Manulife introduces a new group critical illness plan
Manulife, a leading provider of individual critical illness insurance, has recently introduced group critical illness coverage, available without a medical examination.
This critical illness coverage helps close the gap in most traditional group plans. Most group plans offer disability coverage that pays a monthly benefit if the insured cannot work due to injury or illness. But these plans only replace a percentage of the insured's income, and for higher income earners the amount is often capped.
Critical illness coverage provides a lump sum payout on diagnosis of a critical illness, such as life-threatening cancer, heart attack, or stroke. Recipients and their families can use these proceeds as needed, to
- maintain financial security, by replacing lost income, paying down debts, and preserving personal savings, retirement funds, and other investments
- give control over healthcare options, by paying for healthcare equipment, homecare, complementary treatments, and expenses not covered by provincial or group benefit plans
- preserve lifestyle choice, by helping finance home adaptations or renovations, vehicle upgrades, and family activities
- access the best medical care, by covering treatments not covered by OHIP, including out-of-country treatments
Manulife offers both primary and comprehensive group critical illness plans, including basic and optional coverage. Primary group critical illness insurance covers the four most frequently diagnosed critical illnesses: cancer, heart attack, stroke, and heart disease necessitating coronary artery bypass surgery. The comprehensive plan covers 18 additional conditions. Optional coverage can also be purchased by plan members for themselves, their spouse, and their children.
Say a plan member is diagnosed with multiple sclerosis. Their disability protection would replace part of their income, while their critical illness coverage would provide for the best available treatment and needed home renovations and adaptations. Most people wish to remain at home with their families if struck by debilitating illness, and critical illness coverage can give the resources to make this possible.
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For more information about how critical illness policy can protect you and your family, please contact Jack Bendahan at 905.248.4849.