Manulife disability insurance 2024: Review and contact
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Discover the methodologyDisability insurance is essential for protecting you and your family if you get sick or injured and can't work. It helps make sure you still have income to pay for everyday expenses and save money, keeping you financially secure during tough times.
Among the various options available, Manulife disability insurance stands out for its comprehensive coverage, customizable plans tailored to individual needs, and the reliability of one of Canada's largest insurance providers. But is it the right choice for you?
Read our complete review on Manulife disability insurance, coverage options, pros, cons, eligibility, and more. Use our free tool to compare Manulife and Canada's best disability insurance plans and get free personalized quotes.
Manulife disability insurance: Key takeaways
- Coverage from a reputed provider.
- Maximum $6,000 monthly benefits for diverse demographics.
- Optional add-ons for tailored coverage flexibility.
- Simplified application, guaranteed renewal until age 90.
- Reduced rates for WSIB-covered employees.
- Mandatory consultation with Manulife advisor for purchase.
Our Manulife disability review of 2024
Under its disability insurance coverage, Manulife has a Personal Accident Disability Insurance plan offering up to $6,000 monthly benefits, serving a broad demographic with options for both full and part-time workers. The plan provides essential coverage for total or partial disability, accident hospitalization, and rehabilitation, ensuring a robust financial safety net.
Its adaptability is highlighted by optional add-ons for illness coverage and hospital benefits, along with a distinctive feature to return 50% of premiums under specific conditions. This tailored approach, coupled with the plan’s comprehensive and flexible coverage, positions Manulife as a preferred choice for those seeking accident-focused disability insurance.
Before zeroing in on Manulife, we recommend that you compare other disability insurance plans in the market. You can do it right here using our free tool. Click on the button below and explore the best disability insurance options in Canada, compare their coverage, and get free personalized quotes right here in no time.
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Pros of Manulife disability insurance
- High Coverage: Up to $6,000 monthly benefits.
- Customizable: Tailored coverage with optional add-ons.
- Accessible: Coverage for a wide range of employment statuses.
- Easy Application: Minimal qualifying questions.
- Renewable: Guaranteed coverage up to age 90.
Cons of Manulife disability insurance
- Advisor Required: Must consult an advisor to purchase.
- Accident Focus: Primary coverage for accidents; illness coverage requires add-ons.
- Higher Premiums: Add-ons and higher limits can increase costs.
- Lower Benefits for Some: Caps for non-workers or part-time workers.
What does Manulife disability insurance cover?
Manulife's Personal Accident Disability Insurance is designed to offer financial protection following an accident that leads to disability. This plan provides monthly payments to help cover expenses, replace income, or cover hospital and convalescence costs, offering a safety net in addition to other coverages.
The core plan includes total or partial accident disability benefits, accident hospitalization, accidental death, and rehabilitation benefits, among others. Optional add-ons allow for customization, such as extending accident coverage, adding illness-related disability coverage, and enhancing benefits for hospitalization and accidental death.
Key plan details include:
- Eligibility: Open to all, including full/part-time workers, business owners, unemployed, students, and retirees.
- Coverage: Guaranteed renewable up to age 90, with easy application and customization options.
- Benefits: Up to $6,000 monthly for those working over 30 hours a week; up to $1,000 for less or no work hours.
- Customization: Choose benefit periods (2 years, 5 years, or to age 65), start times, and optional add-ons to tailor the plan to your specific needs.
- Add-ons: Options for premium returns, extended coverage, and additional benefits for comprehensive protection.
- Offers: Discounted rates for employees insured by the Workplace Safety and Insurance Board (WSIB).
Good to know
Disability insurance is offered in two formats: Short-term and long-term. Read our extensive guides to know everything about short-term disability insurance and long-term disability insurance coverage in Canada. Get personal quotes in no time using our free comparator.
How do I apply for a Manulife disability insurance policy?
To purchase the Manulife disability insurance policy, you must contact an advisor on their website. But before you decide Manulife is the right choice for you, you must compare disability insurance options from other providers.
You can use our free comparator below to explore Canada's best disability insurance options, compare coverage, and get free personalized quotes right now.
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How much does Manulife disability insurance cost?
The cost of Manulife disability insurance varies widely based on several factors such as the age and health of the policyholder, the occupation, the amount of coverage desired, and the chosen waiting period before benefits begin.
Since disability insurance is customized to the individual's needs and risk profile, it's best to contact a Manulife advisor directly for a personalized quote that accurately reflects your specific situation and coverage requirements.
Typically, disability insurance premiums might range from 1% to 3% of your annual income, depending on the comprehensiveness of the coverage.
For example
For a more concrete example, consider a 35-year-old individual in a moderately risky occupation, looking to secure a disability insurance policy that provides a monthly benefit of $3,000, with a 90-day waiting period and benefits lasting until the age of 65. In such a scenario, the individual might expect to pay approximately $75 to $150 per month for their disability insurance premium. Group disability insurance plans provided by your employer might be relatively economical. Take a look at our guide on group disability insurance in Canada.
We recommend that you compare quotes from multiple providers to get the best plan. Use our free tool below to compare disability insurance policies and get free quotes.
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How do I contact Manulife disability insurance?
Below are the contact options for reaching Manulife regarding individual insurance inquiries and services:
| Contact Method | Contact Details |
|---|---|
| Telephone | 1-888-626-8543 (Open between 8 a.m. and 8 p.m. EST Monday to Friday) |
| Telephone - French | 1-800-616-8843 |
| By Fax | 1-877-763-8834 |
| By Mail | Manulife Financial Individual Insurance 500 King Street North P.O. Box 1669 Waterloo, ON N2J 4C6 Canada |
