Buying Disability Insurance in Ontario: The Two Best Plans

Two of the leading disability insurance carriers in Ontario are RBC Insurance and Manulife Financial.

RBC Insurance’s head office is in Mississauga, Ontario and Manulife’s is in Waterloo, Ontario. They both have competing high-end plans geared towards the professional market. RBC’s plan is called The Professional Series. Manulife plan is known as The Pro Guide Series.

The following is a comparison chart pitting some of their plan features head-to-head:

1. Occupational classes:

RBC: 4A, 3A, and 2A.

Manulife: 4S, 4A and 3A.

(The higher the occupational class the better the premium structure)

2. Issue Limits with RBC 4A:

Age 18 to 55 – $35,000 a month (monthly benefit maximum)

Age 56 to 60 – $10,000 a month (monthly benefit maximum)

Issue Limits with Manulife 4S and 4A:

Age 18 to 55 – 24,500 is the maximum issue limit.

Age 56 to 60 – 10,000 a month is the maximum issue limit.

3. Elimination Periods:

RBC: 30 days to 730 days.

Manulife: 30 days to 730 days.

4. Benefit Periods:

RBC: two years / five years / age 65.

Manulife: two years / five years / age 65.

5. Premium Structure:

RBC: level or step-rate premiums

Manulife: level premiums

6. Policy Fees:

RBC: none

Manulife: $75.00 a year

For more details on the differences between the two policies, please contact us at 1-866-899-4849, or visit our Disability Insurance Quotes Page.