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Did you know that one-in-three Canadians will become disabled for at least 90 days before reaching age 65? Although some disabilities only last a few months, many last for several years. How will you pay your bills if your income stops for a few years?

That’s where long-term disability insurance comes in. A disability policy provides valuable coverage to help you cope with the financial costs of an injury or illness. It pays a monthly benefit so you can continue making mortgage payments, saving for retirement, and keeping your household finances healthy.

One of the providers of long-term disability benefits is Manulife Insurance. What type of disability plans does it offer? How do its insurance policies stack up against the competition? This review tells you all you need to know about Manulife disability insurance.

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About Manulife Insurance

Manulife Financial is the largest life insurance company in Canada. Founded in 1887 as The Manufacturers Life Insurance Company, Manulife Financial is now a multinational insurer with operations in North America, Asia, and Europe.

As an example of its size and reach, Manulife Financial employs over 38,000 employees, has $1.4 trillion of assets under management, and serves over 33 million customers.

Besides disability insurance, Manulife also offers:

  • Life insurance, including term and whole life
  • Critical illness insurance
  • Health and dental insurance
  • Travel insurance
  • Mortgage insurance
  • Segregated funds
  • Payout annuities

It’s also active in the group insurance and retirement market. In fact, many Canadians are covered for long-term and short-term disability insurance via Manulife group benefits offered by their employer.

Key facts about Manulife Financial

  • AM Best Rating: A+

  • Head office: 200 Bloor Street East, Toronto, Ontario, M4W 1E5

  • Website: https://www.manulife.ca/

  • Contact phone number: 416-926-3000

What Disability Insurance Plans Does Manulife Offer?

Manulife offers several disability insurance products that protect your income if you are unable to perform the duties of your occupation due to an injury or illness.

Proguard Series

The Proguard Series is the best disability insurance policy you can buy from Manulife Insurance. Targeted at high-income earners, it’s most suitable for professionals, executives, and recent grads with significant earning potentials.

Venture Series

With the Venture Series, Manulife offers a more affordable disability insurance plan geared towards new business owners, permanent part-time workers, farm owners, and other non-standard occupational situations.

Personal Accident Disability Insurance

A simplified issue injury-only plan that provides disability benefits if you are unable to perform your job because of an accident. While the base coverage only covers accidents, sickness coverage can be added on for an extra cost.

Here is a table comparing the products side by side:

Proguard Series
Ventures Series
Personal Accident
Target market
Value-added income replacement coverage for professionals and executives
A guaranteed plan at a more affordable cost
Simplified issued accident coverage for non-working individuals and uninsurable occupations
Covers
Injury or illness
Injury only with illness add-on
Definition of disability
Regular occupation for entire benefit period
Regular occupation for five years (can be extended to the entire benefit period)
Regular occupation
Age eligibility
18-60
5-80
Occupation classes
4S, 4A, 3A, 2A
4S, 4A, 3A, 2A, A, B
None
Occupation class upgrades
Yes
N/A
Waiting periods
30, 60, 90, 120, or 730 days
1, 30 or 120 days
Benefit periods
Two, five years, to age 65
Minimum coverage
$500
$300
Maximum coverage
$30,000
$6,000
Medical exam required
Yes, above a certain age and amount
No
Premium guarantee
Guaranteed level rates to age 65
Not guaranteed
Expiry
None
Age 90
Riders
Own occupation, premium refund, health protection, additional insurance, Pensionguard, cost of living adjustments
Own occupation, premium refund, health protection, additional insurance, Pensionguard, cost of living adjustments, residual and partial disability
Accidental death and dismemberment, premium refund, sickness hospitalization, non-occupational loss of income, strain and sprain

Disability insurance products for businesses

Besides personal disability insurance products, Manulife Insurance also has a suite of products for small business owners. These include:

Business overhead expense: Small business owners have many fixed expenses that continue even if they become disabled. With ExpenseComp, Manulife covers your business expenses during a disability for up to 24 months.

Buy-sell disability insurance: For small business owners with partners, Buy-Sell Plus allows one partner to purchase the shares of a disabled partner.

Got a question about insurance?
Call us at 604-928-1628 or send us an email at info@briansoinsurance.com. We'll be happy to help!

How Much Does Manulife Disability Insurance Cost?

Due to the varying benefits provided, the three disability insurance products differ in the premiums you have to pay. A number of factors also affect the cost, including your age, gender, smoking status, occupation, and plan design.

For example, smokers pay around 50% more than non-smokers, while those in a less hazardous occupation pay less than people working a high-risk job.

The table below shows the monthly premiums for the Proguard Series. It assumes a low risk occupation in the 4A class, 90 day waiting period, age 65 benefit period, and $5,000 in monthly benefits.

Age
Male
Female
25
$78
$131
30
$86
$158
35
$106
$190
40
$130
$212
45
$162
$243
50
$217
$283
55
$285
$339

Verdict: Our Manulife Disability Insurance Review

Since you can’t buy the Proguard or Venture Series anymore, this review is for current owners of inforce policies. These products are among the best in Canada, with only policies from RBC Insurance and Canada Life being able to match the coverage offered by Manulife.

Here are some of the pros and cons of Manulife disability insurance for current owners to consider.

How Do You Sign Up For Manulife Disability Insurance?

While other insurers have electronic applications for their disability insurance products, you still need apply for Manulife disability insurance with a paper application. However, because Personal Accident Disability Insurance is simplified issue, the application form is streamlined. Instead of dozens of pages on the form, you only need to complete a relatively short 12-page form.

As mentioned, you only need to answer ‘no’ to two eligibility questions to qualify for coverage. One of them asks if you are currently collecting disability benefits while the other asks if an injury or medical condition currently restricts your movement or your ability to perform your normal occupation.

Once you apply, it should only take a few days for Manulife to review your application and issue the policy.

Compare the market, get the best price
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Need A Manulife Disability Insurance Quote?

While the two most popular disability insurance products—Proguard Series and Ventures Series—are no longer available, the Personal Accident Disability Insurance is a compelling product if you have health problems.

Unfortunately, if you want the benefits of the Proguard or Venture Series, Manulife Insurance won’t be able to offer it to you. As an insurance broker, we work with other insurers that provide similar coverage to those products.

Let us help you find the right disability insurance plan and protect your family from a long-term disability claim. Contact us at info@briansoinsurance.com or 604-928-1628 for a consultation today.

Get Your Disability Insurance Quote Now

While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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