Long Term Disability will cease at 65 years old

Hi, my Manulife Long Term Disability will cease this month as I turn 65 years old. What are my options? They suggest converting my insurance to an Individualo Policy? Is this a good option? What is that policy? What are the benefits of the individual policy? What are the disadvantages?

Thank you

Assuming you get CPP-D, it will convert to regular CPP at 65.

I’m guessing the extended health to an individual policy.
My parents figured the premiums were higher than their medical bills.
You might have drug coverage with your province.
If it is extended health coverage then it is separate from LTD.
If you’re asking about retirement income to replace the LTD then I don’t know.

I will have to phone my Long Term Disability insurance company and get more information from them before I make a decision. Thank you for the info.

You should call and follow up in writing. There maybe a time limit on converting the policy and if it includes a life Insurance it maybe worthwhile to continue as you are likely not insurable for any other life insurance.

There is a time limit for conversion–so move quickly on what the details are.

What does converting the policy mean?
Is it the health insurance?

Typically the Life Insurance conversion option provides an employee whose group insurance coverage is ceasing to convert their current Basic and Optional Life insurance amount to an individual insurance policy without the need to provide evidence of insurability.

To exercise the conversion option, the employee must fill out and return the relevant forms to their group insurance provider within 30 days and choose an individual life insurance product from the same insurer.

For example, if an employee had basic life insurance coverage under the employer’s group insurance contract in the amount of $100,000, upon termination from the organization, the employee could convert his life insurance coverage to an individual insurance product within 30 days and not be required to provide evidence of good health.

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So it is strictly the life insurance?
Mine is twice what my salary was.
Is the premium the same as what the employer paid when I was working?

The conversion is typically for life insurance I believe–but check the policy. Ours is strictly Life Insurance.

They are referring to converting your group medical plan to an individual medical plan. Or your group life insurance to individual life insurance. This won’t apply to your disability benefits. You can’t get an individual policy for disability if you are already disabled.

Check on the coverage and costs. Sometimes getting these individual policies for life insurance and medical are so expenses as not to justify the cost. You need to take a hard look at it and get financial advice.

David Brannen

Disability Lawyer with Resolute Legal

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