Children’s term rider from Manulife

children life insurance

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.

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  • Carol Ledoux
    October 8, 2009 at 3:16 pm

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