Manulife Financial’s Simplified-Issue Term 10 Policy

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There are a number of
simplified-issue policies to choose from.
Which one works for you?

Manulife Financial offers a simplified-issue term life insurance policy to applicants aged 18 to 70.

The plan is CoverMe Easy Issue Life Insurance. It has no medical tests and two health questions. The premiums are guaranteed for the first ten policy years and the plan is renewable until age 85. Plus, face amounts can be $50,000 or $75,000.

Unlike many other simplified-issue term policies, there is no waiting period. The plan has a built-in living benefit at no extra cost and as part of that benefit, the insured will be eligible to receive a compassionate one-time cash advance up to 50% of the life insurance amount if the insured is diagnosed as terminally ill with 12 months or less to live.

The CoverMe Easy Issue policy is sold directly via Manulife's website and offers competition to some of the broker sold simplified-issue term plans out there.

One of the most popular simplified issue term plans like these is offered through Canada Protection Plan, which is underwritten by Forrester's Life Insurance Company.  The Canada Protection Plan recently increased its issue limits on its deferred term 10, term 20, and term 100 plan from $100,000 to $150,000. The death benefit on its deferred term plan is limited for non-accidental deaths, in the first two years, to a return-of-premium plus interest.

The Canada Protection Plan also offers a Simplified Term and Simplified Term Plus Plan available as a term 10, term 20, and term 100. The face amounts on these plans have also increased to an issue limit of $200,000. They have additional health questions, but the coverage is available on an immediate-pay basis.

A new entrant to the simplified issue term market is Humania Assurance. They offer a term 20 policy with up to $300,000 in coverage. The plan comes with three pricing levels: bronze, silver, and gold. The more questions the insured can answer no to, the better the classification and the lower the premium.

Assumption Life also offers a no-medical term policy called Flex Term. The plan is available as a term 15, term 20, or term 25 and it has no medical tests for applicants 18 to 65 who want face amounts of coverage up to $250,000. The coverage takes effect from day one, but the health questions are more onerous and are similar to those found on traditional life insurance applications.

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4 Comments

  1. Ami Maishlish 09/13/2013 at 2:08 pm

    Yes, there is a spurt of activity with new product releases by various carriers, including those mentioned in your article and others. IMO, one of the reasons for the increased activity (incl. increased number of carriers and options) is the increasing mean age of the population. Another reason, as it appears to me, is that there are an increasing number of people who are now realizing that they have been mislead in the past with self-serving “advice” to suggest that life insurance coverage will not be needed beyond one’s working years, and are now facing the reality of continued need for life insurance beyond working years and beyond “replacing the bread-winner’s paycheck”.

    The word “simplified” however, is overly simplistic in its potential interpretation. In order to avoid the impression of “simplified” morphing into a “highly complicated headache”, I would strongly suggest that advisors and buyers read application questions carefully and consider their meaning in the broadest context.

    This is even more so for SEEMINGLY simple questions that allow only the option of “yes” or “no” response. Such questions need to be thought of broadly AND in the absolute. In other words, if the answer to the question is a “no”, with only a minor exception that may appear to possibly be outside the scope of the question and/or appear insignificant, the true answer is “yes”. “Winging it” is not in your best interest.

  2. LSM Insurance 09/13/2013 at 2:30 pm

    Ami, good points. Simplified Issue and Guaranteed Issue plans are often misunderstood and mis-sold

  3. Terry 09/14/2013 at 9:23 am

    How does this plan stack up against CPP plan on TV. My agent says this is a better rote and is the CPP rate the same plan thgh if I sign up on the phone on with my agent he says its same but doebn;t make sense to me.

  4. LSM Insurance 09/14/2013 at 9:39 am

    Thanks for the note Terry. Canada Protection Plan (CPP) has several plans so unless we know your date of birth, smoking status and which plan you qualify for it’s difficult to say which plan is better. Your agent is correct the rates are the same whether you go through an advisor or CPP direct. Plus you get the added benefit of a licensed advisors personal advice. CPP plans are more geared towards the hard to insure market so once you are approved you may also want to investigate if you qualify for a traditional life insurance plan. If you do have health issues and are declined first this could limit your Simplified Issue options.

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