Critical Illness, Disability & Life Insurance in one
In June 2011, Manulife Financial introduced Synergy, a unique insurance solution to help protect Canadian’s from life’s major risks.
For the first time, Canadians below the age of 65 can get life insurance, disability insurance and critical illness insurance in one convenient and affordable package. Manulife has also made the process easier – with one application, one payment and one plan to manage.
For many people, the combined risk of disability, illness or death before age 65 is significant and the financial impact can be devastating. While insurance products for these risks have been available in stand-alone policies, the cost was often too expensive.
With one Synergy solution, a person would be covered for disability, critical illness and death. Synergy uses a “pool of money” to provide benefits for critical illness claims, disability insurance claims and a death claim. The benefits paid will reduce the amount of the pool available. For example, take a 30-year-old client who buys a $100,000 Synergy policy, becomes ill at age 50 and receives $25,000 in critical illness claims. If the client does not go on long term disability, $75,000 of life insurance is left in the pool.
The idea for Synergy was born after Manulife conducted a number of studies with consumers and found that the majority of Canadians did not have a blanket of coverage from different insurance policies. Many Canadians own life insurance, but few have critical illness or disability coverage.
Synergy has the flexibility Canadians are looking for, as well as the affordability. Aimed at working class families, this combined insurance product is perfect for an individual that has not been able to afford all three coverage’s in the past.
It is crucial to note that while Synergy will help many Canadians afford the coverage they need, it is not intended to replace a person’s three stand-alone policies. Each personal situation is different, so it may be necessary to have multiple coverage’s in place.
Being the first new insurance solution introduced in Canada in 20 years, Synergy is definitely a one-of-a-kind product. If you wish to discuss your insurance coverage or learn more about Synergy, please don’t hesitate to contact the BlueRock team.
(Sources: Canadian Newswire; Manulife Financial)