Understanding the Job Loss Waiver of Premium (Engineers Canada Term Life Plan)

As an Association member, you have access to the Engineers Canada Insurance Benefit plans, underwritten by Manulife, which includes a range of insurance options. This article aims to shed light on a specific feature within the Term Life insurance product: the "Job Loss Waiver of Premium." This feature is particularly relevant for policyholders who might be experiencing job loss.

The Job Loss Waiver of Premium is a built-in feature of the Term Life plan, designed to provide financial relief during challenging times. If you're insured under the Manulife Engineers Canada program and lose your job, this provision allows for a suspension of premium payments for up to 12 months. To qualify, you must meet certain criteria:

1. experience a job/income loss,
2. be under 65 years old at the time of job loss, and
3. submit satisfactory proof of job loss to Manulife within 90 days of the occurrence.

It's important to note that eligibility conditions vary for employees and self-employed individuals. For detailed information on this benefit, including conditions for eligibility, you can review the wording found in your policy document(s).

For assistance in applying for this benefit, contact Manulife at 1-800-387-0048. Additionally, Manulife Advisors (Garrett Agencies Ltd.) are available to help review your existing insurance policies and estate planning needs at no extra cost. They can be reached at 1-800-661-3300 or via email at customerservice@garrett.ca.