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Life, Disability and Critical Illness Insurance All in One Policy

  • Date: 2011/06/24
  • Synergy
  • Synopsis : All in one insurance policy includes life disability and critical illness insurance in one convenient and affordable solution.

Main Document

Synergy features three policies in one - life, disability and critical illness insurance - in one convenient and affordable solution.

A unique insurance solution introduced to help protect Canadians from life's major risks.

Synergy features three policies in one - life, disability and critical illness insurance - in one convenient and affordable solution.

For the first time, Canadians can now get life insurance, critical illness insurance and disability insurance in one convenient and affordable package. Manulife's Synergy combines three separate policies in one solution - with one application, one payment, and one plan to manage - making it easier than ever to put the right protection in place.

"For many of us, the combined risk of disability, illness or death before age 65 is significant and the financial impact can be devastating, said Michael Doughty, Executive Vice President, Individual Insurance. "While insurance products for these risks are available, up until now consumers have had to make separate buying decisions and purchase stand-alone policies, and the cost was often too expensive. Synergy changes that."

With one Synergy solution, consumers are covered for disability, critical illness and death. Synergy provides a "pool of money" used to provide benefits for critical illness claims, disability insurance claims and a death claim. Synergy benefits paid reduce the amount of the pool available.

With this unique pool of money benefit design, Synergy offers the potential for savings compared to purchasing three stand-alone policies. For example, a non-smoking, 30-year-old male purchasing $250,000 in Synergy insurance may save as much as 34%over purchasing three stand-alone policies, making Synergy a smart and affordable insurance solution.

"With Synergy, we're helping families address their life insurance needs as well as protect their income should they be unable to work," said Paul Smith, Vice President, Marketing and Product Development, Individual Insurance. "We saw a gap in the market and wanted to provide Canadians with a simple, money-saving solution to cover the real, everyday risks they face. That's why we created Synergy."

A recent survey conducted by Manulife Financial shows Canadians are ready for an insurance solution like Synergy:

Almost 6 in 10 respondents said they were concerned about providing for their family if they were to die.

Seven in 10 were very or somewhat concerned about the financial impact of being unable to work for an extended period of time because of injury or illness.

Less than 60% of respondents said they have an individual life insurance plan, only 21% have individual disability insurance, and only 13% indicated that they have individual critical illness protection.

Altogether, 92% of surveyed Canadians do not have a plan that includes all three products - individual life, disability and critical illness insurance.

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