Let’s talk about Synergy
Synergy is the first product of its kind in Canada and offers protection of three separate insurance policies – disability, critical illness, and life insurance – all in one affordable, easy-to-manage product. This bundling allows for cost savings that now make it far more affordable than previously possible. Synergy offers the complete risk management solution so your family can adequately protection.
Who is the Synergy right for? & Why Would You Want it?
Synergy is ideal for younger people 18-50, with families, who are typically underinsured. Through this all-in-one solution, Synergy provides financial protection for your family that allows you to maintain your lifestyle if your income becomes interrupted through illness, injury or death.
For example, the funds can be used to replace lost income, pay off or fund payments on an outstanding mortgage, retire other debts, or establish an education or emergency fund.
How does it work?
Synergy’s pool of money approach allows the owner to purchase an initial amount of insurance between $100,000 and $500,000, which they can use in the event they become disabled (the monthly disability benefit amount is 0.5% of the Synergy amount of insurance*), or become ill with a critical illness (the critical illness covered condition benefit amount is 25% of the Synergy amount of insurance*). The term life insurance death benefit is 100% of the available amount of insurance. The Synergy solution expires at age 65, but it offers the owner the option to purchase a Manulife permanent life insurance product if they have an available amount of insurance remaining when their Synergy solution ends – with no medical underwriting required! The amount of permanent insurance they can purchase is limited to the client’s remaining available amount of insurance and Manulife’s issue limits for the product they choose. This option is not available if they have received a critical illness covered condition benefit.