Critical illness plans are plans that pay out a lump sum when the doctor diagnoses you with one of the 37 critical illnesses. The lump sum is meant to help you cope with the period when you cannot work and require rest. One disadvantage of critical illness plans is that it will pay out only once, and it terminates after. This exposes you to risks such as recurrent cancer later in your life, but you can no longer purchase critical illness plans. In response to such risks, insurance companies have come up with multi-pay critical illness plans, which provide multiple payouts during the duration of one’s life. In this article, fundMyLife reviews the Manulife Ready CompleteCare and discusses its features. Note: the information is accurate as of September 2018.
What is it?
Manulife Ready CompleteCare is a critical illness plan that provides multiple payouts. The plan provides up to $250,000 for early stage critical illnesses, up to $350,000 for intermediate state, and 100% of coverage for advanced stage critical illnesses. There is also an optional ‘cover me again’ feature, which provides additional benefits such as multi-claim resets.
Cover me again
The most widely promoted feature of this plan provides additional benefits. As its name suggests, ‘cover me again’ gives you the opportunity to restore the basic sum assured back to 100%, 12 months after your claim. This reset is available up to five times.
It also comes with additional major critical illness benefit, where you get twice the amount of your sum assured (200%) for six major critical illnesses in advanced stages, as seen in the table above.
There is also a recurring cancer benefit, where you can claim 100% of your sum assured if/when your cancer relapses after the first cancer, after a waiting period of two years or longer. This particular benefit kicks in when you 1) get cancer a second time in an organ different from the original cancer location, or 2) have cancer that happens in the same organ of the first cancer, or 3) get the metastatic form of the earlier cancer that you claimed for, after a remission.
Free health check-up
…for every two years. It is also transferable to your loved ones. Presumably, the free health check encourages you to screen early and often to catch illnesses in their early stages. This is a win-win since Manulife pays out less in the case of early stage critical illness, and you have a higher chance of surviving the illness.
Premium refund upon death
In the event of death, all of the premiums you paid are refunded, less whatever claim payout that you claimed. This also means that if you did not claim anything, you would get all of your premiums paid back.
There is free coverage for your child up to 18 years old, without compromising anything in your sum assured. You get a lump sum of $10,000 if your child gets a critical illness, without affecting your sum insured. It’s a good feature for those with children. However, don’t bank on the $10,000 and consider a proper critical illness plan for your child instead.
Special benefits for 18 conditions
You can claim, up to a maximum of 6 times, when you have a condition that falls under the 18 conditions in the table above. You can claim 20% of the sum assured, for a maximum of $25,000 per life per condition. Good thing is that payout from this benefit does not reduce your sum assured.
The Manulife Ready CompleteCare is full of features, and more so if you add in the ‘cover me again’ add-on. It is also conscious of your family, providing things like free checkup for either yourself or loved ones, and free child cover. It has a broad cover of diseases, even though the coverage of 106 conditions is just variations of the same diseases in different stages (such is marketing). The premium refund is a nice touch, but again you should consider life insurance for better and more substantial death benefits.
However, we observe that there is one huge caveat. Given the complexity of the conditions set by Manulife, it is very crucial that you fully understand these said conditions under which you will get a payout. Make sure you are aware of the T&Cs completely before committing to this plan, as it is a relatively recent product in the market.
You should also be refreshing your memory on how you qualify for payouts – don’t just leave this your financial adviser to handle.
Connect with fundMyLife financial advisers today!
Interested to know whether the Manulife Ready CompleteCare, or other multi-pay plans are suitable for you? You should ask your financial adviser. Haven’t found a good financial adviser? Worry not – fundMyLife has your back. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.
Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.
Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.