Imagine the financial hardship you would face if you were suddenly struck by a disability due to an injury or illness and were unable to work. How could you afford to pay your bills, your mortgage and everything else that keeps you and your family afloat?

Disability Income Protection Insurance for alumni members can help you pay for these important day-to-day living expenses. It provides a monthly benefit to help replace your income, and to ensure your and your family’s lifestyle are taken care of during your recovery.

This affordable plan can give you funds to use toward:

  • Mortgage or rent expenses
  • Loan repayment or debt
  • Utilities
  • Medical care
  • Groceries
  • Childcare
  • Transportation
You may receive tax-free benefits under current tax laws, if you, not your employer or partnership, pay your premiums.

 

Total Disability Benefits

You will be considered Totally Disabled due to injury or sickness if you are:

  • Unable to perform the normal duties of your job
  • Not engaged in any gainful job
  • Under the ongoing care of a legally qualified physician

After the first 24 months of monthly benefits, you must be unable to work in any job for which you are reasonably suited by training, education or experience, and you must not be working at any paying job.

If you become Totally Disabled before age 63, you will receive 100% of your monthly benefit amount after your chosen waiting period, payable until age 65. If Total Disability occurs between the ages of 63 and 65, you’ll receive payments for a maximum of 24 months.

Partial Disability Benefits

You will be considered Partially Disabled due to injury or sickness if you are:

  • Unable to perform at least 50% of the normal duties of your job
  • Are emerging from a period where you received Total Disability benefits
  • Under the ongoing care of a legally qualified physician

If you become Partially Disabled, you will receive 50% of your monthly benefit amount after your chosen waiting period. Payments can begin up to age 65 and can continue for up to six months.

Waiver of Premium

Your coverage continues at no charge to you while receiving your monthly benefit if you, the Member, become Totally Disabled before age 65 and remain disabled.

Waiting Period

The “Waiting Period” is the amount of time between you becoming disabled and when your Disability Income Protection monthly benefit would begin. You can choose from 30, 120 or 180 days.

The longer the waiting period, the lower your premiums.

Disability Income Protection Insurance pays you a monthly benefit amount each month you are disabled from an injury or sickness and are unable to perform your regular job.

You can apply for one of the following coverage amounts, whichever is lower:

  1. $3,500 per month (maximum coverage)
  2. 50% of your monthly Earned Income.*

From this amount you must subtract:

  • Any other disability insurance you are keeping in force or applying for, and
  • Any Earned Income continued by your employer or partnership. If not an exact multiple of $100 then round up to the next higher multiple of $100 for your monthly benefit calculation

However, do not include Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits in your monthly benefit calculation.

Do you have disability coverage at work but think it’s not enough?

You can top it up by finding the difference between your group plan at work and any benefit room available based on your earned income, then purchase Disability Income Protection Insurance to cover that difference to ensure you and your family get the full protection.

If selected, after you have been receiving disability monthly benefits continuously for six months, your monthly benefit will be adjusted for inflation each January 1 using the Consumer Price Index, up to 8% per year (as long as disability benefit payments continue).

You may select this additional benefit at any time; however, it must be added to all units of disability monthly benefit insurance applied for.

Monthly premiums
Age Premium per $100 of COLA benefit
Under 45 $0.30
45-64 $0.65

Future rates for this rider are subjet to change without notice.

In order to receive Disability Income Protection monthly benefits, you must be under the care of a legally qualified physician at all times.

Disabilities resulting from the following are not covered:

  • Intentionally self-inflicted injury, while sane or insane;
  • Uncomplicated pregnancy and childbirth;
  • Committing or attempting to commit  a criminal offence;
  • Participation in a riot or civil commotion or war, whether declared or not

You are eligible to apply if:

  • You are an alumni member
  • You are a Canadian resident
  • You are between the ages of 18 to 60
  • You are working regularly and have a continuous monthly Earned Income $1,000 or more

Note: In addition to its normal underwriting standards, Manulife reserves the right to decline coverage if a Member's occupation and/or duties are determined to be a higher than normal risk.

Termination of Insurance

  • The first day of the policy year coinciding with or immediately following the date on which:
  • When the Master Policy is terminated;
  • You are no longer qualified as an Alumni Member;
  • When the coverage lapses due to non-payment of premiums;
  • When you reached age 65 on policy anniversary;
  • When regular full-time employment ceases;
  • The date of your retirement;
  • When you make a written request to terminate this coverage;
  • The date of death
Monthly premium per $100 of monthly benefits – Male
Age2 30–day waiting period1 120–day waiting period1 180–day waiting period1
Under 30 $1.10 $0.85 $0.80
30 – 34 $1.25 $1.00 $0.90
35 – 39 $1.50 $1.15 $1.05
40 – 44 $1.85 $1.55 $1.50
45 – 49 $2.80 $2.20 $2.10
50 – 54 $4.10 $3.35 $3.30
55 – 59 $5.65 $4.60 $4.55
60 – 643 $4.95 $3.85 $3.80

Waiting period - That period for which no benefits are paid and after which disability benefits begin to accrue.

2 Age – Means the attained age on or immediately before the Policy Anniversary date. Premiums increase with age.

Premiums for ages 61-64 are for renewals only. Coverage ends at age 65.

Rates are subject to change. These rates are guaranteed for 5 years, your rate will increase to reflect the rate of your age at that time. The new rate will be guaranteed for another 5 years.

Future rates for this rider are subjet to change without notice.

Monthly premium per $100 of monthly benefits – Female
Age2 30–day waiting period1 120–day waiting period1 180–day waiting period1
Under 30 $1.15 $0.85 $0.80
30 – 34 $1.55 $1.15 $1.05
35 – 39 $1.85 $1.40 $1.25
40 – 44 $2.65 $2.20 $2.10
45 – 49 $3.65 $2.85 $2.70
50 – 54 $4.45 $3.65 $3.60
55 – 59 $4.65 $3.80 $3.75
60 – 643 $3.85 $3.05 $3.00

1 Waiting period - That period for which no benefits are paid and after which disability benefits begin to accrue.

2 Age - Means the attained age on or immediately before the Policy Anniversary date. Premiums increase with age.

3 Premiums for ages 61-64 are for renewals only. Coverage ends at age 65.

Rates are subject to change. These rates are guaranteed for 5 years, your rate will increase to reflect the rate of your age at that time. The new rate will be guaranteed for another 5 years.

Future rates are subject to change without notice.

You can apply for one of the following coverage amounts, whichever is lower

  • $3,500 per month
  • 50% of your monthly Earned Income.*

From this amount you must subtract:

  • any other disability insurance you are keeping in force or applying for, and
  • any Earned Income continued by your employer or partnership. If not an exact multiple of $100 then round up to the next higher multiple of $100

Note: Do not include Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits in your monthly benefit calculation.

Monthly premiums
Age Premium per $100 of COLA benefit
Under 45 $0.30
45-64 $0.65

Future rates for this rider are subjet to change without notice.

Note: You may select this additional benefit at any time; however, it must be added to all units of disability monthly benefit insurance applied for.

Ready to apply?

To get a quote or apply, please call

1-888-913-6333
(Monday – Friday 8am – 8pm ET)

Downloads

Still have questions?

Call a Licensed Insurance Advisor at 1-888-913-6333
(Monday – Friday 8am – 8pm ET)

or e-mail us at am_info@manulife.ca

Our 30-day guarantee

Your satisfaction is our number one priority. Once you receive your insurance policy, examine it carefully. If you are not completely satisfied, contact us within 30 days and we will cancel your coverage and refund your premium in full, no questions asked.1