WHAT YOU NEED TO KNOW
Critical Illness Insurance is an optional benefit that is 100% employee paid. It provides a one-time lump-sum cash payment if you, your insured spouse or your insured dependent child is diagnosed with a covered condition and the claim is approved by Manulife. You decide whether to purchase coverage. The amount paid is based on the coverage amount selected, not on which covered condition is diagnosed.
How Is Critical Illness Insurance Different from Extended Health Care Coverage?
It does not reimburse a specific medical expense. The lump sum payment can be used in any way you choose, such as helping with household expenses, lost income, travel for treatment, equipment, home changes or other financial needs.
How Is Critical Illness Insurance Different from Life Insurance?
| Critical Illness Insurance | Life Insurance | |
|---|---|---|
| When it may pay | While the insured person is living, following diagnosis of a covered condition and approval of the claim | Following the insured person’s death |
| Who receives the payment | The insured person | The named beneficiary or beneficiaries |
| How it is paid | One-time lump sum payment based on the amount of coverage purchased | One-time payment based on the amount of life insurance in effect |
| What it can help with | Financial needs arising while the insured person is receiving treatment or recovering | Financial needs of beneficiaries after the insured person’s death |
Life Insurance and Critical Illness Insurance serve different purposes. Life Insurance can provide financial support to your beneficiaries after your death. Critical Illness Insurance can provide financial support to you while you are living and dealing with a covered serious illness.
Coverage Options and Payout Amounts
| Person covered | Available coverage | Amount available without medical evidence | How the benefit is paid |
|---|---|---|---|
| Employee | $10,000 to $250,000, in units of $10,000 | Up to $50,000 | The amount of coverage purchased, if the claim is approved |
| Spouse | $10,000 to $250,000, in units of $10,000 | Up to $50,000 | The amount of coverage purchased, if the claim is approved |
| Dependent child | $10,000 | Not applicable | $10,000, if the claim is approved |
Coverage over the amount available without medical evidence may require Evidence of Insurability, also called proof of health, and approval by Manulife.
Payout example
If you purchase $50,000 of coverage and an approved claim is made for any covered condition, the benefit payable is $50,000. The payout does not vary by covered condition.
Covered Conditions at a Glance
The plan covers 25 serious illnesses and conditions. Examples include:
| High-level category | Examples |
|---|---|
| Cancer | Life-threatening cancer |
| Heart-related conditions | Heart attack |
| Neurological or vascular conditions | Stroke |
| Other serious illnesses and conditions | Additional adult and child conditions are included in Manulife’s complete list of 25 covered conditions |
A diagnosis alone does not automatically result in payment. The condition must meet the definition in the policy, including any applicable severity requirements, exclusions or survival period. Review Manulife’s complete 25 Covered Conditions document for the full list and precise definitions.
Reasons to Consider Critical Illness Coverage
A serious illness can create costs that are not fully covered by provincial health care or your employee benefits. You may wish to consider Critical Illness Insurance if a lump-sum payment could help you:
- Manage regular household bills while you or a family member receives treatment;
- Offset a temporary loss of income;
- Pay for travel, childcare or other support related to treatment;
- Purchase equipment or make changes to your home; or
- Protect savings that might otherwise be used for unexpected expenses.
Your needs will depend on your personal circumstances, existing savings and other insurance coverage. This information is not financial advice or a recommendation to purchase coverage.
Cost of Coverage
Premiums are 100% paid by you. The cost is based on the person being insured, the amount of coverage selected and applicable rating factors. You will see the cost of your elections during enrolment before you submit them.
Rate Sheet
For pricing and purchase information, sign in to the Plan Member site by signing in with your Manulife ID. You'll find the applicable rate sheet, details about available coverage options, and information on how to enrol.
| Coverage | How rates are shown on the rate sheet |
|---|---|
| Employee | Rates are shown by age band, gender, smoking status and coverage amount selected. |
| Spouse* | Rates are shown by age band, gender, smoking status and coverage amount selected. |
| Dependent child | The dependent child rate is $4.920 per $10,000 of coverage, to a maximum coverage amount of $10,000. |
*Spouse coverage is available only if the person meets the definition of spouse under the group benefits policy. Coverage will not continue if the person is no longer your spouse.
Enrolling in Coverage
During enrolment, select the Critical Illness Insurance coverage you want for yourself and, if applicable, your spouse or eligible dependent child. If Manulife requires additional information, you will be prompted to complete an application or Evidence of Insurability form. Coverage that requires medical evidence is not approved until Manulife has reviewed and accepted the application.
Resources
- Getting Started: Frequently Asked Questions
- Critical Illness Insurance: 25 Covered Conditions
- Guide to Making a Critical Illness Claim
For complete details, including definitions, limitations, exclusions, survival periods, eligibility and when coverage ends, refer to the official Manulife policy and benefit booklet. If there is any difference between this summary and the official plan documents, the official plan documents govern.
If you are covered by a collective bargaining agreement, check your union contract, as eligibility and benefits might be different for each program.
