Manulife CoverMe Critical Illness Insurance Review - PolicyAdvisor
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Manulife CoverMe Critical Illness Insurance Review

SUMMARY

Manulife CoverMe critical illness coverage is a direct, online short-term policy backed by the Manulife name. This policy only comes in a 5-year term with coverage capped at $75,000 with no permanent coverage options and increasing premiums on renewal. This is a basic policy only covering 5 conditions with no partial payouts but does not require a medical questionnaire.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
6 min read
IN THIS ARTICLE

Manulife CoverMe Critical Illness Insurance Review

Manulife CoverMe Critical Illness Insurance is an online self-serve critical illness insurance policy offered by Manulife. While it is backed by the Manulife brand name and has an online application process, it lacks the flexibility and customization of many other critical illness products, including those offered by Manulife itself!

Product

Critical Illness

AM BEST RATING

A+

POLICYADVISOR RATING

Not Recommended For Canadian Life Insurance Buyers

Pros

  • It is a direct to consumer product which can be purchased online, unlike the majority of Manulife insurance products.
  • It is a no-medical product, so you will not be required to participate in paramedical tests or even fill out a medical questionnaire. You only need to submit a declaration of good health.
  • Backed by the Manulife Brand name.

Cons

  • Limited coverage: CoverMe CI offers only 5 illness basic coverage. There is no enhanced version which would cover 24+ illnesses, unlike many other critical illness policies.
  • Low coverage limits: CoverMe’s maximum coverage is capped at $75,000. This is extremely low compared to other insurers, with coverage limits of up to $3 million.
  • Coverage is available for 5-year terms only, with premiums increasing considerably when renewed.
  • Coverage terminates at age 75. There is no permanent coverage. There is no limited pay option.
  • CoverMe Critical Illness Insurance is more expensive than alternatives on the market, including Manulife’s own term life insurance.
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Product Name Manulife CoverMe Critical Illness Insurance
Critical Illness coverage Basic coverage
Available Terms 5 years
Limited Pay option None
Maximum coverage Up to $75,000
Conditions covered 5 conditions
Loss of Independent Existence coverage None
Partial payout conditions None
Partial payment or early detection payment None
Childhood illnesses coverage None
Survival period 30 days
Return of Premium on death No
Return of Premium on expiry/cancellation Yes*
Second event coverage No
Electronic application Yes
Online account access Yes

Who is Manulife CoverMe?

Manulife Financial is a leading Canadian-based financial services group, serving customers in 22 different countries. Manulife Financial corporation holds over a trillion dollars in assets and offers a wide array of insurance and other financial products in Canada and the United States (through their John Hancock brand). Besides life insurance plans, Manulife offers travel insurance, health and dental insurance, and more protection plans to individuals and groups across the country.

CoverMe is Manulife’s direct-to-consumer, term life insurance purchasing platform. Customers can browse plans across the Life, Travel, and Health categories on CoverMe’s website and view term life insurance quotes online. From there, they can also start the online purchase process for their insurance plans.

Does Manulife CoverMe Insurance offer critical illness insurance?

Manulife itself offers multiple Critical Illness policies.

Within the CoverMe range, Manulife offers CoverMe Critical Illness, which insures you against 5 illnesses: cancer, heart attack, stroke, coronary bypass and aortic surgery.

Apart from this, Manulife offers two other critical illness insurance plans:

  • Lifecheque: This is an enhanced product which covers 24 critical illnesses. It has other options such as cash advance for certain illnesses, 10/20/Permanent terms, limited pay & life pay and multiple coverage amounts. It also has multiple riders such as Children’s Critical Illness Insurance and Waiver of Premium on Disability.
  • Lifecheque Basic: This is the basic version of Lifecheque, which is similar to CoverMe.
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What critical illness insurance coverage and terms does Manulife CoverMe offer?

Manulife CoverMe offers a 5-year renewable term, which will terminate once the insured turns 75. You can choose your benefit amount as follows:

Age at the time of application Benefit amount(s) available
18-55 $25,000, $50,000, $75,000
55-60 $25,000, $50,000
60-65 $25,000

Does Manulife CoverMe offer any additional riders or benefits?

You can opt for the Return of Premium on Expiry rider. You will need to opt for this rider when you first apply for the plan. Manulife CoverMe will provide a full return of all premiums paid when you reach the age of 75, provided no claim has been made.

This plan comes with the Manulife Health Service Navigator, which is offered free of charge. This is a resource where you can receive information, medical coordination services, and resources on how to navigate the Canadian healthcare system. It also helps with getting a second opinion for your critical illness. It can be accessed through the Manulife CoverMe website or phone line.

Our Verdict

Manulife CoverMe Critical Illness is a possible choice if you do not want to take a medical test, answer a medical questionnaire, or if you have pre-existing health conditions that would result in your application getting declined otherwise.

Otherwise there are many more customizable and affordable options available for Canadians, even under the Manulife umbrella (such as LifeCheque).

How do I apply for critical illness insurance?

You can schedule a call with our licensed advisors to find the best critical illness insurance product for your needs. Please click here to look up critical illness insurance quotes or speak to an advisor with the link below.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
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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.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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