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Manulife Critical Illness Insurance Review

by Mark Cluett
5 min read

Best Critical Illness Insurance Combo Product

Manulife

Manulife

A+

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Critical Illness Insurance Combo Product

Manulife

Manulife

A+

AM Best
financial strength rating

PolicyAdvisor.com Rating

Manulife Critical Illness Insurance Review

The Big Mac, Coke, and fries of critical illness insurance – Manulife’s LifeCheque is the combo to beat. With a good mix of coverage and term lengths backed by one of the most trusted names in insurance, no wonder Manulife is synonymous with financial protection.

Pros

  • Large coverage amounts available (up to $2 million)
  • Multiple coverage terms available (including whole life coverage)
  • Comprehensive conditions covered (25 full payout illnesses)
  • Generous partial benefit payouts
  • Return of premium and limited pay options available
  • Payment for temporary loss of independent existence
  • Online access

Cons

  • Return of premium options are expensive
  • Only offer monthly payments for loss of independent existence
  • No children’s coverage available
  • No second option
Product NameLifeCheque
Critical Illness coverageBasic and Enhance coverage
Available Terms10 years, 25 years, 20 years and to age 75 and 100
Limited Pay optionYes. Available with age 75 and 100 coverage
Maximum coverageUp to $2-million
Conditions coveredEnhanced - 25 conditions
Loss of Independent Existence coverageYes, available as a monthly benefit payment
Partial payout conditions6 Eligible Conditions
Partial payment or early detection paymentYes, 25% up to $50,000. Payable once.
Childhood illnesses coverageNone
Survival period30 days
Return of Premium on deathYes
Return of Premium on expiry/cancellationYes, after 15 years.
Second optionNo
Electronic applicationYes
Online account accessYes

Who is Manulife?

Manulife Financial Corporation – but colloquially known and branded as Manulife –  is Canada’s largest insurance company and holds over a trillion dollars in assets. It was founded by Canada’s first prime minister in 1887; today they are the first Canadian insurer to offer life insurance to HIV-positive customers, strive for gender balance in management, and invest billions in sustainable initiatives.

Does Manulife sell critical illness insurance?

Yes, Manulife does sell critical illness insurance; it is given the quintessential Canadiam name of LifeCheque. They offer enhanced (25 conditions) coverage.

What critical illness insurance coverage does Manulife offer?

Manulife’s maximum coverage for critical illness insurance is $2-million. 

They offer coverage for loss of independent existence, with the caveat being payments are only offered monthly instead of a lump sum. They offer partial payouts for 6 different conditions. The payout is typically 25% of the policy up to $50,000 and is only payable once during the lifetime of the policy.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

Manulife offers critical illness insurance for 10-, 20-  and 25-year terms or coverage up to 75 or 100 years of age.

Limited-pay options are available for the 75 and 100 years of age coverage terms.

Does Manulife’s critical illness insurance offer a return of premiums?

Yes, Manulife offers return of premiums on death, and they offer return of premium on expiry or cancellation of the policy after 15 years.

How do I apply for Manulife’s critical illness insurance?

You can apply for Manulife’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for Manulife’s critical illness insurance.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination 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. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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