Insurance Price Calculator

In this section you can calculate premium of an insurance policy.

Policies to insure your life – Life Insurance (Family Term),
Policies to insure in case of a critical illness – Critical Illness Insurance (Lifecheque),
Policies to insure in case of a disability – Disability Insurance (Venture Series),
And a new combination insurance policy Synergy, which, in itself, covers risks of life, possibility of contracting a critical illness or becoming disabled.

With the calculator provided by Manulife Financial you have to choose a product of your interest from the available options. Go to the following page: manuliferates.com and chose Family Term, Lifecheque, Venture Series or Synergy.

Insuring Your Life – Life Insurance (Family Term).

The provided calculator manuliferates.com shows premiums on term policies Т-10, Т-20 и Т-65. Term contracts Т-10 or Т-20 – are the insurance policies for up to 80 years of age, but every 10 or 20 years respectively, the premiums will change. Term Plan T-65 means, that insurance coverage will continue until age 65 and the premiums will not change.

Chose a plan of your choice, T-10, T-20 or T-65. Indicate the insurance amount, provide your age and sex, as well as, for smokers (number 5), or non-smoker (number 3). Once you press calculate you will see the results.

Of course we work with a wide variety of insurance companies and can create a policy with any company on the market.

Premiums at Manulife Financial are very attractive and there is also a $5.10 discount on a second policy, if the policies are created at the same time. This means that if a husband and a wife are getting insurance, for husband, the premiums can be calculated using the calculator above. The wife’s premium can also be calculated using the same calculator and then apply a discount of $5.10. Another example, if someone wants to purchase insurance for $500,000 and wants to break it down into two separate policies: $250,000 for 10 years and additional $250,000 but for 20 years, in other words, for the first 10 years the coverage will be for $500,000, at which point it will decrease to $250,000 for the remaining 10 years. In this case you find the cost of a 20-year term and add a 10-year term, discounting it by the same $5.10.

There is one distinct feature to Manulife, which makes creating a term policy with them more attractive in comparison to other companies. Therefore, using Manulife’s cost calculator is a good estimate. I can explain the details of this advantage in person.

Of course, exact numbers for your specific situation can be obtained during an individual meeting, after a thorough analysis of term and permanent insurance products offered by various companies.

Permanent contracts (Whole Life, Universal Life, with accumulation or without) are a little more complicated and require a detailed interview, after which we can discuss different types of plans, different companies, and optimal combination. At the same time we can determine the premium for the desired type and desired amount of coverage.

Insuring for the possibility of a Critical Illness – Critical Illness Insurance (Lifecheque) – If the insured becomes sick with one of the 22 specified illnesses.

The calculator offered by the Manulife Financial shows premiums on term contracts T-10 and T-20 as well as the permanent contract T-65.

Similar to Life Insurance, term contracts Т-10 or Т-20 – are the insurance policies for up to 75 years of age, but every 10 or 20 years respectively, the premiums will change. Term Plan T-65 provides insurance coverage until age 65 and the premiums will not change.

In the calculator you need to chose a product that interests you. Go to manuliferates.com and, in this case, under Product, chose Lifecheque. Pick the plan that interests you, T-10, T-20 or T-65. Indicate amount of coverage, provide your age and sex, as well as the smoker or non-smoker status. You are now able to get a rate by clicking calculate.

Of course we work with a wide variety of insurance companies and can create a policy with any company on the market. Premiums at Manulife are very attractive and the terms are practically the best. Therefore the estimate provided by the calculator is a good start.

Manulife offers a discount of $4.50 for the second insured if the contracts are created together. This means that if a husband and a wife are getting insurance, for husband, the premiums can be calculated using the calculator above and the wife’s premium can also be calculated using the same calculator and apply a discount of $4.50. Of course, exact numbers for your specific situation can be obtained during an individual meeting, after a thorough analysis of term and permanent insurance products offered by various companies.

Permanent contracts (up to 75, 100 years old, with return of premium or without etc.) are more complicated and require a detailed interview, after which we can discuss different types of plans, different companies, an optimal combination. At the same time we can determine the premium for the desired type and desired amount of coverage.

Insuring inability to work – Disability Insurance (Venture Series).

I call the contract – “Salary Insurance”. If the insured individual can not perform 2 or more tasks of the profession, at their employment, the insurance company begins to pay their salary.

Go to the manuliferates.com and under the Product chose Venture Series. The next line, Occupational Class (occ. class) is needed to determine which category your profession belongs to. Under the “?” button you can get a better idea of what category you profession belongs to and chose the appropriate class. For example, programmers will be category 4A, but if the programmer is showing over $100,000 income in the last two years, the category chosen can be 4S, which in turn reduces cost of insurance. Follow by indicating your annual income, your age, your sex, smoking or non-smoking status and press calculate. The calculator will provide you with a monthly benefit, which a person will be able to receive if disabled.

Disability Insurance is a complicated contract and the best alternative is to meet with a specialist, who will help you do the calculations as well as pick the product that best suites your situation. For example, the numbers provided by the computer are based in an assumption that the benefit payout will begin 90 days after the incident and will continue for as long as the doctor’s note is provided, up to the age 65. At 5-year mark however, the definition of disability changes. So, to avoid surprises, it is best to consult with a specialist who can help you pick the right product and the right company. There are contracts that will begin payout immediately, at the rate of 50% or 60%. Many options are available so we will be happy to meet with you for a consultation.

New Insurance Contract – Synergy, which includes a combination coverage for 3 types of risks.

These are 3 types of insurance policies (life insurance, health and disability), included under one contract to obtain a discount on premium. You pick a coverage between a $100,000 and $500,000. This is a common coverage for all three risks. Let’s look at an example, coverage amount $400,000.

Insurance coverage in case of death will be a full amount of $400,000.
If the insured becomes disabled, unable to work, the company will provide an income of $2,000 per month, beginning 90 days after the incident, for as long as the doctor’s note is provided, up to the maximum of the coverage available, $400,000 (this works out to 16 and half years). Important to note that the $2,000 will not combine and will not be reduced by any other organization’s payout. The person may be receiving auto-insurance benefits and employer’s group insurance and the Synergy payouts will not decrease. There is no requirement to proof employment at the time of the incident, in fact you don’t even need to prove it at the time of initiating the contract. This is especially important to self-employed individuals showing a small taxable income.
If the insured gets a critical illness (one of the 22 listed illnesses), the insurance company will immediately issue $100,000 and what is important is that insurance does not end. It remains for the amount of $300,000 for the disability or death.

In the manuliferates.com calculator pick Synergy and for the next line “Cost Type” pick either T-10 or Level. This contract goes to age 65 and there is an option to pay the same premium to age 65 (Level) or begin with smaller premiums today that will increase every 10 years. I like the T-10 option as the cost is smaller and a lot can change in 10 years (you may have a disability plan at work, a person may chose a critical illness plan with return of premiums, or a whole life plan with accumulated cash value), many variations.

Then chose the amount of coverage. You can skip the next line (Term Rider Amount), if the amount of coverage offered under Synergy satisfies you, or you can input additional life coverage, for example $500,000. Who may be interested in additional life coverage? Let’s assume a person wants to have a life insurance policy for $900,000. The Synergy contract has a maximum allowable amount of $500,000. Wishing to open a $400,000 Synergy contract (you are satisfied with the benefits spread over the insurance risks associated with the $400,000 contract, which will also decrease premiums) will allow you to also add a Life Insurance rider for the $500,000. In this case the insurance risks will be covered in the following manner: Life Insurance $900,000, Critical Insurance – $100,000, Disability Insurance $2,000 per month.

Now, pick your age (18 to 50), sex, smoking or non-smoking status and press calculate.