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Manulife vs. Canadian Chiropractic Association
The information below highlights the features and benefits that each plan offers.
Manulife vs. Canadian Chiropractic Association
| CCA | Manulife | |
| Contract Ownership | Policy is cancellable and non-guaranteed renewable Terms and condition can be changed without the consent of the insured member |
Policy is non-cancellable and guaranteed renewable |
| Premiums & Provisions | Premium is increased every 5 years with a yearly review Premium can be changed without the consent of the insured member |
Guaranteed to age 65 |
| Own Occupation Rider | Yes, benefit is paid if the insured is unable to perform the substantial activities of his/her regular occupation, even if the insured is working in another gainful occupation | No, only regular occupation definition is applied Under regular occupation benefit is paid when the insured is unable to perform the substantial activities of his/her regular occupation and is not engaged in any gainful occupation. |
| Total Disability Benefit | Benefit can be lowered according to your income at claim time as opposed to paying out the full benefit | 100% of the benefit will be payable with no income justification |
| Future Insurability Frequency And Option Amount | Future Insurability Option (FIO) is not available | ACE: 5% compounded annually increase without medical evidence. 60 days before policy anniversary AIR: 20% increase every year to keep up with the income up to age 55. Double up option available at the first purchase Available up to a maximum of $15,000 |
| Maximum Coverage (Monthly) | Up to $7,500 (Covers potential income of up to $255,000) | Up to $24,500 (Covers potential income more than $900,000) |
| Claim Limitation | Claims are calculated based on either average monthly income, during the 24-month period prior to disability; or by taking the highest average of the earned monthly income for any 12 consecutive months in the 24-months immediately prior to the month in which the disability commenced. | 100% of the disability benefit will be paid upon total disability disregard of the income earned. |
| Partial Disability | Not fully portable | Fully portable, you may take it with you throughout your career and job changes. |
| Long Term Care Conversion | Not Available | Yes |
| Return of Premium | Not Available | Yes |
| Medical Requirement | Yes | No |