Manulife Critical Illness Insurance review

A critical illness can have a detrimental financial impact on you and your family.

Beyond the medical costs not covered by your health insurance plan, ongoing expenses — such as monthly mortgage payments, childcare, and groceries — can add up, especially if you have to take some time off work. A critical illness insurance plan can supplement your health insurance policy and provide the financial flexibility that you may need as you recover. 

Manulife, one of Canada’s largest insurance providers, offer three distinct critical illness insurance plans. Learn more about these plans to find out if one of them is a good fit for you. 

Pros and cons of Manulife Critical illness insurance

Pros:

• Among the top insurance companies in Canada
• Offers three types of critical illness insurance plans 
• Covers up to 24 illnesses and provides coverage of up to $2 million
• Additional benefits to allow you tailor a plan to meet your unique needs
• A shorter waiting period compared to several other providers
• Partial benefit and monthly care benefit features available with the Lifecheque plan

Cons

• Online quotes available only for one plan (CoverMe)
• Cannot purchase all critical illness insurance plans online

Who is Manulife?

Manulife Financial is Canada’s largest insurance company. In addition to critical illness insurance products, it offers a number of life insurance, health insurance, and disability insurance plans, as well as a range of wealth and asset management solutions. 

• Financial Strength Rating: A+ 
• Head office: Toronto, Ontario
• Contact no.: 416-926-3000
• Website: https://www.manulife.ca

What types of critical illness insurance does Manulife offer?

Manulife offers the following three critical illness insurance plans: 

1. CoverMe

It provides coverage against these five life-threatening illnesses: heart attack, stroke, cancer, coronary artery bypass surgery, and aortic surgery.

Main features:

• Maximum benefit amount: $75,000
• No. of illnesses covered: 5
• Online quotes: Yes

2. Lifecheque

The Lifecheque plan covers up to 24 illnesses and you can buy coverage of up to $2 million. At the time of purchase, you can select the policy term that works best for you. 

Main features: 

• Maximum benefit amount: $2 million
• No. of illnesses covered: 24
• Partial benefit: Included by default (Manulife will pay you the lesser of 25% of the benefit amount or $50,000 if you develop any of the listed early intervention conditions)
• Monthly care benefit: Included by default (You will receive a monthly Care Benefit if you meet Manulife’s criteria for functional dependence)

Optional Benefits (Add-ons):

• Return of premium rider (You will receive a part of the money you had paid in premiums if your policy expires, you pass away without filing a claim, or surrender your policy) 
• Waiver of premium rider (Manulife will waive your premiums if you are totally disabled)
• Child protection rider (Your children will get their own critical illness coverage when they reach age 21 without medical underwriting)

3. Synergy 

The Synergy plan protects your lifestyle and people who depend on you for their financial wellbeing by providing a lump sum if you are diagnosed with a critical illness, cannot work because of illness or injury, pass away prematurely. 

Main features: 

• Maximum coverage amount: $500,000
• Waiting period for critical illness benefit: 30 days
• Conversion option: Yes (Convert your coverage to permanent life insurance before age 65, without medical underwriting)

Why apply for Manulife critical illness insurance?

Manulife critical illness insurance offers coverage against life-threatening diseases such as kidney failure, heart attack, cancer, etc. The compensation is provided in a lump sum upon diagnosis of a covered condition. You can use this money to cover medical costs not covered by your health insurance policy and pay monthly bills and daily living expenses during recovery. 

How do I apply for Manulife insurance?

To apply for Manulife critical illness insurance, you will need to work with a Manulife or an independent insurance advisor, like Dundas Life.

How much does Manulife Critical Illness cost?

Unfortunately, providing an accurate price range for Manulife critical illness coverage is difficult. This is because the cost of coverage depends on your personal details and the details of the chosen policy. Your critical illness insurance premiums are based on factors such as: 

• Age
• Health
• Pre-existing conditions
• Smoking status
• Benefit amount
• Number of conditions covered
• Waiting period
• Policy term

Get a free Manulife critical illness quote from a Dundas Life advisor today to find out your monthly premium. 

‍

What health conditions qualify for Manulife critical illness insurance? 

Your Manulife critical illness insurance policy may pay cash benefit for the following critical illnesses: 

• Renal failure
• Cancer
• Heart surgery
• Heart attack
• Stroke
• Aortic surgery
• Dementia
• Coma
• Loss of speech
• Loss of limbs
• Paralysis
• Multiple Sclerosis
• Major organ failure
• Parkinson’s disease
• Occupational HIV infection
• Heart valve repair or replacement
• Motor neuron disease
• Severe burns

Keep in mind that the exact conditions covered will vary according to the plan chosen by you. Read the policy document to understand what is covered and what not. 

‍

The bottom line

Manulife offers three critical illness insurance products. Its most basic plan, CoverMe, covers five major illnesses, while the Lifecheque and Synergy plans provide coverage for up to 24 illnesses.

Manulife’s products are generally competitively priced, but it’s always a good idea to compare quotes from multiple providers before you settle on an offer.

Dundas Life provides you free and no-obligation quotes from Canada’s top insurance providers, making it easier for you to secure the best possible price. Schedule a time to chat with an advisor today.

FAQs

What conditions and illnesses are covered Manulife Critical Illness?

Manulife’s CoverMe plan covers five major illnesses, while its other two critical illness plans (Lifecheque and Synergy) cover up to 24 conditions. 

Is there a return of premium option available with Manulife Critical Illness Insurance?

Yes, Manulife offers the return of premium rider on some of its critical illness insurance policies. It allows you to get a premium refund after a certain period if no claims have been made. 

What happens if I miss a premium payment for my Manulife Critical Illness Insurance?

Missing a premium payment for your Manulife critical illness insurance by a few days doesn’t automatically mean you will lose coverage. Manulife, like other insurance companies, offers a grace period — a small window of time, usually seven to 30 days, policyholders have to pay the premiums after the due date and bring their policy to good standing.

However, if you don’t make the premium payment in the grace period, Manulife may cancel your policy.