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Your most valuable asset is not your home or car, but rather your ability to earn.
Disability insurance protects your paycheck, replacing all or part of it if you can’t work. It works when you can’t.
Manulife, Canada’s largest insurance company, offers three disability insurance products. Between them, they cover every occupation class and a wide range of needs and situations.
Keep reading to find out why Manulife is worth considering if you are in the market for disability insurance and which one of its products is the right fit for you.
Who is Manulife?
Manulife Financial is Canada’s largest insurance company. Apart from health insurance, it offers a suite of life insurance, health insurance, and critical illness insurance products, as well as many asset and wealth management solutions. Established in 1887, Manulife offers both individual and group insurance products and serves millions of customers all over Canada.
- Financial Strength Rating: A+
- Head office: Toronto, Ontario
- Contact no.: 416-926-3000
- Website: https://www.manulife.ca
Pros and Cons of Manulife disability insurance
Pros
- One of Canada’s best insurance companies
- Three personal disability insurance products
- Offers monthly disability benefits of up to $24,500
- Your coverage remains active even during parental leave and sabbaticals
- Option to increase the monthly benefit amount each year to offset inflation
- Discounts available for recent graduates
Cons
- You cannot purchase coverage online, nor can you can online quotes
- Having a higher minimum hours limit than other providers
What disability insurance plans does Manulife provide?
Manulife has three disability insurance plans: the Venture Series, the Proguard Series, and Personal Disability Accident Insurance. Knowing their key features and pros and cons can help you determine which one of them is right for you.
1. The Venture Series
Designed for new business owners, farmers, part-time workers, and others who do not have access to group disability insurance, the Venture Series pays up to $24,500 a month in the event of total disability. Special discounts are on offer for recent graduates, people who have recently started their own business, farmers, and part-time workers.
Key Features
- Coverage Amount: $500 to $24,500
- Benefit Period: 2 years, 5 years, or up to age 65
- Disability Definition: The regular occupation definition for the first 5 years (though, you can extend it to last the entire coverage period), and then the reasonable occupation definition
- Waiting Periods: 1, 2, 3, or 4 months or 730 days
- Medical Exam Needed: Yes (if the coverage amount is greater than a certain amount or if the applicant is above a certain age)
- Guaranteed Level Premiums: Yes
- Non-cancellable: Yes
- Riders: Premium refund, Partial or residual disability, health protection, own occupation, non-occupational disability, etc.
2. Proguard Series
Like the Venture Series, the Proguard Series provides a monthly benefit in the event of disability. However, compared to the former, it has many additional features, though the maximum coverage amount is the same. The Proguard Series is a good option for high earners, such as doctors, lawyers, and executives.
Key Features
- Coverage Amount: $500 to $24,500
- Benefit Period: 2 years, 5 years, or up to age 65
- Disability Definition: The regular occupation definition for as long as the policy is in force
- Waiting Periods: 1, 2, 3, or 4 months or 730 days
- Medical Exam Needed: Yes (if the coverage amount is greater than a certain amount or if the applicant is above a certain age)
- Guaranteed Level Premiums: Yes
- Non-cancellable: Yes
- Riders: Premium refund, health protection, own occupation, non-occupational disability, additional protection, etc.
3. Personal Accident Disability Insurance
The basic plan offers only injury coverage. However, you can add illness coverage for an additional fee if you want both injury and illness coverage. Injury coverage doesn’t require you to take a medical exam, so you can get an approval even with an underlying health problem.
Key Features
- Coverage Amount: $300 to $6,000
- Benefit Period: 2 years, 5 years, or up to age 65
- Disability Definition: The regular occupation definition for as long as the policy is in force
- Waiting Periods: 1, 30, or 120 days
- Medical Exam Needed: No
- Guaranteed Level Premiums: No
- Riders: Premium refund, accidental death and dismemberment, sickness hospitalization, etc.
Disability Insurance Plans for Businesses
In addition to disability insurance plans for individuals, Manulife offers two disability insurance products specifically for business owners.
- Buy-sell disability insurance: If one of the business partners is unable to work due to illness or injury, the buy-sell disability insurance (similar to a buy sell agreement) paves way for smooth business transition by allowing the remaining partner(s) to buy his or her share.
- Business overhead expense insurance: Reimburses business expenses for a maximum period of two years in the event of total disability.
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Find the best rates
How much does Manulife disability insurance cost?
How much you will pay for disability insurance depends on:
- The plan you choose
- The policy-specific details
- Personal details
The premiums for the Proguard Series are higher than comparable Venture Series because it includes many additional features. The Personal Accident Disability Insurance, unlike the other two plans, doesn’t involve a medical exam. While this makes it an ideal choice for applicants with underlying health issues, its premiums are higher than those of a medically-underwritten plan.
Policy-specific details, such as benefit amount, benefit period, and elimination period also impact your cost of coverage.
- The greater the monthly benefit amount, the more you will pay
- The greater the benefit period, the higher the premiums
- The shorter the elimination period, the higher the insurance cost
Disability insurance premiums are always unique to the individuals applying for coverage. Three main personal factors affect disability insurance pricing: age, gender, and health.
- The cost of disability insurance goes up as you age
- Females tend to receive higher premiums than males for the same disability insurance plan
- Underlying health issues will likely increase your monthly insurance cost
Why get Manulife disability insurance?
A long-term disability insurance plan from Manulife will:
- Pay a monthly benefit to help you live comfortably if you cannot work due to disability
- Pay for living expenses
- Provide you with means to keep up with your debt payments (like the monthly mortgage installments)
- Protect your life’s savings
Applying for Manulife disability insurance
To apply for Manulife disability insurance, contact an advisor through their website or reach out to us at Dundas Life. Like many other Canadian insurers, Manulife do not offer online quotes or an option to apply for coverage online.
Conclusion
Manulife, one of the giants in Canada’s insurance landscape, offers three disability insurance products. The Proguard and Venture Series are available to select occupation classes and offer up to $24,500 a month as disability benefits. The Personal Accident Disability Insurance plan, in contrast, pays up to $6,000 a month, doesn’t require a medical exam, and is available to all occupation classes.
Regardless of which plan you want to buy, you will have to work with a Manulife advisor to complete the application process. If you would like to receive a price quote before you start applying or want to see how affordable Manulife is compared to other providers,
Dundas Life can help you. We can get you quotes from Manulife (and other top providers in Canada) so that you can get the best value for money. Schedule a time to chat today.
Frequently Asked Questions:
Can I customize my Manulife Disability Insurance policy?
Yes, you can customize your Manulife disability insurance plan to meet your needs. Policyholders have a number of options to customize their disability insurance policy, such as different coverage limits, benefit periods, elimination periods, and riders.
Does Manulife offers a simplified issue disability insurance plan?
Yes, it does. The Personal Accident Disability Insurance plan is Manulife’s version of a simplified issue policy. It doesn’t require you to take a medical exam to prove eligibility. Instead, your eligibility is based on your answers to two simple questions. The Personal Accident Disability Insurance provides only injury coverage by default, but you can purchase illness coverage as an add-on if you want.
Do Manulife disability insurance plans offer riders?
Yes, each of Manulife’s three disability insurance plans offers several riders that you can use to customize coverage as per your needs. The exact riders offered vary by plan, but the most common ones are cost of living benefit, premium refund, health protection, and additional insurance.
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