Optional life insurance
Extra protection for life’s unexpected moments
Your group benefits plan offers you easy and affordable life insurance options to help you better prepare for life’s unpredictable moments, so you can focus on building unforgettable memories.
What's life insurance?
Life insurance can help your family deal with the financial impact that comes with a loss of life. It pays out a one-time cash amount to the beneficiaries you’ve named under the insurance.
This amount can be used to help cover expenses such as:
- funeral costs
- debt payments
- mortgage payments
- family living expenses
- childcare
- aging parents
Basic life insurance
Your employer might offer you basic life insurance coverage at a lower cost, or no cost at all. This insurance typically pays up to the full amount of your annual salary. Make sure to check your benefits booklet for your coverage details.
Optional life insurance
You can buy this insurance on top of your basic life insurance as part of your group benefits plan if your employer offers it. You can get the full details online in your benefits booklet. For questions about what your plan offers and how much it costs, ask your plan administrator or human resources (HR) team.
You can insure yourself, your spouse, and your children, as long as:
- your employer’s plan offers the insurance
- the person being insured meets your plan’s rules for coverage
- the person being insured is in good health
As little as $1 a day, depending on the coverage you choose. The options you can get from your group plan are usually cheaper than what you can find on your own.
Here are a few reasons why this coverage is worth it.
- Flexible coverage – You choose how much you want.
- Easy to pay for – The money comes off your pay and is sent to Manulife on your behalf.
- Apply with no medical questionnaire – Your plan might allow you to get a fixed amount of coverage without a medical questionnaire when applying for optional life insurance.
- Take it with you – If you change jobs and transfer some coverage to an individual policy, you can keep your coverage – with no medical questions asked when transfer is requested.
Group life insurance is available across Canada and may be offered through your employer’s benefits plan.
Check out your employee booklet or contact your human resources (HR) team for more information. To check your benefits booklet, sign in at manulife.ca/signin, then under My benefits, click View benefits booklet.
Why optional life?
In addition to basic life, some plan sponsors offer members the chance to buy additional (i.e., optional) life insurance and/or critical illness insurance. Your benefits booklet includes details on whether your plan includes such options, and how much they cost. Or, your plan administrator or human resources department can provide more information.
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Easy access to extra coverage available to you and your family -
Flexible insurance amount fit for your needs -
Easy to pay for -
Preferred price through your employer plan -
No medical questionnaire needed for a fixed amount of coverage -
Take it with you if you change jobs
How to apply?
Applying is easy.
- Decide how much insurance you want.
- Check the cost and any coverage limits set for your plan.
- Fill out and send us the application. You can find the forms to apply at manulife.ca/signin or through your plan administrator.
If you have any questions on how to apply or you need to change your coverage, contact your plan administrator or human resources (HR) team.