Manulife Financial’s Simplified-Issue Term 10 Policy
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.
We are happy to help out with any questions you might have at 1-866-899-4849, or you can visit our Term Life Insurance Quote Page.