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Manulife Par Sample Riders - Child protection - Guaranteed insurability - Term insurance - Total disability waiver This sample policy contract is provided for your information only. It is not a valid contract or an offer of insurance. 6/23/2018 page 1
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Page 1: Manulife Par sample riders - Manulife - Insurance & investment … · 2020-04-04 · Manulife Par Sample Riders - Child protection - Guaranteed insurability - Term insurance - Total

Manulife Par Sample Riders - Child protection- Guaranteed

insurability- Term insurance- Total disability

waiver

This sample policy contract is provided for your information only. It is not a valid contract or an offer of insurance.

6/23/2018 page 1

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Each CPR insures the life of one child. It pays a death benefit if the child insured under the CPR dies before the CPR ends, as we describe in this rider.

Sample

CPR See section 9 for definitions of the terms we use in this policy

Child protection rider (CPR)

This CPR also provides a guaranteed life insurability benefit and a critical illness insurability benefit.

We use cross-references to make this document easier to use, instead of repeating sections of your Policy provisions in your CPR. The following sections are also part of this rider:

l Policy details l Paying your premium l More information about this policy l Definitions

You cannot change the CPR amount of insurance.

We refer to the person whose life is insured by this rider as the insured child.

If you apply for new CPRs on your policy, we will ask you to send us any information we need to decide whether, and under what conditions, we will add any additional CPRs to the policy.

Your CPR premium We show your guaranteed CPR premium in your Policy details.

If your CPR changes or ends resulting in unused CPR premium, we refund that amount to you.

Your CPR death benefit We pay a death benefit when the child insured by the CPR dies. The death benefit is the CPR amount of insurance shown in your Policy details.

In some cases we won’t pay a death benefit or we may pay a restricted amount. See the sections called Your CPR exclusions below and How we respond to misrepresentation or nondisclosure in your Policy provisions.

We explain who we pay the death benefit to in the section called Your beneficiaries in your Policy provisions.

Your CPR exclusions Exclusions define circumstances in which we do not pay the death benefit that we describe above. We add these exclusions to any policy that a rider is changed to, or if you exercise an insurability benefit.

Suicide

If the insured child commits suicide within two years of the day we issued the rider or last reinstated your policy, whichever is later, we cancel the rider and pay the restricted amount to you or your estate.

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If there are additional exclusions that apply to any insured child, we include them in the amendments to your policy.

Sample

CPR See section 9 for definitions of the terms we use in this policy

The restricted amount

The restricted amount equals the CPR premiums you paid for the CPR since the day we issued the rider or last reinstated your policy, whichever is later.

Additional exclusions

Your CPR insurability benefits

Guaranteed life insurability benefit

The guaranteed life insurability benefit allows you to buy new life insurance for the insured child under this CPR during an option period. We describe option periods below. We won’t ask for any information about the child to decide if we will insure them.

Critical illness insurability benefit

The critical illness insurability benefit allows you to apply for new critical illness insurance for the insured child under this rider during an option period. We describe option periods below.

What information we ask for when you apply for new critical illness insurance

When you apply for new critical illness insurance, we ask the insured child to confirm:

l that they would not qualify for, or start a waiting period for, any benefit under the new critical illness insurance policy, and

l that they do not have and have not applied for critical illness insurance that provides more coverage than our administrative rules allow. This insurance includes insurance with us and with other insurance companies.

We don’t ask for any additional information.

Option periods

You can buy new insurance for the insured child during any option period.

An option period is:

l the 75 days following any option day, or l the 60 days before the CPR expires.

An option day occurs on the day:

l the insured child becomes legally married, or enters into a civil union in Quebec, l the insured child’s relationship qualifies as common-law under the Income Tax Act of Canada in effect on the option day,

l the insured child gives birth to a living child, l the spouse or common-law partner of the insured child gives birth to a living child, as long as the insured child is alive on that day, or

l the insured child legally adopts a child under the age of 18.

The right to buy new life insurance can only be exercised once for the insured child under this CPR.

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When we refer to you in the next two sections, we mean either the policy owner or the insured child who is buying new insurance with the policy owner’s permission.

Sample

CPR See section 9 for definitions of the terms we use in this policy

How to buy new insurance

The insured child can buy new insurance, but only with your written permission and if the provincial laws that govern your policy allow it. If you buy the insurance, the insured child, or their parent or guardian, must agree to the new insurance by signing the application in accordance with the laws that govern your policy.

When the new insurance starts

We must receive your signed application and the first payment required for the new insurance before the end of an option period. Once we approve the application, the new insurance starts on:

l the day the rider expires, if you purchased the new insurance during the 60-day option period, or l the monthly processing day after the day we receive the application and first payment, if you purchased the new insurance during any 75-day option period.

If the insured child dies before the new insurance starts, we cancel the application for new insurance and refund any payments made for it.

Rules for buying new insurance

The new insurance must meet our administrative rules and be a new insurance policy we offer on the date you apply for the new insurance.

The new insurance must insure the same insured child as under the CPR.

You can buy a combination of life insurance and critical illness insurance, but the total amount of insurance cannot be more than $250,000, and the amount of critical illness insurance cannot be more than $100,000.

We base the premium of the new insurance on the insured child's age on the birthday nearest the effective date of the new insurance and on their personal information shown in your Policy details.

If we apply the provisions that relate to suicide or questioning the validity of your insurance to the new insurance, we use the dates that apply to the new insurance. If we reinstate the new insurance, we use the date of the latest reinstatement.

If we question the validity of the new insurance, we can rely on any information provided to us to obtain or reinstate the CPR or any additional information provided to us at the time you purchased the new insurance. If we are relying on information provided to us at the time you purchased the new insurance, we use the dates of the new insurance.

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l the monthly processing day on or after we receive your written request to cancel the CPR, l

Sample

CPR See section 9 for definitions of the terms we use in this policy

When your CPR ends Your CPR ends on the earliest of:

l the day the insured child dies,

the end of the day before the new insurance purchased under the provisions of this CPR on the insured child starts,

l the day we cancel or deny the insurance policy or rider, or deny a claim, subject to provincial laws. See the section called How we respond to misrepresentation or nondisclosure in your Policy provisions for more information.

l the day your insurance policy ends, and l the CPR expiry date we show in your Policy details.

When your CPR continues If your policy ends because the insured person dies and a death benefit or restricted amount is payable, we continue all CPRs on your policy at no cost to you. All benefits provided by each CPR continue unchanged.

When the CPR continues, we send you a certificate of insurance for the insured child, stating their amount of insurance and the CPR expiry date. We make the insured child the owner of the CPR if these three conditions are true:

l you are the insured person and the only owner of this policy, l you didn’t name a successor owner, called a subrogated policy owner in Quebec, and l the insured child is legally able to own a policy.

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Sample

GIO See section 9 for definitions of the terms we use in this policy

Guaranteed insurability option rider (GIO) The GIO allows you to buy new life insurance on the person insured under this rider. We won’t ask for any information about the insured person to decide whether we can insure them.

The person insured under this GIO can apply for new insurance instead of you, but only with your written permission and if the provincial laws that govern your policy allow it. If you apply for the new insurance, the insured person must agree to the new insurance by signing the application in accordance with the laws that govern your policy.

When we refer to you in the following sections on buying new life insurance, we mean either the policy owner or the insured person who is buying new insurance with the policy owner’s permission.

We use cross-references to make this document easier to use, instead of repeating sections of your Policy provisions in your rider. The following sections are part of this rider:

l Policy details l Paying your premium l More information about this policy l Definitions

Your GIO premium We show your guaranteed GIO premium in your Policy details.

If your GIO changes or ends resulting in unused GIO premium, we refund that amount to you.

When you can buy new life insurance You can buy new life insurance for the person insured by this GIO on up to a maximum of 8 option days. There are two kinds of option days:

l age option days, and l event option days.

Age option days are on the policy anniversary nearest the day the person insured by this rider reaches the ages 21, 24, 27, 30, 33, 36, 39, 42, 45 and 48.

Event option days are when:

l the person insured becomes legally married, or enters into a civil union in Quebec, l the insured person’s relationship qualifies as common-law under the Income Tax Act of Canada in effect on the option day,

l the person insured by this rider gives birth to a living child, l the spouse or common-law partner of the insured person gives birth to a living child, as long as the insured person is alive on that day, or

l the person insured by this rider legally adopts a child under the age of 18.

You may apply for the new life insurance during the following periods:

l within 45 days before and 30 days after an age option day, or l within 75 days after an event option day.

The option expires at the end of the above periods.

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whichever is earlier. The insured person must be alive on that day.

Rules for buying new insurance

Sample

non-participating

GIO See section 9 for definitions of the terms we use in this policy

The new life insurance starts on the age option day, if the insured person is alive on that day. If you exercise an event option, the new life insurance starts on:

l the monthly processing day after the day we receive the application and any required payment, or l the monthly processing day that is on or immediately before the 75th day after the event option day,

The new life insurance must be a new permanent life insurance policy offered by us on the date you apply for new insurance. You may buy new life insurance with an amount of insurance up to the GIO amount, which we show in your Policy details.

The new insurance must insure only the same person insured under the GIO.

We base the premium of the new life insurance on the insured person's:

l age on the birthday nearest the effective date of the new life insurance, l personal information shown in your Policy details, and l amount of insurance under the new insurance.

If we apply the provisions that relate to suicide and questioning the validity of your insurance to the new insurance, the dates we use will be those that apply to the original GIO. If the new insurance is reinstated, the dates we use will be those which apply to the new life insurance.

If we question the validity of the new insurance, we can rely on any information you gave us to buy or reinstate the GIO or any additional information you gave to us at the time you bought the new insurance. If we are relying on information you gave to us at the time you purchased the new insurance, the dates we use will be those which apply to the new insurance.

If we are waiving the policy premium under a total disability waiver rider (TDW) on your policy, or a claim has been made that would result in the policy premium being waived, you may only buy a

permanent life insurance policy with premiums payable throughout the lifetime of the person insured by the new insurance.

If a person insured by this rider dies before the new life insurance starts

If we receive your application for new life insurance with the initial premium, and the insured person under this GIO dies before the new life insurance starts, we cancel the application and refund any premium you paid. We pay a death benefit equal to the amount of new life insurance you requested, subject to our administrative rules.

We pay the death benefit to you or your estate.

Exclusions We don’t pay a death benefit under this GIO if the person insured under this GIO commits suicide.

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l the monthly processing day that is on or immediately after the day we receive your written request to cancel this GIO,

Sample

GIO See section 9 for definitions of the terms we use in this policy

When your GIO ends Your GIO under this rider ends on the earliest of:

l the day the insured person dies,

l the day we cancel or deny the insurance policy or rider, or deny a claim, subject to provincial laws. See the section called How we respond to misrepresentation or nondisclosure in your Policy provisions.

l the day your insurance policy ends, l the GIO expiry date we show in your Policy details, and l the day on which you make the 8th purchase of new insurance under the terms of this GIO.

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The TIR provides insurance to meet temporary needs. It pays a death benefit if the person insured by the TIR dies before it ends, as we describe in this rider.

Sample

TIR See section 9 for definitions of the terms we use in this policy

Term insurance rider (TIR)

We use cross-references to make this document easier to use, instead of repeating sections of your Policy provisions in your rider. The following sections are also part of this rider:

l Policy details l Paying your premium l Death benefit l Changes to your insurance policy l More information about this policy l Definitions

If you apply for new TIRs on your policy, we will ask you to send us any information we need to decide whether, and under what conditions, we will add any additional TIRs to the policy.

Your TIR premium We show your guaranteed TIR premium in your Policy details.

If your TIR changes or ends resulting in unused TIR premium, we refund that amount to you.

Your TIR death benefit We pay a death benefit when the person insured by a TIR dies. The death benefit is the TIR amount of insurance shown in your Policy details for each TIR.

How we may adjust the death benefit

Under certain conditions we may adjust the death benefit.

If the insured person dies while the insurance policy is in the grace period and your policy doesn't end as a result of that person's death, we reduce the death benefit by the amount of the missed premium.

If the age or sex of an insured person was stated incorrectly, we pay a death benefit but adjust the death benefit amount. The adjustment may be an increase or a decrease. We base the adjustment on the most recent premium for the policy, whether it was paid or waived. Then we pay the death benefit that the premium would have purchased if the insured person’s age or sex had been stated correctly.

In some cases we won't pay a death benefit or we may pay a restricted amount. See the section called Your TIR exclusions below, and How we respond to misrepresentation or nondisclosure in your Policy provisions.

We explain who we pay the death benefit to in the section called Your beneficiaries in your Policy provisions.

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Suicide

If the insured person under a rider commits suicide within two years of the day we issued the rider or last reinstated your policy, whichever is later, we cancel the rider and pay the restricted amount to the beneficiary.

Sample

TIR See section 9 for definitions of the terms we use in this policy

Your TIR exclusions Exclusions define circumstances in which we do not pay the death benefit. We add these exclusions to any policy that a rider is changed to, or if you exercise your conversion benefit.

The restricted amount

The restricted amount for this TIR equals the TIR premiums you paid for the rider since the day we issued the rider or last reinstated your policy, whichever is later.

Additional exclusions

If there are additional exclusions that apply to any insured person, we include them in the amendments to your policy.

Your conversion benefit You can convert all or part of the insurance provided by a TIR to new permanent life insurance, subject to our administrative rules. We won’t ask for any information about the insured person to decide whether we can insure the person.

If you convert a portion of the insurance provided by a TIR, the amount of insurance provided by that TIR decreases by the amount you convert.

You can apply for conversion at any time on or before the conversion expiry date shown in your Policy details.

You cannot convert this TIR if we are waiving the policy premiums under a total disability waiver rider, or if a claim has been made that would result in waiving the policy premiums.

We automatically convert a TIR on its conversion expiry date if we are waiving your policy premiums under a total disability waiver rider. We select the permanent life insurance policy for automatic conversions. We issue the new permanent life insurance policy with premiums payable throughout the lifetime of the insured person. If we are converting:

l a single-life TIR, the new permanent life insurance will insure the same person insured under that rider,

l combined TIRs, the new permanent life insurance will be two separate, single-life policies, insuring the same people insured under the combined TIRs.

When the new insurance starts

We must receive your signed application and the first payment required for the new insurance on or before the conversion expiry date. The new permanent life insurance starts on the monthly processing day after we approve your application. Your TIR ends at 11:59pm the day before the new permanent life insurance starts.

If the insured person dies before the new insurance starts, we cancel your application for the new insurance and refund any premiums you have paid for it.

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If you are converting a single-life rider, we issue the new permanent life insurance as a single-life policy. The new life insurance must insure the same person insured under the rider. The amount of insurance provided by the new insurance must not be a higher amount than the amount of insurance on the TIR.

Sample

TIR See section 9 for definitions of the terms we use in this policy

Rules for conversions

The new life insurance must be a new permanent life insurance policy offered by us on the date you apply for conversion.

If you are converting combined TIRs, the new life insurance will be issued as either:

l a joint first-to-die policy that insures the same people insured under the combined riders. The amount of insurance provided by the new insurance may not be higher than the amount of insurance provided by either one of the combined TIRs, or

l two separate single-life policies that insure each of the insured people who were covered by the combined TIRs. The amount of insurance provided by the new insurance may not be higher than the amount of insurance provided by either one of the combined TIRs.

We base the premium of the new life insurance on each insured person's age on the birthday nearest the effective date of the new life insurance, and on their personal information shown in your Policy details. If the new insurance is joint first-to-die, we calculate the joint age based on our administrative rules for the new life insurance.

We use the rates in effect for new insurance on the day the new insurance starts.

If we apply the provisions that relate to suicide and questioning the validity of your insurance to the new insurance, the dates we use will be those that apply to the original TIR. If the new insurance is reinstated, the dates we use will be those which apply to the new life insurance.

If we question the validity of the new insurance, we can rely on any information provided to us to obtain or reinstate the original TIR or any additional information provided to us at the time you purchased the new life insurance. If we are relying on information provided to us at the time you purchased the new life insurance, the dates we use will be those of the new life insurance.

When your TIR ends Your TIR ends on the earliest of:

l the day the insured person dies, l if 2 TIRs are combined, the day the first insured person dies. The combined TIRs end and the surviving insured person's TIR becomes a single-life TIR,

l the monthly processing day that is on or after the day we receive your written request to cancel a TIR, l the end of the day before the new insurance starts for a conversion of:

l the entire TIR, or l a portion of the TIR, if the amount of insurance that remains after conversion does not meet our minimum requirement,

l the day we cancel or deny the insurance policy or rider, or deny a claim, subject to provincial laws. See the section called How we respond to misrepresentation or nondisclosure in your Policy provisions for more information.

l the day your insurance policy ends, and l the TIR expiry date we show in your Policy details.

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Sample

TDW See section 9 for definitions of the terms we use in this policy

Total disability waiver rider (TDW) This TDW allows you to suspend paying your policy premium if a person insured under this rider becomes totally disabled. We show each person insured under this rider in your Policy details.

We use cross-references to make this document easier to use, instead of repeating sections of your Policy provisions in your rider. The following sections are also part of this rider:

l Policy details l Paying your premium l More information about this policy l Definitions

If you apply for any new riders under your policy, in addition to other requirements, we will ask you to give us any information we need about all of the people insured under this rider to decide whether, and under what conditions, we will add any additional riders to the policy.

If you want to add a person to this rider, you must meet all of our requirements and give us any information we need to decide whether, and under what conditions, we can insure the person.

Your TDW premium We show your guaranteed TDW premium in your Policy details.

If a TDW changes or ends resulting in unused TDW premium, we refund that amount to you.

Your TDW benefit If a person insured under this rider becomes totally disabled, we waive the policy premium subject to the conditions of this rider. We call the amount we waive your monthly premium. We define your monthly premium and total disability below.

The insurance and riders under your policy continue as if you were paying your policy premium.

How we define your monthly premium

A monthly premium is the portion of your policy premium in a given month. For example, if you pay monthly, your monthly premium equals your policy premium; if you pay annually, your monthly premium equals one twelfth of your policy premium.

We show your policy premium in your Policy details.

How we define total disability

We have two definitions for total disability — one for people who have a regular job, and another for those who do not have a regular job.

If an insured person meets either definition of total disability but is at any time working for pay or profit, we will not consider that person to be totally disabled.

The insured person who is disabled must be under the regular care of a licensed physician. The physician cannot be the policy owner or an insured person.

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The insured person is no longer considered to be totally disabled if, after a period of two years from the day the total disability began, they can work for pay or profit at a job for which they are reasonably suited by education, training, or experience.

Sample

TDW See section 9 for definitions of the terms we use in this policy

People with a regular job

Total disability in this case means that sickness or injury has prevented the insured person from doing substantially all of the material duties of their regular job.

If the insured person does homemaker tasks regularly or studies as a full-time student at school, we consider those activities to be a regular job if the insured person has no other regular job.

People who do not have a regular job

Total disability in this case means that sickness or injury has prevented the insured person from doing the regular substantial activities they were engaged in at the onset of their total disability.

Claiming a TDW benefit

We must receive the claim while the insured person is alive.

We will ask you to give us any information we need to decide if we will approve the claim. We must receive this information:

l while the insured person remains totally disabled, and l within 12 months of the day the total disability began.

Rules for waiving your monthly premium

When we waive monthly premium

The insured person must become totally disabled before the policy anniversary nearest their 65th birthday and must be totally disabled for at least 6 months without interruption. We call this 6-month period the waiting period.

When we approve your claim, we refund the following amounts to you:

l any part of the monthly premium waived that you paid before the start of disability, and l any monthly premium paid during the period of total disability,

to a maximum of 12 months before we received your claim.

How long we waive monthly premium

We continue to waive your monthly premium if the disabled person is alive and continues to be totally disabled, subject to the age restriction we explain below.

We will ask you to give us, as often as we consider appropriate, any information we need to decide whether the insured person continues to be disabled. The information we require may include having licensed physicians of our choice examine the insured person.

Age restriction for how long we waive monthly premium

If the insured person becomes totally disabled on or after the policy anniversary nearest their 60th birthday, all benefits under this rider end on the policy anniversary nearest their 65th birthday.

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l the insured person is no longer under the regular care of a licensed physician,

Sample

TDW See section 9 for definitions of the terms we use in this policy

When we stop waiving monthly premium

We stop waiving your monthly premium if:

l we do not receive the information we need to decide whether the insured person continues to be disabled,

l the insured person is working at any job for pay or profit, or l the insured person is no longer totally disabled, as defined in this rider.

If the total disability begins during a grace period, we do not waive any monthly premium that apply during that period. We explain the grace period in your Policy provisions in the section called If you don’t pay your premium.

If we stop waiving monthly premium

If we stop waiving your monthly premium, you must start paying your policy premium again. Your premium begins at the same frequency as before we started waiving the monthly premium.

If you pay for your insurance annually, you also need to pay the balance of the premium that we did not waive for the remainder of the annual premium period. Your regular premium payments begin again on the next premium due date.

When we start waiving your monthly premium again due to a recurring disability

When a person who has been totally disabled for at least 6 consecutive months:

l recovers and is no longer totally disabled, as we define in this rider, and then l becomes totally disabled again within 6 months of his or her recovery, and the recurring disability is related to the initial disability,

no waiting period is required. The person can make a claim when the recurring disability occurs. We waive your monthly premium effective on the monthly processing day following the start of the recurring disability.

We don’t waive your monthly premium after the initial disability ends and before the recurring disability begins again.

When we don’t waive your monthly premium

We don’t waive your monthly premium if the insured person under this rider becomes totally disabled because of:

l an intentionally self-inflicted injury or attempted suicide, l any injury sustained while operating a motorized vehicle that is drawn, propelled, or driven by any means other than muscular power, including but not limited to a snowmobile, vessel, or aircraft, while under the influence of any drug or intoxicant, or while the insured person’s blood contained more than 80 milligrams of alcohol per 100 millilitres of blood,

l committing, attempting to commit, or provoking an assault or criminal offence, l war, insurrection, or the hostile actions of any armed force, whether or not war has been declared, or l service in the armed forces, or any auxiliary civilian force, of any country at war or service in any force of an international body.

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You may be able to make other changes to your policy while we are waiving your monthly premium as long as the change meets our administrative rules.

Sample

TDW See section 9 for definitions of the terms we use in this policy

How waiving monthly premium affects your ability to make changes to your policy

Some changes you can make to your policy require that you give us information to decide whether we will make the change. You can't make any changes to your policy that would increase your policy premium during any period when we are waiving your policy premium.

When your TDW ends Your TDW ends on the earliest of:

l the day the insured person dies, l the monthly processing day that is on or after the day we receive your written request to cancel a TDW,

l the monthly processing day that is on or after the day the insured person is no longer either: l an insured person under this policy, or l the person named to pay the policy premium under this TDW,

l the day we cancel or deny the insurance policy or rider, or deny a claim, subject to provincial laws. See the section called How we respond to misrepresentation or nondisclosure in the Policy provisions for more information.

l the day your insurance policy ends, and l the TDW expiry date we show in your Policy details.

After your TDW has ended You can still make a claim after your TDW has ended if:

l the total disability began before this TDW ended, l we have not cancelled the TDW as we describe in How we respond to misrepresentation or nondisclosure in your Policy provisions, and

l you did not request the cancellation of the TDW.

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