INCOME PROTECTION INSURANCE
Continue to provide for your family even if an accident or illness keeps you from your job
Benefits and Premiums
The value of 1 unit is $100 of monthly income benefit. Choose the waiting period that best meets your needs:
Maximum Coverage.................................................................................................... 50 Units
MONTHLY PREMIUM PER $100 UNIT OF MONTHLY BENEFIT
30 – 34
35 – 39
40 – 44
45 – 49
50 – 54
55 – 59
60 – 642
The maximum monthly benefit when you apply is the lesser of:
(a) $5,000 per month, or
(b) 60% of the first $2,000 of earned monthly income plus 50% of the excess, reduced by any other group, individual or association disability insurance in force or applied for (excluding Canada or Quebec Pension Plan benefits and Office Overhead Expense Insurance) and any earned income continued by your employer or by the partnership, rounded up to the next higher multiple of $100 per month unless already an exact multiple. This formula has been developed to ensure that you do not apply for more coverage than you need.
Definition of 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 or regular employment and you are not employed in any other 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 must not be engaged in any type of gainful occupation.
Total Disability. If totally disabled, benefit payments begin after the chosen waiting period has expired, and are payable to age 65 (or for 12 months if disability begins at age 64).
Partial Disability. Immediately after receiving Total Disability Benefit, reduced benefits are available. It is available for up to six months at 50% of the benefit paid in the last month of Total Disability.
Definition of Earned Income
For purposes of this plan, earned income means income earned from your employment or profession, after business expenses but before income taxes. Earned income excludes any severance pay.
Under current tax laws, Income Protection benefits are not taxable if you, not your employer or partnership, pay your premiums.
Additional Income Protection Insurance obtained from any other source would reduce the payment by Manulife Financial upon claim if the combined disability benefit payable exceeds 100% of the average pre-disability income over the 24 months preceding disability.
To add Income Protection Insurance to your Term Life Insurance plan, get an application, complete it and return it to Manulife Financial today.