Manulife Lifecheque critical illness insurance will now cover more diseases, reduce wait times and includes price improvements on certain plans.
"Unfortunately, many Canadians are struck with a debilitating, severe or chronic medical condition and need additional assistance to cope with this financially," said David Baker, Assistant Vice President, Insurance, Manulife.
"Manulife's Lifecheque product is a great solution that provides customers with choices, making it easier for Canadians to cope when faced with these life-altering situations."
Enhancements to Lifecheque Critical Illness include:
- The expansion of Alzheimer's disease to include Dementia and the expansion of Parkinson's disease to include specified atypical parkinsonian disorders;
- The addition of two covered conditions: Aplastic anemia and Bacterial meningitis;
- The addition of three conditions under the Early Intervention Benefit : Chronic lymphocytic leukemia (CCL) Rai stage 0, Papillary or follicular thyroid cancer Stage T1 and Stage 1 malignant melanoma;
- Improved access to LivingCare by reducing the waiting period to 90 days (from 180 days) subject to additional underwriting;
- Removal of sub-standard rating to Return of Premium Riders when the associated base insurance coverage is also rated sub-standard;
- Price improvements on select plan types and return of premium riders, particularly for younger clients.
Advisors have been handed a boost in the battle to engage Canadians with critical illness insurance after Manulife Insurance announced product enhancements and price improvements.