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Protect your biggest asset – your income
Income Protection Insurance gives you an easy, economical way to protect your income – your single most important asset – should a serious accident or illness keep you from your job. While you are unable to work, the monthly benefit can be used towards maintaining your family’s lifestyle, covering everyday expenses, paying medical bills and more, so you can focus on your recovery without financial worries.
Maximum benefit
This comprehensive group policy lets you apply for a maximum monthly benefit,* which is the lesser of:
- $5,000 per month, or
- 60% of the first $2,000 of earned monthly income plus 50% of the excess, reduced by any other group, individual or association disability insurance in force or applied for (excluding Canada or Quebec Pension Plan benefits and Office Overhead Insurance) and any earned income continued by your employer or by the partnership, rounded up to the next higher multiple of $100 per month unless already an exact multiple. This formula has been developed to ensure that you do not apply for more coverage than you need.
Note: Your premiums for this Income Protection Plan will be waived up to age 65 while disability benefits are being paid.
*The benefits you can apply for will be reduced by any other disability insurance in force or applied for (excluding Canada or Quebec Pension Plan benefits), and by any income you continue to receive from your employer or partnership while disabled. If, while disabled, your income and benefits from all other sources (except investment income) exceed 85% of your Average Earned Income during the two years before disability, your benefits will be reduced on a pro rata basis.
Definition of Disability
Total Disability: You will be considered Totally Disabled if, due to sickness or injury, you are unable to perform the normal duties of your regular occupation or regular employment and you are not employed in any other 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 type of gainful occupation.
Benefit payments
Total Disability: If totally disabled, benefit payments begin after the chosen waiting period has expired, and are payable to age 65 (or for 12 months if disability begins at age 64).
Partial Disability: Immediately after receiving Total Disability Benefit, reduced benefits are available for up to 6 months at 50% of the benefit paid in the last month of Total Disability.
Definition of Earned Income
Earned Income: For the purposes of this plan, earned income means income earned from your employment or profession, after business expenses but before income taxes. Earned income excludes any severance pay.
- You must be under the regular care of a legally qualified physician or surgeon at all times.
- Disabilities resulting from self-inflicted injury or involvement in a criminal offence, insurrection or war are not covered.
- Coverage is limited to a maximum of six months for foreign travel or residence outside of Canada or the U.S., unless an extension is approved in writing by the Company.
- Benefits for back and neck injuries will be considered for payment only where substantiated by diagnostic medical tests.
- Uncomplicated pregnancy and child birth
Note: Additional Income Protection Insurance obtained from any other source reduces the payment by Manulife upon claim if the combined disability benefit payable exceeds 100% of the average pre-disability income over the 24 months preceding disability.
- Must be a resident of Canada
- Must be between age 18 and 60 inclusive to apply
- Must be an active member
Income Protection Plans rates
| Age1 | 30 days waiting period | 90 days waiting period | 180 days waiting period |
|---|---|---|---|
| Under 30 | $1.20 | $0.75 | $0.65 |
| 30 – 34 | $1.35 | $0.85 | $0.75 |
| 35 – 39 | $1.60 | $1.05 | $0.90 |
| 40 – 44 | $1.95 | $1.25 | $1.25 |
| 45 – 49 | $2.90 | $1.90 | $1.80 |
| 50 – 54 | $4.20 | $2.80 | $2.70 |
| 55 – 59 | $5.85 | $3.85 | $3.75 |
| 60 – 64 2 | $5.10 | $3.20 | $3.10 |
| 65 | Coverage terminates | Coverage terminates | Coverage terminates |
| Age1 | 30 days waiting period | 90 days waiting period | 180 days waiting period |
|---|---|---|---|
| Under 30 | $1.20 | $0.80 | $0.70 |
| 30 – 34 | $1.60 | $1.00 | $0.85 |
| 35 – 39 | $1.90 | $1.20 | $1.05 |
| 40 – 44 | $2.90 | $1.80 | $1.75 |
| 45 – 49 | $3.75 | $2.50 | $2.25 |
| 50 – 54 | $4.60 | $3.05 | $2.95 |
| 55 – 59 | $4.75 | $3.20 | $3.10 |
| 60 – 64 2 | $4.00 | $2.55 | $2.50 |
| 65 | Coverage terminates | Coverage terminates | Coverage terminates |
Income Protection Plans FAQ
Earned income means wages, salaries, bonuses, commissions, professional fees, net earnings from self-employment and other remuneration received for personal services actually performed during the period for which computation is being made.
If your existing insurance is less than what you're eligible for based on your earnings, you can top it up to get maximum coverage. You can buy coverage equal to the difference between (1) the benefit provided by your current plan and (2) the additional amounts available through this Disability Income Replacement Plan.
It depends. If your employer currently pays for your coverage under your employee plans, any benefits actually paid to you during a disability leave will be taxable as income (under current tax rules). By paying for your own coverage under this Disability Income Replacement Plan, you can select the additional coverage you want - and any benefits you receive would be tax-free income.
Most employee group disability coverage is not portable; it will end when you are no longer an employee. If you become uninsured in your later years, you may not qualify for individual disability coverage due to your age or deteriorating health. If you purchase coverage under this Disability Income Replacement Plan while you are still employed, you can take this coverage with you if you leave to become self-employed.
Take action
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Still have questions?
Call a Licensed Insurance Advisor at 1-800-668-0195
(Monday – Friday 8am – 8pm ET)
or e-mail us at am_info@manulife.com
Ready to apply for Income Protection?
It's easy and quick to apply for Income Protection Disability Insurance. Simply download and print the PDF application below, fill it out, and mail it to the address found on the application. We'll contact you when your application is processed.
Download an application (PDF)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