered under the Income Protection Plan are subject to the following limitations and exclusions: More

Get a Quote & Apply Online


 
CPA Select Insurance Plans are sponsored by the Chartered Professional Accountants of Ontario
and underwritten by The Manufacturers Life Insurance Company (Manulife).
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