Introducing Personal Benefits
Optional Benefits have always been a great way to offer more benefit choices and financial protection to your plan members. But today, employees want coverage that can move with them, even when there is a change in employment. So we're introducing a new twist on a great idea.
Our new Personal Life and Personal Critical Illness coverage provides affordable, portable coverage to your plan members without your company having to bear the cost of administration and billing. With Personal Benefits, your employees can purchase optional coverage and they make the payments directly to Manulife through our easy payment options. Since the plan member enters into the Personal Benefits contract directly, coverage continues even if there is a change in employment.
What are the advantages of Personal Benefits?
For you the Plan Sponsor - No day-to-day benefits administration
- No payroll deductions to coordinate
- No additional cost to enhance the value of your benefits program
- No group contract
- Communications and promotional support with a range of tools that work best with your plan members
- Choice to offer Personal Life or Personal Critical Illness Insurance or both as part of your benefits program
For your 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 if 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
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.
How do plan members apply for coverage?
We've made applying for Personal Benefits as easy and convenient as possible for plan members. They simply need to fill out the Personal Benefits application form, select a coverage amount that's right for them, provide their banking or credit card information and submit the form to Manulife. Coverage begins following the approval of their application.
For more information about Personal Benefits, the rates and tools to help you promote Personal Benefits to your plan members, please call your Group Benefits advisor or your Manulife representative. |
