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  • Manulife

Income Protection Disability Insurance
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Income Protection Disability Insurance
Cost Calculator

To calculate monthly premiums, simply follow the steps below. Please do not enter commas or decimals in numeric fields.

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Income Protection Disability Insurance
  1. Date of Birth: Date of Birth, provided above, will be used to calculate Age. "Age" for the purpose of the policy is your age at the beginning of each policy anniversary date.
  2. Earned Income: Income earned from your employment and/or profession, after business expenses but before income taxes (not including severance pay). If your income fluctuates, use the highest figure based on one of the following periods: your net earned income over the last two taxation years immediately preceding the date of your disability, the 24 months immediately preceding the date of your disability, or the best 12 consecutive months within the 24 months preceding the date of your disability.
  3. Disability Coverage: Any other group or individual disability insurance in force or applied for (excluding Canada or Quebec Pension Plan benefits and Office Overhead Expense Insurance).
  4. Maximum Monthly Benefit:
    1. You can choose a benefit of up to 65% of your monthly earned income, after expenses but before income taxes.
    2. Subtract any other monthly disability insurance in force or applied for (excluding Canada or Quebec Pension Plan benefits and Office Overhead Expense Insurance) and any income you will continue to earn from your employment or business.
    3. Round this figure up to the next higher multiple of $100 per month. This amount cannot exceed $5,000 (or $3,500 if a Class 2 occupation).
  5. Waiting Period: means the number of consecutive days in a chosen period before you can begin to claim benefits. A longer waiting period will reduce the cost.
Cost of Living Adjustment
  1. Cost Of Living Adjustment: If you select this benefit option it will provide an increase of 3% per annum on your guaranteed post disability monthly income. This increase will be compounded annually and available to those between and including the ages of 18-50. Option is only available if the benefit period selected is to age 65.
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