Learn what is included in DisabilityGuard™ Insurance1 and how you can customize your coverage with features and options that suit you.
Guaranteed features and premiums – Premiums are guaranteed until age 65, and the features of your coverage are guaranteed while your coverage is in force.
Competitive maximum coverage – You can apply for up to $25,000 per month up to age 54, and up to $15,000 per month from age 55 to 64.
Flexible premium payment options – You can start with a lower premium that increases in 5-year age bands to age 75 so you can save money for other priorities. Or if you prefer a consistent premium for the life of your policy, you can pay the same amount from now to age 65.
Own Occupation Definition of Disability – What if you were to suffer a career ending injury or illness preventing you from practicing dentistry? The Own Occupation Definition allows you to receive disability benefits even if you are able to earn income from a new occupation.
Coverage to age 75 – Many dentists are choosing to continue practising beyond the traditional retirement age. With DisabilityGuard™, coverage extends to age 75, and the premiums are guaranteed for 5-year periods, from 65-69 and again from 70-74.
Future Insurance Guarantee (FIG) Option – This is an important option helping to protect your future earnings as your income grows. You can increase your disability coverage by up to 25% yearly without evidence of good health at the time of the increase.
Cost of Living Adjustment (COLA) Option – The COLA Option increases your benefit each year after you have been disabled for 12 months, by the increase in the Consumer Price Index (up to 8 per cent).
Retirement Protection Option – During a total disability occurring before age 65, this option can provide a $500 or $1,000 monthly contribution (depending on your annual income) to an account set up for your retirement.
One of the key decisions you’ll make about your DisabilityGuard™ Insurance is whether you should select a Step or Level premium.
What is a Step premium and how does it work?
A Step premium provides you with a lower premium that increases in 5-year age bands that are guaranteed until age 65. You will know the guaranteed premium rates from when you are approved for your policy up to age 65. There is one rate for under age 25 which will increase the January after you turn 25 and last until age 29; then there will be a new premium from age 30 to 34, 35 to 39, and so on. Starting the January after you turn 65, you will have guaranteed Step rates from ages 65-69; and then when you turn 70, your rates from 70-74 will also be guaranteed.
You may consider a Step premium if you would like to begin by paying a lower premium and have the premium increase as your age increases, when your income is more likely to also increase. Just bear in mind that you will pay a higher premium as you age.
What is a Level premium and how does it work?
A Level premium involves you paying a guaranteed premium until the January after you turn 65. The premium will be higher to begin with, but it won’t increase as you age. Starting the January after you turn 65, you will have guaranteed Step rates from ages 65-69; and then when you turn 70, your rates from 70-74 will also be guaranteed.
You may want to consider a Level premium if you prefer paying a consistent premium until age 65. Just bear in mind that you won’t know the Step rates from ages 65-69 and 70-74 until they are assessed at age 64 and age 70 respectively.
- Only practising dentists may apply for coverage under DisabilityGuard™ Insurance.
DisabilityGuard™ Insurance is underwritten by
The Manufacturers Life Insurance Company (Manulife),
PO Box 4213 Stn A, Toronto, ON, M5W 5M3.
The information contained here is a summary only. A full description of DisabilityGuard™ coverage and eligibility, including restrictions and limitations is contained in the certificate booklet, which sets out all the coverage terms and conditions.