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What to consider before purchasing Life or Critical Illness Insurance

Get quick and clear answers to the key questions you may be thinking about to help you determine what coverage is right for you early on in your decision-making process.

 

First, what is Life Insurance & Critical Illness Insurance?

  • Life Insurance

    Life insurance can help your family deal with the financial impact that comes with a loss of life. It pays out a one-time cash amount to the beneficiaries you've named under the insurance.
  • Critical Illness Insurance

    If you're diagnosed with a critical illness such as a life-threatening cancer, heart attack, or stroke, you want to have enough money to cover your expenses. This insurance is a lump sum payment paid to you, the policy holder, which can help you and your family protect your finances.

Your questions answered

General information

Steps:

  1. First, determine if you have a group plan through your employer by visiting the Plan Member site - Sign in with your Manulife ID
  2. If you can’t sign in or if you don’t know if you have a group plan, call the Group Benefits Contact Centre at (1-800-268-6195 8am-8pm EST Mon-Fri)
  3. If you don’t have a group plan, or want to purchase additional coverage to top off the coverage from your group plan, then you can purchase it on your own through Manulife’s Individual Insurance

Consider purchasing coverage as soon as you can as it is typically cheaper the younger and healthier you are. No one can predict the future and you want to make sure you’re able to cover expenses like funeral costs, debts, mortgage payments or living costs if something were to happen to you.

Also, something to note, you would only be covered if you purchase a policy prior to a critical illness diagnosis or death (though, depending on your plan, some pre-existing conditions are still covered but that is determined on a case-by-case basis depending on a number of factors).

There isn’t an average or set cost because every policy is priced according to a variety of factors such as (Group plan, age, medical history, smoking status, etc.) though typically, policies purchased from a group plan can be more affordable than what you can find on your own.

Steps:

To purchase a policy under your group plan, visit the Plan Member site by signing in with your Manulife ID and complete the application

  1. If you can’t sign in or if you don’t know if you have a group plan, call the Group Benefits Contact Centre at (1-800-268-6195 8am-8pm ET Mon-Fri).
  2. If you don’t have a group plan, or want to purchase additional coverage to top off the coverage from your group plan, then you can purchase it on your own through Manulife’s Individual Insurance.

Should you change your job, lose your job, or retire there may be options to convert or move your Group Benefits policy:

To convert up to $200k of your Group Life Insurance policy without providing any medical information to qualify, you would need to apply for a FollowMe™ Life Insurance policy within 31 days the policy end date. For more information on converting a group policy to an individual policy please reach out to Group Benefits Contact Centre (1-800-268-6195 8am-8pm EST Mon-Fri)

To move your Life or Critical Illness Insurance policy to Manulife Individual Insurance policy contact Manulife's Individual Insurance, or you can move to a policy outside of Manulife.

Note: Converting a policy means you’re transferring your existing coverage without having to complete a medical questionnaire. Moving a policy means you are leaving your current policy, opening a new one, and may have to provide medical information.

Yes, for both Group Benefits and Individual Insurance you can change or cancel your coverage at any time.

Exception: If your employer requires you to have a Group Benefits policy, you won’t be able to change or cancel your policy. To find out if this applies to you check your benefits booklet by signing in with your Manulife ID, then under ’My benefits’, click ’View benefits booklet’ for information on your current plan and what’s available to you

In short, it can be used toward anything you or your beneficiaries want, but some of the most common uses are for things like medical expenses, mortgage payments, family living expenses, debts, etc.

Specifically for Life Insurance: Funeral costs - The average cost of a funeral with a burial in Canada is $5,000 - $10,000. Having a Life Insurance policy can help to cover this cost.

Specifically for Critical Illness Insurance: Assist with income loss - If you are unable to work due to a critical illness that is covered in your policy, you can use the lump sum payout to help offset your income.

Manulife Group Benefits: You can insure yourself, your spouse, and/or your child as part of your group plan as long as:

  • Your employer’s plan offers the insurance
  • The person being insured meets your plan’s rules for coverage

Manulife Individual Insurance: You can purchase policies for yourself, your spouse, and/or your child through Manulife’s Individual Insurance if you don’t have a group plan, or if you want to add more coverage on top of what you get through your group plan as long as:

  • The person being insured meets your plan’s rules for coverage.

Life insurance

Below are the most common types of coverage you can purchase at Manulife. 

Group Benefits Life Insurance

Optional Life Insurance: You can buy this insurance on top of your basic life insurance as part of your Group Benefits if your employer offers it.

Mandatory (Basic) Life Insurance: Your employer might offer you Mandatory (Basic) Life Insurance or other types of Life Insurance.

Note: If you have questions about your Group Benefits and what’s available to you, visit the Plan Member site by signing in with your Manulife ID to review your plan and available coverage.

Individual Life Insurance

Temporary (Term) Life Insurance: These policies are purchased through an advisor and provide coverage for a specific period of time but can be renewed.

  • Family Term: Financial protection that fits comfortably in your budget and adapts to your changing lifestyle, income, and needs. Choose $100,000 to $20 million in coverage.
  • Family Term with Vitality Plus: The same as Family Term with added Manulife Vitality benefits where you can earn rewards for healthy living. Choose $250,000 to $25 million in coverage.

Permanent (Perm) Life Insurance: These policies are purchased through an advisor, grow in value over time, and provide coverage for the rest of your life with no need to renew.

Universal Life:

  • Manulife UL: Financial protection that provides ongoing flexibility and customization to align with your life changes no matter your age, health, or history.
  • Manulife UL with Vitality Plus: The same as Manulife UL with added Manulife Vitality benefits where you can earn rewards for healthy living.

Whole Life:

  • Manulife Par Whole Life Insurance: Financial protection that lets you choose how long you pay your premium and how frequently. Coverage that starts at $100,000.

Manulife CoverMe® Life Insurance: These Term and Perm policies are purchased on your own without going through an advisor.

  • CoverMe® Easy Issue Term Life Insurance: With just two medical questions asked – and no medical exam required – you’re covered as soon as you’re approved, and after we receive your first premium payment. Coverage for $50,000 or $75,000* for a term of 10 years, renewable up to age 85.
  • CoverMe® Term Life Insurance: Cost-effective protection where you pay only for the coverage you need. Coverage from $100,000 to $1 million* for a term of 10 years, renewable up to age 85.
  • CoverMe® Guaranteed Issue Per Life Insurance: If you’re a Canadian resident between 40-75, Guaranteed Issue Life Insurance is a (Perm) insurance that guarantees your acceptance for coverage, regardless of your health history. Coverage from $5,000 to 25,000.
  • FollowMe™ Life Insurance: A (Term) life insurance that allows you to stay protected with affordable, uninterrupted life insurance for yourself and your family should you lose the life insurance you had through your employer due to job change, job loss, or retirement.

If you have questions about Individual Insurance, you can reach out to:

  • Manulife CoverMe® (to purchase on your own).
  • Manulife Licensed Insurance Advisor (to purchase through an advisor).

To leave funds for your loved ones or causes you care about if something happens to you, so that they can pay for things like:

  • Funeral costs
  • Medical debts
  • Mortgage payments
  • Education/Student loans
  • To help your family keep their current lifestyle without your income​

However, it may not be necessary if your loved ones have access to enough money to cover anything that might come up as a result of your passing (see above) or if:

  • You have no one you want to leave money to
  • You don’t have any debts
  • You have enough money put aside to cover your funeral expenses

Just because you have a pre-existing condition, it doesn’t mean you automatically won’t be eligible for coverage.

However, if you do have a pre-existing condition:

  • There may be some extra paperwork you will need to complete like an Evidence of Insurability form which is a Proof of Health, presented through written statements on an application form and/or through a medical examination, indicating that an individual is eligible for a certain type of coverage.
  • Some restrictions may apply.

Your beneficiaries would not receive payment if your pre-existing condition was contracted or diagnosed within 24 months (2 years) prior to the effective date of your policy

Steps:

  1. Think about your annual income, add up all the things it pays for such as mortgage/rent, loans, regular household expenses, education, and other needs.
  2. Decide how long your family would need the replacement funds to last.
  3. Then, add up how much coverage you already have. It may be through your employer, a personal insurance plan, or with a creditor like your mortgage company.

The Life Insurance Calculator by Manulife CoverMe® can assist you with your calculations.

Life Insurance is similar to car insurance:

  • For rates based on age, it will increase over time.
  • For flat rates, it will stay the same price over time.

Manulife Group Benefits: The type of rate you have is pre-determined by your employer. Please visit the Plan Member site by signing in with your Manulife ID to review your benefits plan and get more information and support options.

Manulife Individual Insurance:

  • Term Life Insurance - Your rate will increase every 5-10yrs based on your policy and your new age bracket. as you age.
  • Perm Life Insurance - Your rate will stay the same every year and will not increase as you get older.

 

You are the one to name your beneficiary and you can name any person or charity you’d like. (Sorry, you can’t make your pet a beneficiary, but you can make sure they are taken care of by naming a Pet Guardian in your will.)

There are two types of beneficiaries: *

  • Revocable: Most beneficiaries are Revocable which means you can change who your beneficiary is at any time without getting their consent.
  • Irrevocable: This type of beneficiary is less common and means if you want to change your beneficiary you will need their consent to do so.
    • In Quebec, if you name your legal spouse as your beneficiary, the designation is automatically irrevocable unless you specify otherwise or divorce
    • Potentially, a court order could be another example of someone needing to be named an Irrevocable beneficiary

*If your beneficiary is a minor, you will be required to name a trustee to hold the funds until they reach the legal age.

*If you don’t name a beneficiary any money from your Life Insurance will go to your estate. If you have a will your estate will be distributed according to your will, and if you don’t have a will, it will follow the succession rules outlined by Canadian law.

Critical illness insurance

Below are the most common types of coverage you can purchase at Manulife. 

Manulife Group Benefits

  • Optional Critical Illness Insurance: You can buy this extra coverage if your employer offers it. Coverage typically starts at $10,000. Different plans offer different options.
  • Mandatory (Basic) Critical Illness Insurance: Your employer might also offer you Mandatory (Basic) Critical Illness Insurance.

Note: If you have questions about your Group Benefits and what’s available to you, visit the Plan Member site by signing in with your Manulife ID to review your plan and available coverage.

Manulife Individual Insurance:

  • CoverMe®: Purchase online to get affordable protection that covers 5 critical illnesses and get up to 100% of your premiums back when you turn 75 if you didn’t make a claim during the life of the policy.
  • Lifecheque® Basic: Purchase through an advisor to get affordable, simple and easy to purchase protection that covers 5 critical illnesses and allows you choose your coverage based on your age. If you have never made a claim, get your premiums back when you turn 75.
  • Lifecheque®: Purchase though and advisor go get affordable, simple and easy to purchase protection that covers 24 critical illnesses and receive partial benefit (25% payout up to $50,000) in the event of a non-life-threatening illness.

If you have questions about Individual Insurance, you can reach out to:

If you, or someone who is covered under your Critical Illness insurance plan, got diagnosed with a covered illness, being insured can ease the stress and time-consuming process that comes with trying to find the money to cover things like:

  • Medical expenses
  • Equipment purchases
  • Making accommodations/renovations to your home
  • Offsetting lost income

However, it may not be necessary if you have enough money to cover unexpected costs related to a critical illness diagnosis such as the ones mentioned above.

This is a calculation that will be different for every person, however you will want to consider the total of your monthly, annual, and extra expenses when determining how much coverage is right for you to ensure your lump sum will cover what’s important to you:

  • Mortgage payments
  • Car payments
  • Child/Pet care and/or activities
  • Other bills or expenses you have
  • Potential medical expenses you might need to pay for

You can use this Life Insurance Calculator provided by Manulife CoverMe® or talk with a Manulife CoverMe® Licensed Insurance Advisor to get help in determining how much coverage you may need.

You would not be eligible to claim for a pre-existing condition if your pre-existing condition was contracted or diagnosed within 24 months (2 years) prior to the effective date of your policy. Basically, if you have the condition you’re trying to put a claim in for prior to purchasing your policy you will not be able to claim for that exact condition, but you would be able to claim for a covered condition if it occurred after you purchased your policy.

Example: You were diagnosed with blindness prior to purchasing your Critical Illness Insurance policy. That would be considered a pre-existing condition. After you purchase your Critical Illness Insurance policy you have a heart attack. After determining that your heart attack was not caused by your blindness, the heart attack is considered a new condition and would be covered under your insurance allowing you to file a Critical Illness Insurance claim.

Manulife Group Benefits: Critical Illness insurance covers over 20 types of serious medical conditions including the five listed below under Individual Insurance. For a full list of covered conditions please visit the Plan Member site by signing in with your Manulife ID to review your benefits plan, benefits booklet, and to get more information and support options.

Manulife Individual Insurance: Critical Illness insurance covers the 5 conditions listed below and may cover additional conditions depending on your policy:

  • Life-threatening cancer
  • Heart attack
  • Stroke
  • Coronary artery bypass surgery
  • Aortic surgery

Manulife Group Benefits: For policies under the non-evidence limit (NEL)*, anyone can apply and receive coverage, but it doesn’t mean your claim will automatically get paid as that will be determined on a case-by-case basis.

If you are applying for coverage over the non-evidence limit (NEL)* you will need to complete an Evidence of Insurability form (a Proof of Health, presented through written statements on an application form and/or through a medical examination, indicating that an individual is eligible for a certain type of coverage) to determine if you are eligible for additional coverage. Depending on your medical history, if it’s determined that you don’t meet the criteria for additional coverage you could be denied coverage.

NEL amounts vary from group to group. To find out what the NEL amount is for your group, check your benefits booklet by signing in with your Manulife ID, then under ’My benefits’, click ’View benefits booklet’ for information on your current plan and what’s available to you.

Manulife Individual Insurance: Manulife offers various levels of coverage across different critical illness products.

For some, approval is based on a simple signed Health Declaration. No medical questionnaire or family history is required. For others, depending on the amount of coverage selected, your application will be underwritten based on your personal and family medical history.

For more information, contact Manulife CoverMe® or reach out to a licensed financial advisor.
Open the Getting Started: FAQ (PDF)

Find the support you need

In general

Manulife Group Benefits

If you’re looking to potentially purchase insurance through your employer:

  • Manulife website – Group Benefits page for general information.
  • Plan Member site – Sign in with your Manulife ID to review your benefits plan and get more information and support options: 
    • Review your coverage in your benefits booklet – After you sign in, click on Coverage (top left navigation menu), then click on Your Benefits, next click on View Benefits Booklet. There you’ll find information about your current plan and what’s available to you. If the View Benefits Booklet tab does not appear under Your Benefits, please contact your Plan Sponsor to obtain a copy.
    • Phone number for general questions (1-800-268-6195 8am-8pm EST Mon-Fri).
    • Application – Under Forms and click on Find a form.

Manulife Individual Insurance

If you’re looking to potentially purchase insurance on your own (Even if you have a group plan you can still purchase Individual Insurance on your own to get additional coverage)

The content on this page is meant to provide context and considerations when thinking about adding insurance to your portfolio. It is not meant to be taken as a recommendation and we always suggest you seek the advice from a licensed insurance advisor when making important insurance decisions. Products are offered based on plan availability, conditions, limitations, and exclusions may apply, applications are subject to review, and claims are paid out on approval and are not guaranteed.