Premiere Edition - ACEC|Manitoba

By Grace Pickard, Manulife Financial
Can you afford NOT to be covered for health and disability expenses?
Most people recognize the need for
home insurance, car insurance and even
life insurance.
But many overlook the need for two types
of insurance, the absence of which could
strike at the heart of your finances especially
if you’re self-employed or don’t have
adequate coverage at work.
Extended health insurance. About half of
all Canadians do not have extended health
insurance through their employers, so must
pay out of their own pocket, or hope their
provincial health plan covers it.
In fact, Canadians are spending more out
of their own pocket on health care than they
were two decades ago — $452 per person in
2007 compared with $222 in 1981. Much of
the increase was due to the rising costs of
health care not covered by provincial
insurance, and the fact that fewer costs are
being covered. 1
It has never been more important to have
an extended health care plan that covers
what your provincial health insurance
doesn’t: prescriptions, diagnostic services,
chiropractors, physiotherapists, semi-private
or private hospital rooms, out-of-Canada
emergency medical care, ambulances and
more. Dental coverage can help cover the
cost of examinations, x-rays, cleaning, fillings,
crowns, root canals and even dentures.
If you are self-employed, your premiums
for extended health care plans may be
tax deductible. 2
Disability insurance. It is far more likely
that you will become disabled before age 65
than die. In fact, disability strikes working
people far more often than premature death.
If a disability lasts 90 days, it is likely to last
three years or more for a 35-year-old man or
woman, and four years or more for a 45-yearold
man or woman. 3
How is a person with dependants supposed
to survive without any source of income?
Where will the money come from if you’re
unable to work?
Disability insurance provides a source of
income if you should become ill or injured
and can’t work. These plans provide monthly
benefit payments, based on a percentage of
your monthly earnings, while you are disabled
and unable to perform your occupation.
While many employers offer disability
coverage, keep in mind that you can’t take your
company plan with you if you leave your job.
A private disability plan is not only portable:
some also provide coverage between jobs so
you can continue to receive benefits if you
become disabled within 12 months of your last
employment ending.
Look for a disability plan that offers coverage
for different types of disability, such as total
disability, residual disability, partial disability
and catastrophic loss.
And remember that as long as you pay your
own premiums (not your employer or
partnership), your monthly disability benefits
are tax free. 2
Being ill or injured can be challenging
enough without worrying about being driven
into serious debt. With the financial safety
net provided by private health and disability
insurance, you can focus on your recovery,
not on the bills. ■
1 GPI Atlantic, Economic Security in Nova Scotia and Canada,
July 2008.
2 Contact Canada Revenue Agency for details.
3 Disability Insurance: Where Will the Money Come From If
You’re Disabled? Canadian Life and Health Insurance
Association. January 2004.
Engineers Canada-sponsored plans: Your financial safety net
Extended Health Care Plan
& Dental Care Plan
These plans help reduce your out-of-pocket
medical costs by paying for those expenses
not covered by your provincial health plan.
Affordable coverage for you and your family.
Disability Income
Replacement Plan
Provides you with a generous monthly benefit
to replace lost income if a serious illness or
accident keeps you from making a living — so
you can continue to provide for your family.
Visit
www.manulife.com/CEM
to get more plan details, calculate your monthly benefits, get no-obligation quotes and apply online.
Or call toll-free 1 877 598-2273 Monday to Friday, 8 a.m. to 8 p.m. ET
Sponsored by:
Underwritten by:
The Manufacturers Life Insurance Company
Engineers Canada plans are underwritten by The Manufacturers Life Insurance Company (Manulife Financial).