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Member and Spouse Term Life Insurance
Life insurance for you and your spouse is the foundation of your protection portfolio. And although this principle has never changed, maybe your needs have.
That new mortgage, that extra loan, that recent addition to your family ...all require a steady source of income, which means additional coverage for those who provide for your family. This flexible, cost-effective Member and Spouse Term Life Insurance can be a key part of your financial security, and a smart way to keep on top of your family’s changing life insurance needs.
Choose the amount of coverage that meets your needs, from 2 to 80 units of $25,000 each, for between $50,000 and $2 million of protection per person. Applicants under age 51 may also choose the Future Insurability Option, which guarantees coverage increases in later years without the need to provide medical information. Rate reductions apply if you purchase coverage in amounts greater than $250,000 per person. Coverage continues to age 85.
Eligibility
To be eligible to apply for Member Term Life Insurance, you must be a member of one of the Institutes of Chartered Accountants of Ontario, New Brunswick, Prince Edward Island, Newfoundland, Nova Scotia or Bermuda, under 65 years of age and resident in Canada or Bermuda. You may apply for Spouse Term Life Insurance for your spouse or common-law spouse, provided he or she is also under age 65 and resident in Canada or Bermuda.
See the Term Life rates that apply to you, or let us calculate the cost for you.
- 10%, 15% and 18% reduced rates for volume purchases
If you purchase Member or Spouse Term Life Insurance coverage of $250,000 to $725,000, you can pay 10% less than the usual premiums for that coverage ...if you purchase coverage of $750,000 to $1,225,000, you can pay 15% less ...and if you purchase coverage of $1,250,000 to $2 million, you can pay 18% less.
- Preferred Rates
If you apply for $125,000 or more of new or additional Term Life coverage, and are in exceptional health, you may qualify for Preferred Rates of 5% to 25% less than the regular rates. You don't have to apply for Preferred Rates. Manulife Financial's underwriters will automatically assess your application and notify you if you qualify.
- Lower Rates For Non-Smokers
Non-Smoker rates mean that if you qualify as a Non-Smoker, you can pay less. If you have not used tobacco or tobacco cessation products in the last 12 months and you meet Manulife Financial’s health standards, you can apply for lower Non-Smoker rates.
- The Future Insurability Option lets you increase your Term Life coverage later, regardless of health
If you are between the ages of 18 and 50 and choose the Future Insurability Option (FIO) when you apply for Member or Spouse Term Life Insurance, you can be guaranteed the opportunity to increase your Member or Spouse Term Life coverage amount without evidence of health through age 55. You can exercise your FIO up to five times on
1. any second policy anniversary, or
2. upon any of the following "life events":
- within 31 days of your marriage,
- following two years of a common-law relationship (Member Term Life only), or
- within 31 days of the birth or adoption of any of your children.
Choose either one unit ($25,000) or two units ($50,000) of FIO, for a maximum coverage increase of $125,000 or $250,000 (not to exceed the Term Life maximum of $2 million).
- The Living Benefit can provide an interest-free cash advance of up to $100,000
If faced with a terminal illness, you may need access to cash in a hurry. With Member and Spouse Term Life Insurance, if your coverage has been in force for at least two years and there is a prognosis of death within 12 months, you can apply to receive a “Living Benefit” cash advance of up to 50% of your own death benefit (to a maximum of $100,000) to cover expenses or to spend any way you wish.
- All your premiums waived if you are disabled
If you suffer a permanent Total Disability before age 65, all premiums for Member and Spouse Term Life Insurance will be waived beginning after three months of continuous disability, and for as long as your disability continues, for no additional premium. (Total Disability means a Member, due to sickness or injury, is unable to work at any occupation for wage or profit as qualified by reason of education, training or experience.)
- Coverage that goes where you go
So long as you remain a member of a participating Institute and maintain your eligibility, you can take this coverage with you from one job to the next, anywhere in the world.
- Limitations and exclusions
Benefits will not be paid in the event of suicide within the first two years of obtaining new or additional Term Life Insurance, and all Term Life premiums paid will be refunded.
You can apply online (except for residents of Quebec) or print an application (including residents of Quebec) and mail it to: Manulife Financial, Affinity Markets, P.O. Box 4213, Station A, Toronto, Ontario, M5W 5M3.
Have you become a new Institute member within the past 90 days? If so, you are invited to take advantage of FOUR limited-time insurance plan offers, including an opportunity to enroll for $50,000 of Member Term Life Insurance -- at no cost to you for up to two years!
If you have questions or feedback about our coverage, click here to contact us online, telephone us toll-free at 1 866 219-4245 Monday through Friday from 8 a.m. to 8 p.m. ET, or e-mail us at am_service@manulife.com any time.
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