Disability 

Expense Comp

Original line of business: Manulife Financial

Updated on: Dec 10, 2018

Product snapshot

Expense Comp offers top quality office overhead coverage on a NON-CANCELLABLE, GUARANTEED RENEWABLE basis.

Basic product information

Dividend options: N/A

Bonus: N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

The owner has the right to continue this policy beyond the expiry date, after age 65, subject to the following conditions: 

 

  1. You must be engaged in full-time employment and must remain liable for the covered overhead expenses of your business or profession. We may require proof to this effect
  2. If you cease to be employed (except because of total disability), this policy will terminate on the date that such employment ceases
  3. The premium payable during this renewal period will be based on our rates for all policies of this type. We may change the rates for such policies as of any premium due date
  4. After the expiry date, the following definitions replace those specified in section 2 “definitions” of the policy contract

 

Policy fees

N/A

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: N/A

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

N/A

Loans

N/A

Withdrawals

N/A

Cash value

N/A

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

If your client dies while eligible for monthly disability payments, we will continue to reimburse the estate for business expenses for the three months following death or until the business interest is disposed or if earlier

Reinstatement period

If this policy has been terminated for non-payment of renewal premium, it may be reinstated within 6 months by written application and with evidence satisfactory to us of your good health and insurability. The reinstated policy will only cover loss due to injury sustained after the date of reinstatement and loss due to sickness which first manifested itself following 10 days after the date of reinstatement

Convertible

At any time before your 60th birthday, the owner may exchange this policy to a new plan designated by us that provides income replacement benefits if you become disabled. Refer to sample contract for conditions that apply