Last Updated on January 7, 2024 by Tree of Wealth

The Manulife Critical SelectCare is an insurance term policy designed to provide essential protection against advanced stage critical illnesses and specific medical conditions. It caters to individuals who may face challenges in obtaining coverage through conventional critical illness plans and is particularly relevant for young professionals and working adults aged 20 to 55 years old.

If you fall within the age range of 40 to 70 years old and have high blood pressure, cholesterol, and/or high sugar levels, this insurance plan could be well-suited for your needs.

Key Features of the Product

Premium Policy Terms: To qualify for coverage under Manulife’s Critical SelectCare, individuals must be between 40 and 70 years old.

Premium Payment Terms: Premiums are payable throughout the policy’s term. Please note that, like all critical illness premiums, the actual amount may vary and could be adjusted.

The final premium amount is determined based on various factors, including age, gender, smoking status, chosen coverage amount, policy type, and the length of the premium period.

Protection Offered

Critical Illness Benefit (CI)

In the event of a diagnosis of specified advanced stage critical illnesses covered by the Manulife Critical SelectCare, policyholders will receive a payout. The payout will be either the basic sum assured or the total premiums paid (minus any outstanding amounts owed to Manulife), whichever amount is higher.

The covered advanced stage critical illnesses are detailed in the table provided below.

7 conditions:

• Heart Attack of Specified Severity
• Major Cancer
• Alzheimer/Severe Dementia
• Parkinson’s Disease
• Stroke
• End Stage Lung Disease
• Fractures of specified sites as a result of an accident

Upon the complete payment of this benefit, the policy will be terminated.

Waiting Period: If any of the following conditions occur within 90 days from the policy issue date or policy reinstatement date, benefits will not be paid out:

1. Diagnosis of a Major Cancer
2. Diagnosis of Heart Attack of Specified Severity

Other Features and Benefits

Special Benefit

Upon the diagnosis of a Special Condition covered by the Manulife Critical SelectCare, an additional 25% of the basic sum assured will be provided.

The Special Conditions Covered are detailed below.

Osteoporosis with Fracture Severe Rheumatoid Arthritis

Please note that the Special Benefit has a maximum payout of $25,000 and can only be claimed once. The payment of the Special Benefit does not reduce the basic sum assured.

No Claim Payout Benefit

If no claims have been made, paid, or payable at the end of the policy term, policyholders will receive 25% of the total premiums paid (minus any outstanding amounts owed to Manulife).

Death Benefit: In the event of the insured’s death, a payout of S$10,000 (minus any outstanding amounts owed to Manulife) will be provided. Following the payout, the policy will be terminated.

Main Product Conditions

Survival Period

To be eligible for benefits under the Manulife Critical SelectCare, the insured must survive at least 7 days after being diagnosed with Advanced Stage Critical Illness, conditions, and Special Benefit Conditions covered by this policy. If the insured does not survive the specified period, only the Death Benefit will be payable.

Termination

The policy will be terminated if any of the following situations occur, whichever is earliest:

1. Receipt of notice from the insured to terminate the policy.
2. Death of the insured.
3. Expiration of the policy.
4. Lapse of the policy.
5. Manulife has paid out $2,000,000 of the Critical Illness limit.
6. Full payment of the CI Benefit has been made.

Pre-existing Conditions

Pre-existing conditions refer to any illnesses or medical conditions that existed before the policy issue or reinstatement date, whichever is later. These conditions may impact Manulife’s decision on policy purchase eligibility and claiming of benefits.

Death Benefit Exclusions

The Death Benefit will not be paid if the insured dies by suicide within 1 year from the policy issue date or policy reinstatement date. In such cases, Manulife will refund the total premiums paid to date, minus any expenses.

When comparing the annual premiums of critical illness plans available in the market, it is important to note that Manulife’s Critical SelectCare may have higher premiums but offers coverage for a smaller number of critical illnesses and special conditions (7 CI Conditions and 2 Special Conditions).

However, it’s essential to remember that this policy is not designed to cater to everyone. It specifically targets individuals between the ages of 40 and 70 who face difficulties obtaining CI plans and have one or more of the following conditions:

• High blood pressure
• High blood sugar
• High cholesterol
• Diabetes

Due to these specific criteria, it is natural to encounter higher premiums, exclusions, or even rejection from traditional CI plans available in the market. Manulife provides you with the opportunity to obtain coverage, albeit at steeper premiums.

How Manulife Critical SelectCare Works

The Manulife Critical SelectCare offers the following benefits for your consideration:

• Coverage for 7 Advanced Stage Critical Illnesses
• 25% of the basic sum assured if no claims have been made or paid out upon the policy term’s due date
• 25% of the sum assured, up to $25,000 for Special Conditions
• $10,000 Death Benefit

However, it’s important to be aware of the downsides of this policy as well, which include:

• High premium amounts with coverage for a smaller number of critical illnesses and special conditions
• Only applicable for individuals above 40 years old
• Maximum sum assured of $250,000

Despite these limitations, Manulife’s Critical SelectCare may be your only option. If you haven’t explored other policies yet, we recommend referring to our article on the best critical illness plans in Singapore to make a more informed decision.

Manulife’s Critical SelectCare offers targeted coverage for individuals facing difficulties obtaining critical illness plans. While it has its limitations, it can be a valuable option. To ensure the best financial planning for your specific needs, we encourage you to get in touch with our experienced financial advisor. They will guide you in making informed decisions and securing your financial future. Take the first step towards comprehensive financial planning by contacting our financial advisor today.