Manulife Financial’s Combined Coverage

Manulife term products have a value-added option known as combined coverage.

Combined coverage offers two death benefits under a single policy, resulting in one policy fee and a 3% discount – terrific savings. In fact, Manulife combined life coverage often costs less than its competitors’ joint first-to-die plans.

If one of the insureds dies under a joint first-to-die policy, the surviving insured would have to apply for new coverage. At his or her attained age, this would translate into a higher premium. Under a combined plan, however, the surviving spouse automatically continues the coverage according to his or her original age at the time of last renewal.

The one caveat: the life face amounts for both insureds must be identical under a combined coverage plan.

Below is a cost comparison for Manulife combined coverage versus some of its competitors’ joint first-to-die plans. Assume $500,000 each of term-10 coverage for a 45-year-old male non-smoker and a 42-year-old female non-smoker (rates as of July 21, 2008).

  • Manulife combined coverage: $86.43 a month

  • RBC Insurance joint first-to-die coverage: $81.00 a month

  • Industrial Alliance joint first-to-die coverage: $88.20 a month

  • Desjardins joint first-to die coverage: $89.55 month

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  • LSM Insurance
    September 26, 2011 at 7:32 pm

    Thanks for sharing.

  • Mitch
    September 26, 2011 at 6:56 pm

    I also created an article on Manulife’s Combined Term Life Insurance. It should compliment this article nicely. Thanks for the great posts.

  • debbie
    January 24, 2010 at 8:19 pm

    I have a mortgage line of credit for $224,000.00. I am a non smoker or drinker. I am 56, a female in good health with a little weight to lose born in 1953. I want to make sure when I die my line of credit will be covered. Is this possible and what are the rates? Thank you