If an illness or accident makes you unable to continue working, how will you be able to support your family? How long will your savings last with daily expenses that can now include those related to your recovery?

Income Protection insurance protects your most valuable asset — your earning power.

Alumni Members can receive up to $3,500 in monthly disability payments to replace lost income at a time when it matters most.

Choice of waiting periods. Choose from 30, 120 or 180 days so you can decide how long you can take care of expenses on your own before your monthly benefits begin. The longer the waiting period you choose, the lower the premiums you pay.

Premiums waived. If you become totally disabled before age 65, the Income Protection premiums falling due after the waiting period will be waived while you are disabled.

Plan basics
How to make the most of this Plan:

How much you can purchase

To ensure that you do not apply for more coverage than you need, the maximum monthly benefit you may apply for is the LESSER of: $3,500 per month, and 50% of your monthly Earned Income* reduced by any other disability insurance in force or applied for (except Canada or Quebec Pension Plan benefits) and any Earned Income continued by your employer or partnership, rounded to the next higher multiple of $100 (unless already an exact multiple of $100). * Earned Income means income earned from your employment or profession, after business expenses but before income taxes. If your income fluctuates, use an average figure based on net income for the last two fiscal years.

Total Disability benefit payment

Benefit payments begin after the chosen waiting period has expired and are payable to age 65, or for a maximum of 24 months if total disability occurs between the ages of 63 and 65. You will be considered totally disabled if, due to sickness or injury, you are unable to perform the normal duties of your regular occupation and you are not engaged in any 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 gainful occupation. You must be under the care of a licensed physician.

Partial Disability benefit payment

Benefits are payable at 50% of the insured amount if partial disability immediately follows a period of total disability during which benefits were received under this plan. Payments can begin up to age 65 and can continue for up to six months. You will be considered partially disabled if, due to sickness or injury, you are unable to perform at least 50% of your normal duties required in the performance of your regular occupation, and such incapacity follows a period during which you received total disability benefits.

Optional Cost of Living Adjustment

If you select this benefit, provided you have been receiving benefits for the preceding six months, your monthly income will be adjusted for inflation every January 1st using the Consumer Price Index Factor, subject to a maximum escalation of 8% per year, as long as Total or Partial Disability income benefit payments continue. If selected, the Cost of Living Adjustment must be added to all units of insurance applied for.

IMPORTANT DETAILS
Don’t forget to read the fine print:

Eligibility

This plan is available to Alumni Members only. They must be resident in Canada, under age 61 and have a monthly Earned Income of $1,000 or more on a continuous basis. Note: In addition to its normal underwriting standards, Manulife Financial reserves the right to decline coverage if a Member's occupation constitutes a higher than normal risk.

Limitations and exclusions

You must be under the care of a qualified physician at all times. Disabilities resulting from self-inflicted injury, uncomplicated pregnancy and childbirth, involvement in a criminal offence, participation in a riot or civil commotion or war are not covered. Mental and nervous disorders are covered for up to 24 months.

WHAT'S NEXT?
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