Manulife Disability Insurance – Manulife Venture: product details, reviews, quote examples

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Manulife Disability Insurance – Manulife Venture: How does it work:

Similar to other disability insurance products, Manulife Disability Insurance, Manulife Venture, provides insurance coverage in the form of regular monthly payments, should you become disabled and not be able to perform your job duties either temporarily or permanently. In some cases, you might be able to perform a part of your duties – in this case you may qualify for either residual disability or partial disability benefits.

We have put together useful information about Manulife Disability Insurance, Manulife Venture, based on existing policies (note that this data can change without notice).  

Contact us to get access to the most updated disability insurance information. 

Who is covered by Manulife Disability Insurance – Manulife Venture:

When selling disability insurance products, insurance companies look very carefully at your job and the likelihood of you being injured while doing your job. Some jobs are more dangerous than others, so insurers divide all possible occupations into insurance classes and often insure just a subset of them.  An overview below shows what insurance classes this particular insurance product covers. Don’t worry! If your occupation class is not covered, you still can qualify either for disability insurance products from other providers or for simplified issue disability insurance or guaranteed issue disability insurance products. Check the overview below to find out more.

ClassJob descriptionCovered by this product

Class 4S

Select professions and select business executives / white collar employees with limited sales duties who qualify for the upgrade.

✔ covered

Class 4A

Specific professions listed in the schedule and select business executives / white collar employees (with limited sales duties) who qualify.

✔ covered

Class 3A

Most “white collar” workers (office, clerical or light sales work); no manual duties.

✔ covered

Class 2A

Skilled specialized workers who do not qualify for 3A. Duties are limited to sales, supervision and providing services. Farm owners (with minimum 20% ownership) are Class 2A Venture Series.

✔ covered

Class A

Skilled manual workers in the lighter trades and industries and some unskilled workers where duties are light and working conditions are favourable. To qualify, there must be no hazards from heat, chemicals, explosives, or heavy equipment/machinery. Does not include occupations where job stability may be a concern (e.g., fitness and beauty industries).

✔ covered

Class B

All remaining insurable occupations, mainly those requiring heavy physical exertion such as unskilled or manual labourers, drivers of vehicles and jobs with significant accident risk. Also includes some occupations with light duties but where job stability may be of some concern (e.g. fitness and beauty industries.).

✔ covered

Uninsurable occupations

Some occupations are uninsurable due to unusual physical hazards (e.g., workers handling explosives) or because of a high degree of job instability (e.g., actors, writers, taxi drivers, etc.).

not covered

(You can apply for a guaranteed issue, product)

 

Manulife Venture: Pros and Cons

Pros:

  • Covers more job / occupation categories than most other providers including class A and class B jobs (see above)
  • Covers own occupations for classes 4S and 4A
  • Wide choice of elimination periods (i.e. time in days after which you can start getting insurance payments): 30, 60, 90, 120, 730
  • Return of Premiums is available: 50% every 8 years (rate of return 10.20%)

Cons:

  • Ability to switch between partial and residual disability is limited with 1 time
  • In case of partial disability you receive partial disability payment for 1 year

 

Manulife Disability Insurance Venture: Important to know

Manulife offers a unique occupation class called 4S  for select professions and select business executives/white collar employees with limited sales duties who qualify for the upgrade.

This product is the best choice for lower risk jobs. It has a number of beneficial features if you qualify for this class.

Manulife Venture: Coverage

The full disability benefits depend on your income e.g. for a pre-tax annual income of $50,000 your maximum monthly benefit could be around $2,875 representing ~68% of your income.

For a pre-tax income of $160,000, your benefit can be around $7,320 (~55% of your income).

Please note these numbers are approximate and can be different for your particular situation. 

It is also important to know that disability benefits are typically not stackable meaning that if you qualify for another disability benefit e.g. under your group coverage, your individual disability benefit will be reduced accordingly.

Manulife Disability Insurance quote for “Manulife Venture”:

  • Male 25 years old
  • Non-smoker
  • Occupation class 3A (Most “white collar” workers (office, clerical or light sales work); no manual duties.
  • Income: $50,000
  • Elimination period: 90 days
  • Benefit period: to age 65
  • Benefit amount Non-Taxable: $2,850

Insurance rate: $53.79 / month