Manulife Ready CompleteCare is a newly launched term insurance that provides comprehensive critical illness coverage. It covers all stages of critical illnesses from early to intermediate to advanced stages. It covers over 120 conditions including 18 special conditions. There is a unique multi-claim feature that allows a policyholder to make multiple claims of up to 900% of the sum assured. The policy has 2 coverage terms – until age 75 and until age 99.
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As a standalone plan, Manulife Ready CompleteCare provides broad coverage of up to S$250,000 per Early Stage Critical illness condition, S$350,000 per Intermediate Stage Critical Illness condition and 100% of coverage per Advanced Stage Critical Illness condition. Any claim under the special conditions does not reduce the critical illness sum assured. The claim amount for any of the 18 special conditions is 20% of sum assured (capped at S$25,000 per life per condition with a maximum capped of 6 claims)
This plan also provides complimentary health check-up with every two (2) years. An additional S$10,000 of advanced stage critical illness coverage is extended (free) to the child of the policy holder.
The most exciting feature about Manulife Ready CompleteCare is the option to add a multi-claim feature “Cover Me Again” which provides the following benefits:
- Upon a successful claim, instead of the policy terminating, the sum insured will be restored to 100% after a 12 month waiting period following the date of diagnosis of the last admitted CI benefit claim
- Sum assured can be restored up to 4 times to provide maximum CI payout of up to 500% of sum insured
- Additional Major Critical Illness Benefit where an additional 200% of basic sum insured will be payable if the life insured is diagnosed with any of the following 6 covered advanced stage CI: 1) Major Cancers, 2) Heart Attack of Specified Severity, 3) Stroke, 4)Alzheimer’s Disease, 5) Multiple Sclerosis, 6) Parkinson’s Disease
- Recurring Cancer Benefit of up to an additional 100% sum insured is payable for recurring advanced stage cancer subject to certain conditions for e.g. 2 years waiting period etc. This benefit is payable up to a maximum of 2 times and capped at 200% of sum insured.
Hence, the addition of “Cover Me Again” to Manulife Ready CompleteCare provides cover of up to 500% + 200% + 200% = 900% of sum insured.
Pros of Manulife Ready CompleteCare
- Competitive pricing for standalone comprehensive critical illness coverage of more than 120 conditions
- Refund of premiums upon death (assuming that no claims have been paid out)
- Complimentary health checkup every 2 years, which can be transferred to your loved ones.
- Option to add on “Cover me again” multi-claim feature
Cons of Manulife Ready CompleteCare
- For the same critical illness, the maximum total claim amount payable for all stages is 100% of sum insured.
- Each stage of each critical illness can only be claimed once (if life insured is diagnosed with the same stage of CI again, that would not be payable with an exception for cancer subject to certain conditions)
- Maximum claim payout arising from the same event, illness or injury is capped at 100% of sum insured
- If there is more than one CI diagnosed on the same date, only the highest CI benefit is payable and not the rest
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PS: Click here to find out how you can enjoy an additional 18% discount off the first year premium of Manulife Ready CompleteCare if you sign up by September 2017.