Children’s term rider from Manulife

Illustration by Fionn Kidney

Manulife’s children’s term rider, unique in the Canadian marketplace, just got even better. The rider allows a child to be covered for $10,000 at a cost of $2.50 a month. But even more important is the plan’s built-in conversion option.

On the policy anniversary nearest the insured’s 25th birthday (or earlier, at specified option dates), the insured child has the option to purchase $250,000 of new life insurance coverage without new medical evidence. That on its own is unique in the industry. Manulife goes even further, allowing $100,000 of that coverage to be critical illness insurance.

There are two caveats: 1) the total life and critical illness coverage is still limited to $250,000 and 2) to exercise the critical conversion option, Manulife must confirm that the insured does not immediately qualify for a claim. The insured can also not have more than $1.9 million of critical illness coverage in force. Manulife’s maximum retention limit is $2 million.

One Response to “Children’s term rider from Manulife”

want quotes to pay premiumz for life insurance send application via email or Box 173, Leask, Saskatchewan S0J 1M0

Carol Ledoux thought on October 8th, 2009 3:16 pm

Children’s term rider from Manulife

Illustration by Fionn Kidney