Manulife Critical Illness Insurance Review (2023)
Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.
Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.
Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you.
Are you wondering if Manulife’s critical illness insurance is right for you? This page explores their offer in detail. Get our Manulife review, a breakdown of available coverage options and much more.
Who is Manulife?
Manulife is Canada’s largest insurance company. It is also a large player in Canada’s financial services market. You may know the group by a different name. It is known as Manuvie in Quebec. When it was founded in 1887, it was the Manufacturer’s Life Insurance Company. It has a significant international presence and in the United States, it operates under the brand name John Hancock.
It provides both group and individual insurance products including health, life, travel and mortgage protection insurance.
On this page, we explore Manulife’s critical illness insurance solutions.
Why sign up for Manulife critical illness insurance?
Critical illness insurance from Manulife or another provider give you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:
- Medical costs and specialists not covered under a different policy
- Transportation to see specialists
- Chair lifts or ramps at home
- Therapy and counseling
- Retrofitting vehicles for accessibility
Beside these additional costs you still need a plan for continuing to pay your rent or mortgage, child care, groceries and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.
Our review of Manulife:
Manulife is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about Manulife’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.
Pros of Manulife critical illness insurance:
- Reputation - one of Canada's top insurance companies
- A wide range of insurance offers
- Up to $2 million benefit (Lifecheque Plan)
- Up to 24 covered illnesses
- Many riders available (Options for Return of Premium and Waiver of Premium)
- Synergy 3-in-1 plans combining life, disability and critical illness coverage
- Calculate quote online (CoverMe Plan)
- Shorter waiting period than some competitors (30 days)
- Partial benefit for 6 early intervention conditions (LifeCheque)
- In some cases, a Monthly Care Benefit is available to pay for long term care
Cons of Manulife critical illness insurance:
- Relatively little information available on thier website with a lot of information
- Need to contact an advisor for purchase (Lifecheque)
- CoverMe plan's list of covered illnesses is limited
Get free quotes and choose a Manulife critical illness insurance policy. Our expert can help you find the right coverage that fits the needs of you and your family.
Find a critical illness insurance policy that's right for you
What critical illness insurance plans does Manulife offer?
Manulife critical illness insurance coverage is available in a variety of plans. They fall under three names: CoverMe, Lifecheque and Synergy:
CoverMe: This plan offers up to a $75 000 benefit for 18 to 65 year olds. Online quotes are available. It covers 5 major illnesses: aortic surgery, coronary artery bypass surgery, heart attack, life-threatening cancer and stroke.
Lifecheque: This is a more comprehensive plan. It can cover up to $2 million benefit and 24 critical illnesses. It is available in a variety of terms. An advisor can help you find the one that makes sense for you.
Synergy: This 3-in-1 plan includes life, disability and critical illness insurance. It covers up to $500,000 in benefits and up to 24 conditions. It is an affordable policy with just one application and one premium.
For more on Manulife's critical illness insurance offer see the pdf below.
Manulife insurance lifecheque sample contract
What illnesses and conditions qualify for Manulife critical illness insurance?
The following illnesses and conditions may qualify a Manulife policyholder for critical illness benefits.
-Benign brain tumour
-Coronary artery bypass surgery
-Dementia, including Alzheimer's disease
-Heart valve replacement or repair
-Loss of limbs
-Loss of speech
-Major organ transplant
-Major organ failure (on waiting list)
-Motor neuron disease
-Occupational HIV infection
-Parkinson's disease and specified atypical parkinsonian disorders
Early intervention conditions may also be available. These include:
-Chronic lymphocytic leukemia (CLL) Rai stage
-Ductal carcinoma insitu of the breast
-Papillary or follicular thyroid cancer stage T1
-Stage 1 malignant melanoma
-Stage A (T1A or T1B) prostate cancer
Be aware that plans may cover fewer conditions than those listed below.
Good to know
Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or Manulife advisor.
How do I apply for Manulife insurance?
To purchase critical illness insurance through Manulie, contact an advisor through the Manulife website or call 1-877-268-3763.
Before settling on an offer with Manulife it's smart to compare critical illness insurance quotes from other providers. You can do this below to be put in contact with an expert.
Shop critical illness policies now
How much does Manulife critical illness insurance cost?
Unfortunately, it is difficult to provide an accurate price range for Manulife critical illness Insurance. Pricing varies widely based on the following factors
- Pre-existing conditions
- General health
- Smoking status
- The amount of coverage desired
For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25 000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact Manulife critical illness insurance quote.
|Age||Price per month|
|51 to 55||$27|
|56 to 60||$44|
|61 to 65||$56|
Good to know
Need help deciding how much coverage to buy from Manulife? Our critical illness insurance calculator can help you make an informed decision.
How do I contact Manulife?
Contact Manulife at 1-800-268-3763 or send an email to [email protected]. Telephone assistance is available from 8:00 am to 8:00 pm ET Mondays through Fridays.
Manulife insurance mailing address is:
PO Box 670 STN Waterloo