REVIEW – Manulife Ready CompleteCare (Normal and Cover Me Again)

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Manulife Ready CompleteCare is stand-alone critical illness term insurance coverage that is comprehensive, covering all stages of critical illnesses from early, intermediate to advanced stages.

Covering 106 critical illness conditions across all stages from early to advanced stage, Manulife’s Ready CompleteCare indeed complete your care.

On its own, it is a single pay-out critical illness plan. There is an option to add the “Cover Me Again” feature to turn it into a multiple pay critical illness coverage protection.

Product Features and Benefits at a Glance

Protection                             

Covering 106 critical illness conditions across all stages from early to advanced stage

Early Stage Sum Assured goes up to $250,000

Intermediate Stage Sum Assured goes up to $350,000

Advance Stage Sum Assured is 100% of coverage amount

18 Special Conditions

20% of Sum Assured, capped at $25,000 per claim, up to 6 claims.

Useful because it covers conditions like diabetes,  Dengue Haemorrhagic Fever and Kawasaki Disease.

Full list (covers till age 85):

1) Angioplasty and Other Invasive Treatment for Coronary Artery

2) Diabetic Complications

3)Wilson’s Disease

4) Osteoporosis with Fractures

5) Severe Rheumatoid Arthritis

6) Mastectomy

7) Chronic Adrenal Insufficiency (Addison’s Disease)

8) Chronic Relapsing Pancreatits

9) Hysterectomy due to Cancer

10) Dengue Haemorrhagic Fever

 For conditions 11 to 18, they are for Juvenile until age 18:

11)Type I Juvenile Spinal Amyotrophy

12) Severe Juvenile Rheumatoid Arthrithis (Stills Disease)

13) Severe Haemophilia

14) Rheumatic Fever with Valvular Impairment

15) Osteogenesis Imperfecta

16) Insulin Dependant Diabetes Mellitus

17) Kawasaki Disease

18) Glomerulonephritis with Nephrotic Syndrome

Choose to also add on additional supplementary benefits like Critical Illness Waiver and Payor benefit.

What We Like About The Plan

1. The Multiple Pay Feature

Perhaps one of the most attractive part about this critical illness plan is to be able to choose to include the “Cover me Again” feature to further enhance the coverage from a single payout to a multiple pay critical illness plan, across all stages from early, to intermediate, to advance stage.

How it works:

In the event of diagnosis of a critical illness, a claim of 100% of the sum assured will be paid out and the plan will still remain inforce.

While the rest of the insurers market it as able to claim again, Manulife “resets” the coverage and the policy holder is now able to claim another 100% again.

There is a 12 months (1 year) waiting period before you are allowed to make another claim and this sum assured can be restored up to 4 times, making the maximum sum assured for critical illness (CI) to be 500%.

Additionally, if the person is diagnosed with the specific 6 advance stage CI, there is an extra 200% of sum assured paid out:

  1. Advanced stage major cancer
  2. Advanced stage heart attack of specified severity
  3. Advanced stage stroke
  4. Advanced stage Alzheimer’s disease
  5. Advanced stage multiple sclerosis
  6. Advanced stage Parkinson’s disease

Recurring Cancer Benefit

if the CI that is recurring is cancer, the Recurring Cancer Benefit pays out an additional 100% of sum assured. This benefit can be utilized up to a maximum of 2 times and capped at sum assured of 200%. The conditions here (with diagnosis from doctor of course) however, are:

  • There is a 2 years waiting period
  • Subsequent cancer must be unrelated
  • Occurs at a different organ from previous major cancer claims
  • Recurs at the same organ from previous major cancer claims after remission at least once

What this all means for the “Cover Me Again” feature, is that it actually covers more than 500% of CI. It essentially breaks down to this:

manulife ready completecare, multipay CI coverage, early critical illness singapore

manulife ready completecare, multipay CI coverage, early critical illness singapore

Sounds good? Skip to “What We Don’t Like About This Plan” to further understand fully how it works.

2. Competitive Premiums

It has one of the most competitive pricing for Standalone CI plans, not forgetting it is cover more than 106 conditions.

3. Premium Refund

100% of premiums less of any payouts for claims will be paid back if death occurs.

 4. Complimentary Health Check

For every 2 years, Manulife’s Ready CompleteCare also provides a free health check up. What’s more, you can even transfer this to your loved ones!

 5. Free Child Coverage

In the event if advance stage critical illness occurs to your child, an additional amount of $10, 000 will be paid out. This does not reduce your total sum assured.

What We Don’t Like About The Plan

Narrow CI Payout

For the additional 200% to be paid out, it has to be a specific 6 advance stages of CI and not others:

  1. Advanced stage major cancer
  2. Advanced stage heart attack of specified severity
  3. Advanced stage stroke
  4. Advanced stage Alzheimer’s disease
  5. Advanced stage multiple sclerosis
  6. Advanced stage Parkinson’s disease

If it is of the same condition of critical illness (and it mostly always is), each stage can only be claimed once. If you are diagnosed with critical illness of the same stage again, it would not be claimable, except for cancer with conditions (Read Recurring Cancer Benefit Conditions above). Same illness is capped at only 100% of sum insured.

Coverage Terms

The policy has only 2 coverage terms – until age 75 & age 99. That means the Sum Assured taken into consideration is longer and is more expensive if you are age 30 looking for a shorter coverage of perhaps 10 or 20 years, as compared to other Multiple Payout plans that has flexible options of shorter coverage years.

How Manulife’s Ready CompleteCare Work

manulife ready completecare, multipay CI coverage, early critical illness singapore
source: Manulife
manulife ready completecare, multipay CI coverage, early critical illness singapore
source: Manulife

Why it is a good choice?

  • Competitive premiums for a multiple payout CI plan
  • Has additional 200% for advance stage CI (specific 6 conditions)
  • Has another 200% cancer recurring (cancer only)

It would however be less suitable if:

  • You are looking for a high savings/retirement instrument
  • You are looking for cash value/surrender value

Conclusion

There are many multiple payout plans in the market. For some, Manulife’s Ready CompleteCare is a good choice as it fits into their budget and like some specific features (for eg the premium refund). Multiple pay Early Stage CI plan like this fills in the gap that are commonly overlooked and replaces your income, providing multiple times of financial consistency when early to advance stage diagnosis of critical illness.

To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.

No obligations, no hidden fees. All advice are of no charges.

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