This Manulife Critical Illness Insurance review includes our ratings as well as details about Manulife Critical illness product, its features, and coverage terms.
For more company reviews, head here to read about the best critical illness insurance companies in Canada.
Read more about:
- Manulife Critical Illness Insurance plan details
- Who is Manulife?
- Does Manulife sell critical illness insurance?
- What critical illness insurance coverage and terms does Manulife offer?
- Does Manulife critical illness insurance offer a return of premiums?
- How do I apply for Manulife’s critical illness insurance?
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.
- 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
- Children’s LifeCheque rider available
- Online access
- Return of premium options are expensive
- Only offer monthly payments for loss of independent existence
- No second event coverage available
|Critical Illness coverage||Basic and Enhance coverage|
|Available Terms||10 years, 20 years, and to ages 65,75, and 100|
|Limited Pay option||Yes. Available with age 100 coverage|
|Maximum coverage||Up to $2-million|
|Conditions covered||Enhanced - 25 conditions|
|Loss of Independent Existence coverage||Yes, available as a monthly benefit payment|
|Partial payout conditions||6 Eligible Conditions|
|Partial payment or early detection payment||Yes, 25% up to $50,000. Payable once.|
|Childhood illnesses coverage||None|
|Survival period||30 days|
|Return of Premium on death||Yes|
|Return of Premium on expiry/cancellation||Yes, after 15 years.|
|Second event coverage||No|
|Online account access||Yes|
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.
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.
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.