Synergy 3-in-One Insurance Solution

manulife synergy 3-in-one insurance

Are you protected from today’s risks?

Shield yourself and your family today from the uncertainties of tomorrow. Synergy offers the protection of a 3-in-1 solution: a life insurance policy, a disability insurance policy and a critical illness insurance policy – all rolled into one package.

Synergy is:

  • Unique — its pool of money concept provides protection across three needs
  • Easy to manage — fill out one application, manage one plan, pay one amount
  • Affordable — address three risk areas with one cost effective solution
  • Flexible — choose from $100,000 to $500,000 in Synergy protection

Who’s it for?

  • Do you have a mortgage? Normal debt load? Perhaps a family? And the need to protect your income? Then Synergy is designed for you.
  • It’s the kind of insurance you’ve been looking for – protection from three different risks, at an affordable price. And at a time in your life when you need it most.

A unique strategy for affordable protection

At the core of Synergy’s design is a revolutionary pool of money concept.

Here’s how it works

  • You can buy from $100,000 to $500,000 of Synergy, called your Synergy amount of insurance.
  • The amount of insurance you buy creates a pool of money called your available amount of insurance.
  • Whenever a benefit is paid, your available amount of insurance reduces by that amount.
  • Offers protection until your available amount of insurance is reduced to zero, or at age 65, whichever is first.

You can access your available amount of insurance three ways

1 Your disability
benefit

2 Your critical illness
benefit

3 Your life insurance
benefit

Your monthly disability benefit amount is the lesser of

  1. 0.5% of your Synergy amount of insurance, and
  2. the available amount of insurance

Your covered condition benefit amount is the lesser of

  1. 25% of the Synergy amount of insurance, and
  2. the available amount of insurance (less any Recovery Benefits)

Your early Intervention Benefit is 6.25% of the Synergy amount of insurance

  • – Can be paid more than once but not in connection with a covered condition claim
  • – First Early Intervention Benefit does not reduce future benefit amounts payable

Your life insurance death benefit is 100% of your available amount of insurance

The pool of money concept provides different benefits than owning three separate insurance products. But that’s the point.

By using the pool of money approach, Synergy provides solid insurance protection across three risk areas – at an affordable price, helping you protect your income, without costing too much of it.

Practical examples of Synergy in action

Jason’s Case Study

Jason, 42, purchases $250,000 of Synergy. Eight years later he’s injured, can’t work and claims a monthly benefit on his disability insurance policy.

Jason’s claim

  • Jason’s monthly disability benefit is 0.5% of $250,000 = $1,250.
  • Over the course of his time off work, Jason receives monthly disability benefits totaling $22,500.
  • Jason’s available amount of insurance is now $227,500.

If Jason dies before his Synergy solution expires at age 65, and makes no other claims against his Synergy solution, the death benefit for his life insurance policy is 100% of his available amount of insurance, or $227,500.

Future protection option

At age 65, Jason has the option of converting his remaining available amount of insurance – $227,500 in this case – to a permanent life insurance policy, with no medical underwriting required.*

The amount of permanent insurance you can purchase – without medical underwriting – is limited to your remaining available amount of insurance and Manulife’s minimum limits for the product you choose.

* This option is not available if you have received a critical illness covered condition benefit.

Lisa’s Case Study

Lisa, 38, has just returned to work after spending a few years raising her two young children. She buys $300,000 of Synergy. Ten years later, Lisa is diagnosed with a covered critical illness. Lisa claims a covered condition benefit on her critical illness insurance policy.

Lisa’s claim

  • Lisa’s covered condition benefit is 25% of $300,000 = $75,000.
  • Lisa’s available amount of insurance now becomes $225,000.

If Lisa dies before her Synergy expires at age 65, and makes no other claims against her Synergy solution, the death benefit for her life insurance policy is 100% of her available amount of insurance, or $225,000.

A second claim

If Lisa makes a disability claim prior to age 65, she is eligible to receive a monthly disability benefit.

  • Lisa’s monthly disability benefit is 0.5% of $300,000 = $1,500.
  • If, over the course of her time off work, Lisa receives monthly disability benefits totaling $12,000, her available amount of insurance now becomes $213,000.
  • This new available amount of insurance become’s Lisa’s death benefit should she die before her Synergy expires at age 65.

Why does a Synergy solution work

Synergy makes it easier than ever to protect the life you lead and the people you love. With Synergy, you get solid insurance protection across three risk areas.

Three risk areas

1Disability
protection

2Critical illness
protection

3Life protection

  • Disability insurance to age 65 if you can’t work in your regular occupation because of illness or injury.
  • Waiting period of 90 days.
  • Critical illness insurance to age 65 for 22 conditions.
  • Early Intervention Benefit provides coverage for the early stages of some cancers and coronary angioplasty.
  • Recovery Benefit provides fast access to a portion of your benefit so you can begin your recovery sooner.
  • Term life insurance to age 65.

Best of all, with the pooled money concept, you get a life insurance policy, a disability insurance policy and a critical illness insurance policy in one affordable solution.

Not cheap talk – here’s proof

Look how Synergy compares to purchasing separate term, disability and critical illness insurance products*

$250,000 Synergy amount of insurance

Renewable monthly premiums for male, non-smoker

Age

Stand-alone Products

Synergy

Savings

Savings

30

$81.11

$53.75

$27.36

34%

40

$117.53

$79.17

$38.36

33%

50

$219.97

$191.25

$28.72

13%

The Manulife stand-alone products used in this example are:

$250,000 Family Term, Term-10 with Total Disability Waiver Rider (TDW)

$62,500 Lifecheque, Renewable 10-year with Waiver of Premium (WP)

$1,250 Venture Series, 2A, 90 day EP, to age 65 Benefit Period (BP)

* Due to Synergy’s unique benefit pool of money concept and the bundled policies structure, there are material differences when comparing Synergy to stand-alone insurance products, including (i) total amount of insurance, (ii) impact of benefit payments on other insurance, (iii) types of exclusions, (iv) coverage duration and (v) contractual provisions. If you have questions about these differences you should discuss them with your advisor.

There’s more to talk about? – Plenty

Synergy not only offers solid insurance protection for life’s everyday risks, it includes these added features:

Customize by adding optional riders

  • Term Insurance rider provides additional term life insurance (10 year renewable to age 65).
  • Child Protection rider – life and the Child Protection rider – critical illness provide protection for your children up to age 25.

Gain access to Manulife’s Health Service Navigator (HSN)

  • Provides information about the Canadian health care system.
  • Offers a medical second opinion service.
  • Available for you and all eligible family members as soon as you have your Synergy solution – you don’t have to make a claim to use it.

    Disability waiver

  • Your monthly Synergy premium is waived while you’re on claim for a disability.

    Easier disability application process

  • No need to provide occupation class.
  • No supporting proof of income required.

    Insurance protection into the future

  • Synergy expires at age 65.
  • But you have an option to protect your loved ones well into the future.
  • You can purchase a Manulife permanent life insurance product if you have an available amount of insurance remaining when your Synergy solution ends at age 65 – no medical underwriting required.*
  • The amount of permanent insurance you can purchase – without medical underwriting – is limited to your remaining available amount of insurance and Manulife’s minimum limits for the product you choose.
    * This option is not available if you have received a critical illness covered condition benefit.

Manulife Synergyplay video

The Synergy Buzzzz

Synergy offers the protection of a 3-in-1 solution. Get three policies – life, disability, critical illness insurance – in one affordable package.

Available for download in pdf format, a copy of the Manulife Synergy brochure.

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