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Glossary 

Welcome to our glossary!

We are passionate about making insurance simpler and easier for everyone to understand. So we thought it would be helpful to explain some of the unfamiliar terms that we have to use to ensure we are accurate.

We would love this to become the most comprehensive glossary in the industry so if you spot a term not listed here, please send a note to insurancemadesimple@manulife.com

Simplifying the language we use is critical to our mission. We found that we couldn’t avoid using some technical terms because it’s the language of our industry and changing them might cause confusion. Instead, we have explained each using plain language. This glossary is intended to help you understand insurance terms which may be confusing or complex. It isn’t intended to replace conversations with our agents or partners, who are equipped to help you make the right decisions for your needs.

Accrued benefits

This is a form of payment you receive from your policy, but it's an amount that's not immediately paid. The longer you have your plan, the more this money should increase.

Asset class 

This refers to a group of investments that are classified in a similar way.  For example, stocks or bonds would be financial asset classes.

Attained age 

This is the age at which you're able to take action to withdraw funds or receive benefits.

This glossary has been created for informational purposes and should not be considered as legal or financial advice. Contractual terms and conditions will prevail should any of the content in this glossary conflict with your policy documents.

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