Manulife Critical Illness Insurance Review
Manulife has the most flexible and comprehensive critical illness insurance policies on the market. With large coverage amounts of up to $2 million, 25 full payout illnesses, plus 6 partial payout conditions, and many coverage terms available, they are the ones to beat. These products can be converted to permanent life insurance products for long-term coverage.
POLICY ADVISOR RATING
Best Critical Illness Insurance Combo Product
Manulife Critical Illness Insurance rating and 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 and cons
- Large coverage amounts available (up to $2 million)
- Multiple coverage terms available (including permanent coverage)
- Comprehensive coverage (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
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.
Manulife sells critical illness insurance; it is given the quintessentially Canadian name of LifeCheque. They offer enhanced (25 conditions) coverage.
Coverage and policy details
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- and 20-year, coverage up to 65 or 75 years of age, or permanent coverage.
Limited-pay options are available for permanent coverage with options to Pay-to-100 or 15 Pay.
|Critical Illness coverage||Basic and Enhanced coverage|
|Available Terms||10 years, 20 years, and to ages 65,75, and permanent coverage|
|Limited Pay option||Yes. 15 Pay and Pay-to-100 available for permanent policies|
|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|
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.