Income Protection

Overview

Because your earning power may be one of your greatest financial assets, it makes sense to give it the greatest possible protection. CPA Ontario Income Protection provides an alternate source of income if an accident or illness prevents you from working.

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The Income Protection Plan provides you, the member, with the following coverage:

Select coverage ranging from $500 to $15,000 in monthly benefits, in increments of $100. The maximum amount of coverage that you can apply for depends on your Earned Income (see definition below).

For Income Protection Insurance, Earned Income is measured after business expenses, but before deduction of any payable income or personal or corporate taxes.

Earned Income for a month means all income from employment, profession, or services earned by the Insured over that month, whether paid:

directly to the Insured,
to a business or firm in which the Insured is a partner,
to a corporation or business entity effectively owned by or controlled by:
- the Insured,
- the Insured and the Insured’s partners and/or shareholders, or
- the Insured and relatives of the Insured,
in the form of a salary, wages, bonuses, commissions, fees, or honorariums, as well as any contributions made to a pension or profit-sharing plan on behalf of the Insured.

To determine Earned Income for a month, any bonuses, commissions, fees, or honorariums received, as well as any pension or profit-sharing contributions made on behalf of the Insured, will be deemed to have been earned equally over the period during which the service resulting in the payment was provided.

Earned Income does not, however, include income from investments, rents, royalties, pensions, annuities, deferred compensation, dividends from investments or any other income that does not depend on the Insured’s ability to engage in any occupation.

Choose a Waiting Period help from zero to seven days to 365 days. The longer the Waiting Period, the less you will pay for your coverage.
Apply before Age 65 and keep your coverage up to Age 70.

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This coverage includes the following special features at no additional costs:

Automatic Cost-of-Living Adjustment (COLA)
Each January 1st, if you have been receiving Total Disability help benefits for the preceding six months, your monthly benefit will be adjusted for inflation. The increase will be based on the annual escalation factors under the Canada Pension Plan, to a maximum of 8% per annum.
Premiums Waived if You Are Disabled
Your premiums for this Income Protection Insurance will be waived up to Age 70 while disability benefits are being paid.
Survivor Benefit
If you die while receiving benefit payments, your beneficiary will receive a lump-sum payment equal to three times the monthly benefit payment you were receiving at the time of your death.
Portable Coverage
For as long as you remain a member, you can transfer this coverage from one job to the next, anywhere in the world you may go.

Note: If you make a claim outside of Canada, Bermuda, or the United States, Manulife has the right to request that you return to Canada, Bermuda, or the United States to provide adequate proof of disability.

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Determine the amount of coverage you can apply for:

1. The Plan has a monthly benefit maximum of $15,000, providing non-taxable income replacement on annual pre-tax Earned Income of up to $552,000. See definition below.

directly to the Insured,
to a business or firm in which the Insured is a partner,
to a corporation or business entity effectively owned by or controlled by:
- the Insured,
- the Insured and the Insured’s partners and/or shareholders, or
- the Insured and relatives of the Insured,
in the form of a salary, wages, bonuses, commissions, fees, or honorariums, as well as any contributions made to a pension or profit-sharing plan on behalf of the Insured.

To determine Earned Income for a month, any bonuses, commissions, fees, or honorariums received, as well as any pension or profit-sharing contributions made on behalf of the Insured, will be deemed to have been earned equally over the period during which the service resulting in the payment was provided.

Earned Income does not, however, include income from investments, rents, royalties, pensions, annuities, deferred compensation, dividends from investments or any other income that does not depend on the Insured’s ability to engage in any occupation.

2. Review the following tiered income replacement formula (see examples in chart below) to determine how much coverage you can buy at the time of application, based on your Earned Income:

        - 60% of your first $5,000 of Monthly Earned Income,
        - 50% of the next $5,000 of Monthly Earned Income,
        - 35% of the next $5,000 of Monthly Earned Income, and
        - 25% of the remaining Monthly Earned Income, subject to the $15,000 benefit maximum.

Note: Using the formula at the time of application helps to ensure you don’t buy – and pay for – more benefits than could be paid at the time of a disability claim.

Applying the Income Replacement Formula at Application †


Annual Earned Income*	Non-Taxable Monthly Benefit**
$48,000	$2,400
$65,000	$3,300
$75,000	$3,700
$100,000	$4,700
$150,000	$6,400
$250,000	$8,800
$300,000	$9,800
$350,000	$10,800
$450,000	$12,900
$552,000 and over	$15,000

† Chart is an illustration of benefits available at various income levels.

* Refer definition of Earned Income above.

** Rounded up to the nearest $100.

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See the monthly rates for Income Protection Insurance that apply to you.

Benefit payments begin following the Waiting Period help you choose when you apply – from 0-7 days up to 365 days – with the longer you wait, the lower your premiums.

Own Occupation Option and Future Insurability Option (FIO)
are also available, see details and applicable rates in the Optional Coverage section below

CPA ONTARIO MEMBER INCOME PROTECTION INSURANCE
Monthly Premiums per $100 of Income Protection

**Waiting Period 0-7 days† (before benefits begin)**
Age**	Male	Female
Under 40	$1.20	$1.45
40 to 49	$1.95	$2.15
50 to 64	$3.90	$3.50
65 to 69***	$5.00	$4.25
70	*Ends*

**Waiting Period 30 days (before benefits begin)**
Age**	Male	Female
Under 40	$0.85	$1.00
40 to 49	$1.50	$1.65
50 to 64	$3.25	$2.90
65 to 69***	$3.75	$3.25
70	*Ends*

**Waiting Period 60 days (before benefits begin)**
Age**	Male	Female
Under 40	$0.75	$0.95
40 to 49	$1.40	$1.55
50 to 64	$3.05	$2.65
65 to 69***	$3.50	$2.95
70	*Ends*

**Waiting Period 90 days (before benefits begin)**
Age**	Male	Female
Under 40	$0.65	$0.85
40 to 49	$1.25	$1.40
50 to 64	$2.65	$2.35
65 to 69***	$3.00	$2.60
70	*Ends*

**Waiting Period 120 days (before benefits begin)**
Age**	Male	Female
Under 40	$0.63	$0.80
40 to 49	$1.20	$1.35
50 to 64	$2.60	$2.30
65 to 69***	$2.90	$2.55
70	*Ends*

**Waiting Period 180 days (before benefits begin)**
Age**	Male	Female
Under 40	$0.60	$0.75
40 to 49	$1.15	$1.25
50 to 64	$2.50	$2.25
65 to 69***	$2.75	$2.50
70	*Ends*

**Waiting Period 365 days (before benefits begin)**
Age**	Male	Female
Under 40	$0.50	$0.65
40 to 49	$1.00	$1.10
50 to 64	$2.00	$1.75
65 to 69***	$2.50	$2.25
70	*Ends*

OWN OCCUPATION OPTION RATE

To add Own Occupation coverage, multiply your premium above by $1.20

Note: Premiums increase as you move from one age bracket to the next and are subject to change.

** “Age” means Age attained as of the Policy Anniversary date (June 1).

*** Rates over Age 64 apply to renewal of existing coverage only. Coverage ends at 70.

† Benefit payments commence after the Waiting Period is satisfied. The Waiting Period, where Total Disability is the result of injury, will be 0 days and, where Total Disability is the result of sickness, will be 7 days or the number of days preceding admission to hospital, if less.

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For even greater value, you can choose to add the following options to your coverage when you apply:

Own Occupation Option (OOO)
If you purchase the Own Occupation Option Rider, you will be considered to have a Total Disability help if you are unable to perform the essential duties of your regular occupation — even if you are working in another occupation.

Future Insurability Option (FIO)
Select the FIO when you initially apply for Income Protection (before Age 51) and you can increase your coverage in the future without providing any medical information – ensuring your coverage keeps up with your changing needs even if your health changes. At every second anniversary of your Income Protection coverage (until Age 55), you can increase your coverage by up to 25% or $2,000 — whichever is less.

Note: Your total monthly Income Protection amount, including the additional FIO amount, must at all times be supported by your Earned Income and cannot exceed $15,000. See Plan Basics for definition of Earned Income).

FUTURE INSURABILITY OPTION †
Additional Monthly Premium Per $100


Male	$0.82
Female	$1.63

†All limitations and exclusions that apply to existing Income Protection coverage will also apply to the FIO.

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If you currently have group disability insurance, you can “Top Up” and “Offset” your current coverage to maximize it and make the most of your employer’s group plan and the CPA Ontario Income Protection Plan:

Top Up allows you to purchase coverage equal to the difference between the benefit provided by your employer’s group plan and the additional amounts available to you through CPA Ontario Income Protection Insurance.

Offset allows you to purchase the maximum CPA Ontario Income Protection Insurance coverage possible based on your earnings, regardless of your current employer’s coverage. If you suffer a covered disability while insured under both plans, your CPA Ontario coverage will be reduced by the amount of your group benefit. However, if you’re no longer covered by the group plan at the time of disability, you will receive full coverage from the CPA Ontario Insurance Plan.

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Qualifying for Disability Benefits

This Plan pays benefits when you are unable to work (and/or your Earned Income is affected) as a direct result of an illness or injury. You can qualify under one of the following definitions of disability:

You are considered Totally Disabled if you are unable to perform the essential duties of your regular occupation, are receiving appropriate care and treatment from a qualified physician, and are not engaged in any other gainful occupation.

Even if you are able to work, you will be considered Totally Disabled if the injury or illness results in total and irrecoverable loss of use of certain limbs, or total loss of sight, hearing, or speech.

Non-taxable benefit payments for Total and Presumptive Disability begin after you have completed your chosen waiting period. If your Total Disability commences prior to Age 63, your monthly benefit is payable up to Age 65. If Total Disability commences after Age 63, your monthly benefit will be paid for a period of two (2) years, or up to the date of your recovery or death if earlier.

Means that (1) you are able to perform only some of the essential duties of your regular occupation; or (2) you are engaged in another gainful occupation, and you suffer at least a 20% loss of your Pre-Disability Earned Income. You will receive a proportionate benefit payment that begins after your chosen waiting period has been satisfied or after 30 days (whichever is longer). You will receive a benefit equal to your full insured benefit, reduced by the ratio of your Monthly Earned Income before and after disability. For the first six months, the minimum benefit payable will not be less than 50% of the Total Disability benefit, regardless of the level of income loss. If Partial Disability commences prior to Age 63, partial benefits can be payable up to Age 65. If Partial Disability commences after Age 63, partial benefits can be payable for a period of two (2) years, or up to the date of your recovery or death if earlier.

Means you are covered if Total Disability from the same or related cause recurs within six months of your return to full-time work. Benefit payments will resume at once, and you will not have to satisfy another waiting period.

Personal Benefit Maximum

When you make a claim, your total income from employment, from this Plan and from other specified sources (see Provision below), cannot exceed 100% of your Pre-Disability Earned Income.

Definition of All Source Maximum Benefit Provision:

Where the Monthly Income Benefit payable at the time of claim, together with any Net Monthly Earned Income received while Disabled, and other income protection benefits to which you are entitled, results in total monthly income from all sources which exceeds 100% of your Pre-Disability Average Net Monthly Earned Income, Manulife will reduce the Monthly Income Benefit by the amount of such excess.

Total monthly income from all sources includes:

Net Monthly Earned Income received while Disabled (except where the Own Occupation Insurance Rider has been purchased);
the monthly benefit payable from this plan; and any monthly benefit payable from any other plan, including the Canada Pension Plan, similar social security plan, or any other government plan, any benefit plan provided by any association or union to which you belong, any salary continuance, pension, group insurance plan or other employee benefit plan sponsored by an employer by whom you are employed.

Definition of Net Monthly Earned Income for Income Protection:

The Insured’s Earned Income during the month in the performance of the Insured’s Regular Occupation, and any other occupation for which the Insured is remunerated, after the deduction from such income of business expenses but before deduction of any personal or corporate taxes payable on such income.

If the Insured is a partner or shareholder in a firm, the percentage that may be deducted as business expenses from the Insured’s gross billings may not exceed the percentage of gross fees the firm deducted from its gross billings as business expenses except where a partnership or shareholder agreement of the firm existing at the commencement of the Insured’s Total Disability requires such deductions.

For the purpose of determining Net Monthly Earned Income, business expenses shall mean usual and customary business expenses, which:

the business incurs on a regular basis; and
are essential to the business operation; and
are deductible for income tax purposes.

Expenses which are not considered to be usual and customary business expenses include, but are not limited to: salaries, benefits and other forms of remuneration payable to members of the Insured’s immediate family, unless such expenses are consistent and reasonable in relation to expenses incurred before the Insured’s Disability commenced.

A business expense may only be deducted to the extent it is not otherwise indemnified by any business expense or office overhead expense insurance.

For the purpose of determining the amount of any Partial Disability benefit, business expenses that may be deducted from the Insured’s Earned Income will be limited to those items of expenditure which were deducted to determine the Insured’s Pre-Disability Average Net Monthly Earned Income and will exclude new or additional expenses other than any that are directly attributable to the Insured’s Disability.

Definition of Pre-Disability Average Net Monthly Earned Income for Income Protection:

The greatest of the Insured’s average Net Monthly Earned Income:

in the 24 months immediately preceding the date the Insured’s Disability commenced; or
in the best 12 consecutive months within the 24 months immediately preceding the date the Insured’s Disability commenced; or
in the two (2) taxation years immediately preceding the date the Insured’s Disability commenced; or
for such lesser period of time immediately preceding the date the Insured’s Disability commenced as may apply, where the Insured does not have earnings for 24 months or for two (2) taxation years.

Where the Insured’s Net Monthly Earned Income changes by more than 25% as a result of:

a deliberate change in employment, profession, or services; or
a business transaction, which is expected to result in an immediate change in the Insured’s income of more than 25%, and such event is concluded prior to the commencement of the Insured’s Disability, Pre-Disability Average Net Monthly Earned Income shall mean the Insured’s average Net Monthly Earned Income for the period immediately preceding the date the Insured’s Disability commenced, but for the period following such event.

At the time of a claim, the Insured will be required to furnish financial documents as deemed appropriate by the Company, for review by its financial consultant, in order to determine the Insured’s Pre-Disability Average Net Monthly Earned Income and, if applicable, business expenses, in accordance with the policy provisions. The financial evidence must support the benefit amount and substantiate the loss of Earned Income and ongoing liability for business expenses, if applicable. The exact form of documentation required will be specified at time of claim. Documentation can be expected to include, but is not limited to:

copies of the Insured’s personal tax returns and notices of assessment;
for an Insured who is a self-employed professional, if applicable:
- copies of corporate tax returns and notices of assessment; and
- financial statements for any entity from which the Insured derived or continues to derive Earned Income;

for an Insured who is an Employee, a statement from the employer that includes details of the Insured’s earnings.

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To qualify for the CPA Ontario Income Protection Insurance Plan you must:

be a member of one the participating bodies:

Chartered Professional Accountants of Ontario
Chartered Professional Accountants of New Brunswick
Chartered Professional Accountants of Newfoundland and Labrador
Chartered Professional Accountants of Nova Scotia
Chartered Professional Accountants of Prince Edward Island
Chartered Professional Accountants of Bermuda;

be resident of Canada or Bermuda;
be under Age 65; and
currently have Earned Income (see Plan Basics for complete definition).

To qualify for the Own Occupation Option (OOO) your must also:

be covered by, or be applying for Income Protection Insurance, and be between Age 18 and Age 51.

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Additional conditions, limitations and exclusions may apply. Review your certificate for complete details.

A claimant must at all times be under the appropriate care and treatment of a qualified physician while receiving benefits. Disabilities resulting from self-inflicted injuries; committing, attempting, or provoking a criminal offence; insurrection, terrorism, or war; and uncomplicated pregnancy and childbirth are not covered.
Your Income Protection coverage will terminate at Age 70 or on the date you retire or voluntarily cease to be actively engaged in the duties of your occupation (except for short leaves of absence), whichever comes first.
If you make a claim outside of Canada, Bermuda, or the United States, Manulife has the right to request that you return to Canada, Bermuda, or the United States to provide adequate proof of disability.
All limitations and exclusions that apply to Income Protection coverage also apply to the FIO.

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