Disability 

Buy-Sell

Original line of business: Manulife

Updated on: Dec 17, 2018

Product snapshot

Buy-Sell Plus provides non-cancellable, guaranteed renewable coverage to age 63. The policy will terminate if the client stops working full-time for the business. If it happens, coverage can either be transferred to a new business or converted to a personal disability policy.

Basic product information

Dividend options: N/A

Bonus: N/A

Dividend options

N/A

Bonus

N/A

Premium paying period

Coverage provided by this policy will automatically terminate on the earlier of:  

  • The monthly anniversary of the policy date following the person insured’s 63rd birthday
  • The date the person insured ceases full-time employment for the business entity (other than as a result of total disability), or
  • The date benefits for total disability cease 

Policy fees

$50

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 monthly benefits are being paid and your client dies, we will pay an amount equal to three times the monthly benefit limit. Disability benefits will then cease

Reinstatement period

If this policy has been terminated for non-payment of a renewal premium, it may be reinstated within 6 months by written application and with evidence satisfactory to us of the person insured’s 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

  • Prior to client’s 60th birthday, the owner may convert the buy-sell plus policy to an income replacement policy (such as Proguard)
  • To qualify, the insured must be employed on a full-time basis and must not be disabled
  • Premiums will be based on the original class of risk and insured’s attained age
  • The maximum benefit period of the new policy will be 2 years
  • The elimination period may be 90 days or less
  • This option is not available if the transfer of insurability option is elected 

For the maximum monthly benefit, refer to the policy contract