Insurance provider Manulife discontinues disability products for business owners

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https://www.investmentexecutive.com/new ... ss-owners/

Placing disability insurance for business owners will become more difficult now that Manulife Financial Corp. has stopped accepting new business for four products.

In a memo obtained by Investment Executive, Manulife said that effective Sept. 30, it will stop selling Proguard, Venture, ExpenseComp and Buy-sell Plus. These disability insurance products are aimed at executives, incorporated professionals and business owners.

The memo stated that Manulife had made the change “in response to the shrinking demand for non-cancellable disability products.”

“Closing these products allows us to focus on the other areas, and we’ll continue to offer disability products through the other channels,” said Manulife in a statement confirming the memo’s contents. “We will continue to offer Affinity and Group Benefits disability products to Canadians as well as continue to provide coverage and fulfill the contractual obligations to those who already purchased disability coverage prior to and on Sept. 30, 2022.”