Our new Personal Benefits take the flexibility of Optional Benefits to another level. Now when plan members purchase Personal Life or Personal Critical Illness coverage, Manulife takes on the administration and the billing is direct with the plan member. The plan member enters into the Personal Benefits contract so coverage is portable and continues even if there is a change in employment.
Personal Benefits provide you with a new sales opportunity to bring choice and value to your clients.
What amount of coverage is available?
Plan members are able to purchase up to $500,000 for Personal Life and up to $150,000 for Personal Critical Illness.
What are the advantages of Personal Benefits?
For plan sponsors
- No day-to-day benefits administration
- No payroll deductions to coordinate
- No additional cost to enhance the value of their benefits program
- Communications and promotional support with a range of tools that work best with their plan members
- Choice to offer Personal Life or Personal Critical Illness Insurance or both as part of their benefits program
For plan members
- Affordable rates
- Flexibility – plan members choose the amount of coverage that's right for them
- Convenient payment of premium by credit card or pre-authorized banking withdrawal
- Personal coverage for their spouse and eligible dependent children
- Portable coverage that continues even when there is a change in employment
- Confidential – no decisions relating to the application for coverage are shared with the plan sponsor
- No sales tax applies to premiums