Manulife Critical SelectCare Review

The Manulife Critical SelectCare is a non-participating critical illness insurance term policy that provides basic protection against advanced-stage critical illnesses and other specified medical conditions.

If you’re between 40 and 70 years old, have high blood, cholesterol and/or high sugar levels, and have difficulties getting insured with typical critical illness plans, this might be for you.

Here’s our review of the Manulife Critical SelectCare.

My Review of the Manulife Critical SelectCare

I believe the Manulife Critical SelectCare is designed for individuals aged 40 to 70 years old diagnosed with pre-existing medical conditions and having difficulty purchasing insurance coverage.

If you compare it to your other similar alternative – the Singlife Essential Critical Illness – you’ll find that the Manulife Critical SelectCare is more expensive and have a lower maximum sum assured.

Premiums are based on a 30-year-old male, non-smoker with a sum assured of $100,000, with a policy term up to age 75 – with the exception of the Manulife Critical Select Care, which only provides coverage from 40 years old. Premiums are paid annually.

However, this isn’t really a fair comparison as the Manulife Critical SelectCare only covers you if you’re 40 years old and above. This means you’re at higher risk than someone who is 30 years old. We will be updating the table above to reflect more accurate premium comparisons.

Now let’s compare the differences in critical illness conditions covered:

Even when comparing based on conditions covered, the Manulife Critical SelectCare loses to the Singlife Essential Critical Illness – with only 9 conditions covered as compared to 18 on Singlife.

The criteria required to enrol into both policies and critical illness conditions covered are almost similar, making us think that the Singlife Essential Critical Illness is a better option.

However, if you’re above 40 years old, give us some time to get a fairer quotation so that we can compare the premiums fairly.

But to summarise:

The Manulife Critical SelectCare is specifically targeted to those aged between 40 to 70, who have difficulties getting CI plans and have any of the below:

• High blood pressure,
• High blood sugar,
• High cholesterol, or
• Diabetes

Therefore, Manulife allows you to get yourself covered, albeit at steeper premiums.

The Manulife Critical SelectCare has the following benefits for consideration:

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

The policy also has its downsides as well. These include

• High premium amount with lesser critical illnesses and special conditions coverage.
• This is only applicable to individuals above 40 years old.
• Maximum sum assured of $200k.

Although this is meant for those with pre-existing conditions, we recommend that you don’t give up and try standard policies first, even though it might come with extra loading or exclusions.

They’re more cost-effective and provide more coverage. Getting a policy like this should be your last few options and only after you’ve exhausted all other choices.

We recommend starting your research by reading our post on buying insurance if you have pre-existing medical conditions to understand the possible pathways you can take.

Then you should read our post on the best critical illness plans in Singapore so that you know any possible alternatives to select from.

And once you fully understand what’s available, you should seek a second opinion from an unbiased financial advisor to see if the Manulife Critical SelectCare is the best CI plan for you.

If you need someone to get a second opinion from, we partner with MAS-licensed financial advisors who have helped many with pre-existing medical conditions successfully.

Click here for a free, non-obligatory chat.

Now, let’s explore in detail what the Manulife Critical SelectCare offers.

Basic Product Features

Premium Policy Terms

To be eligible for Manulife’s Critical SelectCare insurance coverage, you must be between 40 and 70 years old.

Premium Payment Terms

• Payable throughout the premium term of the policy.
• As with all CI premiums, premiums are not guaranteed and may be adjusted.

Your final premium amount is determined by factors such as age, gender, smoker status, sum assured, policy type, and length of premium period.

Protection

Critical Illness Benefit (CI)

Upon diagnosis of selected advanced-stage critical illnesses and conditions covered under the Manulife Critical SelectCare, receive a payout of either:

1. The basic sum assured or
2. The total premiums paid less any sum owed to Manulife, whichever is higher.

The covered advanced-stage critical illnesses are as per the table below.

Upon full payment of this benefit, the policy will terminate.

Waiting Period

The following conditions will result in benefits not being paid out if the occurrence occurs within 90 days from the policy issue date or policy reinstatement date, whichever is later.

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

Other Features and Benefits

Special Benefit

Receive an additional 25% of the basic sum assured upon diagnosis of a Special Condition covered under the Manulife Critical SelectCare.

The Special Conditions Covered are as per the table below.

A maximum payout of $25,000 is applicable for the Special Benefit and can only be claimed and admitted once. Payment of the Special Benefit does not reduce the basic sum assured.

No Claim Payout Benefit

Receive 25% of the total premiums paid minus any amount owed to Manulife if no claims have been made, paid, or payable upon the end of the policy term.

Death Benefit

Upon the insured’s death, receive a payout of S$10,000, less any amount owed to Manulife. After which, the policy will terminate.

Main Product Conditions

Survival Period

To be eligible for the benefits under the Manulife Critical SelectCare, the insured has to survive at least 7 days after he or she is diagnosed with advanced-stage critical illness conditions and Special Benefit Conditions covered under this policy.

Otherwise, only the Death Benefit is payable.

Termination

The policy will terminate if any of the below situations occur, whichever is earliest.

• Receipt of notice from insured informing of ending of policy,
• The death of the insured.
• The policy expires.
• The lapse of this policy.
• When $2,000,000 of the CI limit has been paid out by Manulife.
• CI Benefit has been fully paid out.

Pre-existing Conditions

Refers to any illness or medical condition that existed before the policy issue or reinstatement date, whichever is latest, which might affect Manulife’s decision in policy purchase eligibility and claiming of benefits.

Death Benefit Exclusions

The insured is not eligible for the Death Benefit if he or she dies from suicide within 1 year from the policy issue date or policy reinstatement date.

Manulife will not pay the Death Benefit and will refund the total premiums paid to date minus any expenses.

References

https://www.manulife.com.sg/en/solutions/health/critical-illness/critical-selectcare.html

https://www.manulife.com.sg/content/dam/insurance/sg/solutions/our-solutions/health/critical-illness/critical-selectcare/critical_selectcare_brochure_fa.pdf