Manulife Group Benefits
Manulife Financial is one of the leading group benefit providers in Canada. Their group life policies offer retiring members a group conversion option that allows them to convert their group life insurance to an individual policy without having to provide evidence of insurability or undergo a medical exam.
However, the insured must complete the conversion within thirty-one days of the policy's termination. The insured member can then covert the expired plan up to a maximum of 200,000 or another maximum amount under their group life policy. The insured can choose one of the following three Manulife Group Benefit policies:
1. A One-year Non-renewable Convertible Term Policy
This plan provides temporary life insurance for the insured for one year. The policy is non-convertible, and the coverage is non-renewable.
2. Level Term to Age 65
This policy provides level premiums to the insured until age 65, but it should be noted that the policy cannot be converted to any other form of insurance and terminates when the insured reaches age 65 or death —whichever is earlier. The policy also does not pay out any dividends.
3. Permanent life Insurance
Manulife's permanent life insurance policies are payable whenever the insured passes away. The premiums are guaranteed for life and are guaranteed never to increase. Manulife also guarantees that the administration fees will stay constant. Take note, though: the minimum conversion amount for Manulife's permanent policies is $10,000.
For more details about these and other plans, please contact us at 1-866-899-4849.