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Imagine facing a critical illness. Suddenly, medical bills soar, income dips, and unexpected expenses arise. Critical illness insurance from Manulife can be your financial safety net, providing a lump sum payout to ease the burden and empower you to focus on recovery.
This guide explores Manulife’s critical illness insurance plans. We’ll examine their options, key features, and benefits, helping you understand if they’re the right fit for your financial security. Whether you’re new to critical illness insurance or comparing quotes, this post equips you to make an informed decision.
- Key takeaways:
- Manulife offers three standalone critical illness insurance plans to serve a wide audience.
- It also has a unique product called Manulife Synergy that combines life insurance, disability insurance, and critical illness insurance.
- The most comprehensive critical illness product Manulife offers is called Lifecheque, which pays up to $2,000,000 if you’re diagnosed with one of 25 covered illnesses.
About Manulife Insurance
Manulife Insurance, known as Manuvie in Quebec, boasts a rich history dating back to 1887 when it began as The Manufacturers Life Insurance Company. Today, it’s not just Canada’s largest insurance provider, but a major player in the country’s financial services market.
With a significant international presence, Manulife operates under the brand name John Hancock in the United States, extending its reach across North America, Asia, and Europe.
- Life insurance, including term and whole life
- Disability insurance
- Health and dental insurance
- Travel insurance
- Mortgage insurance
- Segregated funds
- Payout annuities
Key facts about Manulife Insurance
AM Best Rating: A+
Head office: 200 Bloor Street East, Toronto, Ontario, M4W 1E5
Website: https://www.manulife.ca/
Contact phone number: 416-926-3000
What Critical Illness Insurance Plans Does Manulife Insurance Offer?
A critical illness diagnosis can be a double blow—to your health and your finances. Medical bills pile up, income drops or ceases as you take time off work for recovery, and unexpected costs arise. Critical illness insurance from Manulife acts as a financial safety net in these situations.
Upon diagnosis of a covered condition (like life-threatening cancer, heart attack, or stroke), you receive a tax-free lump sum cash benefit. This flexibility allows you to use the money for various needs—covering medical expenses, replacing lost income during treatment, or making home modifications to support your recovery.
The true benefit of critical illness insurance lies in peace of mind. Knowing you have a financial cushion allows you to focus on getting better, not on financial worries. Now, let’s explore the different Manulife critical illness insurance plans available to help you choose the right fit.
CoverMe and Lifecheque Basic
Manulife’s CoverMe plan prioritizes simplicity with coverage for five critical illnesses: life-threatening cancer, heart attack, stroke, coronary artery bypass surgery, and aortic surgery. You can choose from three coverage amounts: $25,000, $50,000, or $75,000, allowing you to select the level of protection that best fits your needs and budget.
CoverMe is designed for Canadians aged 18 to 65 seeking an easy and affordable way to get basic critical illness coverage. Perfect for those in good health, CoverMe skips the medical questionnaires and exams, requiring only a health declaration.
This streamlined approach allows you to apply directly online, without needing an insurance agent. Plus, CoverMe offers a 30-day money-back guarantee in case you change your mind.
On the other hand, if you have already applied for Manulife life insurance, you may receive a pre-approval offer for Lifecheque Basic. This streamlined approach leverages information from your life insurance application, eliminating the need for a separate medical questionnaire for Lifecheque Basic.
However, it’s important to note that Lifecheque Basic itself mirrors the coverage details of the CoverMe plan, including the five covered illnesses and offered coverage amounts. In fact, both plans are identical except for the method of applying.
- Pros:
- Easily apply online in minutes without needing to go through an insurance agent or undergoing a medical exam.
- While some basic critical illness plans might cover only three conditions, CoverMe and Lifecheque Basic stand out by providing protection against five severe illnesses. This includes the industry standard conditions like life-threatening cancer, heart attack, and stroke, but also extends coverage to coronary bypass surgery and aortic surgery.
- Affordable critical illness coverage starting at under $10 per month for the most common diseases.
- Has an optional return of premium on expiry rider that pays you back all the premiums you paid into the policy at age 75 if you have not made a claim.
- Cons:
- Does not include coverage for many other critical illnesses that comprehensive plans cover, like benign brain tumour, loss of limbs, motor neuron disease, or paralysis.
- Your premiums increase every five years, which may make it unaffordable in the later years of your life.
- With $75,000 being the maximum amount you can buy, those seeking a more substantial financial buffer will need to consider other options.
Lifecheque
If you’re seeking more comprehensive coverage, Manulife offers the Lifecheque plan, which has more covered conditions, optional riders, and higher limits. It covers 25 critical illnesses, providing financial security against a broader range of life-altering diagnoses compared to CoverMe and Lifecheque Basic.
Understanding that critical illnesses vary in severity, Lifecheque also offers the Early Intervention Benefit, which provides a partial payout for six conditions that may not be life-threatening. Upon diagnosis of a covered condition like Stage 1 malignant melanoma, you’ll receive 25% of your benefit amount to help manage initial expenses.
Lifecheque also provides significant flexibility. You can choose a coverage amount between $25,000 and $2 million, allowing you to tailor the plan to your specific financial needs and budget.
Unsure about your diagnosis or treatment? Get a second opinion with Medical Second Opinion, provided by WorldCare Inc. With the service, a dedicated nurse guides you through the process, gathers records, and connects you to a team of specialists at The WorldCare Consortium® for comprehensive review. Their report empowers you and your doctor to make informed decisions about your next steps.
- Pros:
- The payout of 25% for the Early Intervention Benefit is higher than many competitors, which only pay out 10-15%. Payment of the benefit also doesn’t reduce the main critical illness benefit.
- Manulife’s Lifecheque is one of the only products in the market that offers a term-65 policy, providing valuable protection throughout your working life.
- It provides exceptional flexibility through its conversion options. If after you bought a term-10 or term-20 policy, your circumstances change and you require longer coverage, you can convert your policy to a term-65, term-75, or term-100 plan. This conversion doesn't require additional medical evidence, ensuring continued peace of mind even if your health situation has changed since you first purchased the policy.
- Lifecheque has a unique feature called Recovery Benefit, which provides immediate access to 10% of your lump sum benefit, up to a maximum of $10,000 if you submit a claim for a covered condition. This quick payout can help bridge the gap while you wait for your full benefit, easing the burden during a critical time.
- Cons:
- Lifecheque isn’t offered as a standalone policy for children. Coverage for children is only available as a rider added to an adult's plan.
- The Early Intervention Benefit is only paid once even if you are diagnosed with separate covered conditions, like chronic lymphocytic leukemia and coronary angioplasty.
- One of the covered conditions is loss of independent existence, which pays a benefit if you can no longer perform two or more activities of daily living, like bathing and feeding. While other companies make a lump sum payment, Lifecheque only pays a monthly benefit equal to 1% of your chosen benefit amount, up to $5,000 per month.
Manulife Synergy
While this post has focused on Manulife’s standalone critical illness insurance plans, it’s important to mention their unique combination product, Manulife Synergy.
Synergy simplifies your insurance needs by offering three essential coverages in one plan: life insurance, disability insurance, and critical illness insurance.
Here’s how it works with critical illness insurance:
- Shared pool of coverage: Manulife Synergy uses a single pool of money to cover all three types of insurance. If you make a claim for a critical illness, the funds available for life and disability benefits will be reduced proportionally.
- Critical illness benefit: Similar to Manulife’s standalone critical illness plans, Synergy pays out a lump sum benefit if you’re diagnosed with a covered critical illness. This benefit amount is 25% of your total Synergy coverage amount.
- Pros:
- Manage all three coverages—life, disability, and critical illness—in a single, streamlined plan.
- Synergy can sometimes be more affordable than purchasing each type of insurance separately, depending on your individual needs and coverage amounts.
- Cons:
- Since the coverage pool is shared, a critical illness claim can reduce the funds available for future life or disability benefits.
- You can't customize the coverage amounts for each type of insurance within Synergy. The critical illness benefit is pre-determined as 25% of the total coverage.
- If you already have some life or disability insurance, or if you prioritize higher critical illness coverage, a standalone critical illness plan might be a better fit.
Here is a table comparing the Manulife critical illness insurance plans:
CoverMe and Lifecheque Basic | Lifecheque | Synergy | |
|---|---|---|---|
Age eligibility | 18-65 | 18-60 | 18-50 |
Number of illnesses covered | 5 | 25 | 24 |
Plan types | Term-5 | Term-10, Term-20, Term-65, Term-75, Term-100, Term-100 15-pay | Term-10, Term-65 |
Guaranteed premiums | No | Yes | Yes |
Expiry | Age 75 | Age 65, 75, or 100, depending on the plan | Age 65 |
Coverage limits | $25,000, $50,000, or $75,000 | $25,000 to $2,000,000 | $100,000 to $500,000 |
Survival period | 30 days for cardiovascular diseases only | 30 days for cardiovascular diseases only | 30 days for cardiovascular diseases only |
Partial benefits | None | Pays 25% of the chosen benefit amount, up to $50,000, for less severe illnesses. Covers six illnesses. Only pays once | Pays 25% of the chosen benefit amount for less severe illnesses. Covers six illnesses. Can pay more than once |
Conversion privileges | No | Term-10 and term-20 can be converted to term-65, term-75, or term-100. Term-10 can be converted to term-20 | Term-10 can be converted to term-65 |
Type of underwriting | Simplified underwriting. A medical exam is not necessary | Fully underwritten. A medical exam may be necessary | Fully underwritten. A medical exam may be necessary |
Riders | Return of premium at expiry | Return of premium at death, return of premium at expiry, return of premium at surrender, children’s Lifecheque (15 illnesses), disability waiver of premium | Term-10, child protection (life and critical illness) |
Value-added service | Medical Second Opinion | Medical Second Opinion | None |
How to purchase | Direct online (CoverMe) or through a licensed insurance advisor (Lifecheque Basic) | Through a licensed insurance advisor | Through a licensed insurance advisor |
What Illnesses Does Manulife Critical Illness Insurance Cover?
Here’s a list of illnesses covered by Manulife’s products.
CoverMe and Lifecheque Basic
This product pays out full benefits for these five critical illnesses:
- Aortic surgery
- Coronary bypass surgery
- Heart attack
- Life-threatening cancer
- Stroke
Lifecheque
Lifecheque offers a robust 25 critical illness diagnoses, providing broad coverage. It’s important to note, however, that acquired brain injury is not included in the list of covered conditions. Some competitors’ plans might offer coverage for this condition, extending their total covered illnesses to 26.
Here is a list of the covered illnesses:
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of independent existence*
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
* It’s important to understand how Lifecheque handles benefits for loss of independent existence. Unlike many other critical illness plans that offer a lump sum payout, Lifecheque provides this benefit in monthly installments. The monthly amount is tied to your chosen coverage amount and the level of care you require:
- Home care: If you receive care at home, you’ll get 1% of your chosen benefit amount, up to a maximum of $5,000, paid out monthly.
- Facility care: If you require care in a facility, the monthly benefit amount is doubled to 2% of your chosen coverage amount, up to a maximum of $10,000.
Also, keep in mind that the total lifetime benefit for loss of independent existence is capped at $500,000.
Lifecheque also pays 25% of your chosen benefit amount, up to $50,000, for one of six less severe illnesses. This is one or two conditions fewer than most of its competitors, which also offer coverage for early stage intestinal cancer and neuroendocrine tumours. Here are the six covered illnesses:
- Chronic lymphocytic leukemia (CLL) Rai stage 0
- Coronary angioplasty
- Ductal carcinoma in situ of the breast
- Papillary or follicular thyroid cancer stage T1
- Stage 1 malignant melanoma
- Stage A (T1a or T1b) prostate cancer
How Much Does Manulife Critical Illness Insurance Cost?
The cost of your Manulife critical illness insurance premium will be unique to your circumstances. Here are some key factors that influence your rate:
Age: Younger applicants will pay lower premiums than older ones.
Gender: Women have lower rates than men at older ages.
Smoking status: Non-smokers will qualify for significantly lower premiums compared to smokers.
Health history: Your overall health, including pre-existing medical conditions, can affect your eligibility.
Lifestyle habits: Drug use, alcohol abuse, hazardous hobbies, and driving infractions are a few lifestyle factors that affect eligibility and rates.
Family history: A family history of certain hereditary diseases may influence your premium amount.
Benefit amount: The higher the coverage amount you choose, the higher your premium will be.
Plan type: Shorter terms, like term-10 and term-20, will be less costly than longer ones, like term-65, term-75, and term-100.
Here is a table showing the monthly premiums of $100,000 lump sum benefit amount for a term-10 Lifecheque plan for non-smoking men and women in the first 10 years:
Age | Male | Female |
|---|---|---|
25 | $26 | $25 |
30 | $30 | $29 |
35 | $36 | $35 |
40 | $48 | $48 |
45 | $68 | $67 |
50 | $101 | $87 |
55 | $172 | $134 |
60 | $251 | $184 |
How Do You Buy A Manulife Critical Illness Insurance Plan?
Manulife offers two paths to purchasing critical illness insurance, depending on the plan you choose:
CoverMe: For those seeking the streamlined CoverMe plan, obtaining a quote and purchasing coverage is a breeze. You can conveniently do it yourself directly on Manulife’s website.
Lifecheque: If the more comprehensive Lifecheque plan aligns better with your needs, a licensed life insurance advisor can help you with a quote and application. This advisor will act as your guide throughout the process.
Your advisor will help you navigate the critical illness insurance landscape. Through a needs assessment, they will gain a clear understanding of your financial situation, risk tolerance, and health background. This personalized approach ensures you choose the Manulife critical illness plan (or potentially a plan from another provider) that best suits your unique circumstances.
Fortunately, an electronic application makes applying for Lifecheque quick and simple, as it can be completed in as little as 15 minutes. Following this initial step, you will do a brief telephone interview, where you will answer questions about your health background, family history, and lifestyle habits.
Depending on the coverage amount and your age, you may also need to undergo a medical exam. During the exam, a nurse will take blood and urine samples, and measure your height, weight, and blood pressure.
All the information is confidentially sent to Manulife, where an underwriter will review it to determine your eligibility and provide a coverage offer. Throughout the entire process, you can rely on your advisor to answer any questions, clarify details, make changes if necessary, and ensure you feel confident and well-informed about your critical illness insurance purchase.
Need A Manulife Critical Illness Insurance Quote?
A critical illness diagnosis can be a daunting challenge, but you don’t have to face it alone. Manulife’s critical illness insurance plans offer a safety net, providing financial protection during a challenging time. Whether you prefer the simplicity of CoverMe or the comprehensive coverage of Lifecheque, there’s a plan to fit your needs.
Ready to take control of your financial future? Get started today!
Request a personalized quote: Use the quick and easy form below to receive a customized quote for Manulife’s critical illness insurance plans.
Schedule a free consultation: As insurance specialists, we are here to help you navigate your options. Contact us today for a no-obligation consultation by email at info@briansoinsurance.com or call us at 604-928-1628.
Don’t wait until a critical illness strikes. By proactively securing critical illness insurance, you can ensure peace of mind for yourself and your loved ones. Take the first step towards financial security today!
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
