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

Office Overhead Expense Insurance
The expense of running an office doesn’t stop just because you’re not there. If an accident or illness prevents you from working, mounting expenses could – potentially – wipe out the business you’ve worked so hard to build.

CPA Select Office Overhead Expense Insurance is specifically designed to help independent business owners and partners manage business risk. It provides the protection of monthly benefits designed to cover your day-to-day business expenses – so that the disability that has put you out of commission, doesn’t put you out of business.

Plan Basics
The Office Overhead Expense Plan provides coverage for you, the member, as follows:
  • Select coverage of $100 to $10,000 in increments of $100.
  • The Plan reimburses you for monthly operating expenses normally incurred by your business or partnership.
  • Select the Waiting Period that suits your needs (7, 14 or 30 days).
  • Select how long benefits will continue (6, 12, 18 or 24 months).
  • Apply up to Age 65 and keep your coverage up to Age 70, provided you remain the owner of (or partner in) a Firm.

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

Premiums Waived If You Are Disabled

Survivor Benefit

Optional Coverage
Add optional coverage to your existing Plan to get even greater value when you apply.
    Own Occupation Option
    As a member of the Plan, you can purchase an Own Occupation Option Rider for an additional premium. Under this option, you will be considered totally disabled if you cannot perform the essential duties of your regular occupation – even if you are working in another occupation.
Plan Rates
See the rates that apply to you, or let us calculate the cost for you.

To apply for Member Office Overhead Expense Insurance, a member must be eligible for Member Income Protection Disability Insurance, and must currently be a partner/shareholder or sole practitioner in their firm.

The Own Occupation option may be applied for at the time of application, or added to existing coverage.

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
This Plan pays benefits when you are unable to work (and/or your Earned Income is affected) as a direct result of an illness or injury. You can qualify if you are considered Totally Disabled. You are considered Totally Disabled if you are unable to perform the essential duties of your regular occupation, are receiving appropriate care and treatment from a qualified physician, and are not engaged in any other gainful occupation. (Note: With the Own Occupation Option, you can qualify for Total Disability benefits and work in another occupation.)

Limitations and Exclusions
Any benefits paid to members covered under the Office Overhead Expense Plan are subject to the following limitations and exclusions:

  • This Plan does not pay any remuneration to the member, or to any person replacing the member, for performing the member’s prior duties intended to generate income for the Firm. The costs of any new purchases of equipment or supplies are excluded as well. In addition, all limitations and exclusions which apply to Member Income Protection Insurance also apply to this Plan.
  • In the event of joint occupancy or partnership, only your share of the office overhead expenses will be covered.
  • Coverage ends at Age 70 or when you cease to be the owner of (or partner in) a Firm.

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).