Manulife Ready CompleteCare Review: 1 of 5 Multipay Plans

In this review, we will look into Manulife’s Ready CompleteCare (RCC) a critical illness insurance policy that covers all stages (early, intermediate, or advanced) of 106 Critical Illnesses and 18 additional conditions, where you can claim up to 500% of the sum insured.

Criteria 

Sum Assured

Minimum sum assured of $30,000.

Basic Product Features

Policy Term

For Manulife Ready CompleteCare, there are 2 coverage options: a coverage term to either

1. Age 75, or
2. Age 99

 

What this means is that once you reach either 75 or 99, the insurance coverage will end.

Premium Term

• Payable throughout the premium term of the policy
• As with all CI premiums, premiums are not guaranteed and may be adjusted
  • Change of rates would be with 30 days’ notice

 

Coverage 

Death Benefit

In the event of the death of the life insured, total premiums paid to date would be paid if no prior claims were made (after a deduction of any claim amount paid under the policy).

However, should the total claim amount paid under the policy prior to the death be higher than the total premiums paid as of the date of death, the death benefit is void.

It is also important to note that upon payment of this benefit, the policy will end.

Critical Illness (CI) Benefit

If you are diagnosed with any covered early, intermediate, or advanced stage of critical illness, Manulife will pay the CI Benefit in accordance with the stage of the illness, as follows:

Critical illness stage	Critical illness benefit
Advanced stage	100% of the Current Sum Insured would be paid
Intermediate stage	Either 100% of the Current Sum Insured or S$350,000*
Early-stage	100% of the Current Sum Insured or S$250,000*

*Whichever amount is lower would be paid

The Current Sum Insured refers to either:

1. the basic sum insured after deduction of any CI benefit paid; or
2. the basic sum insured after deduction of any CI benefit paid after the Cover Me Again Benefit (more on this benefit later) is activated,

 

as at the date of diagnosis of the CI.

After the benefit is paid, your future CI claims will only be the balance of what you have left, instead of the Actual Sum Insured.

It also important to note that for early-stage Alzheimer’s Disease or Severe Dementia, the coverage will end on the policy anniversary immediately following your (or the life insured’s) 85th birthday.

However, there are prerequisites to this Benefit, such as:

CIs Covered Under the Manulife Ready CompleteCare

Cover Me Again Benefit

The Cover Me Again is the multipay feature of the Manulife Ready CompleteCare and is optional.

If you’ve previously made a CI Benefit claim and don’t make any other CI claims within a year of the past date of diagnosis, your current sum insured will be restored to 100%.

There is no limit to the number of times this benefit may be activated, with the only catch being that the policy should be in-force.

Recurring Cancer Benefit 

Should you be diagnosed with any subsequent advanced stage major cancer condition 2 years after any previous Major Cancer claim, Manulife will pay 100% of the basic sum insured.

However, the benefit is only payable up to a maximum of 2 times, with a limit of 200% of the basic sum insured.

Some additional things to note:

Additional Major Critical Illness Benefit

An additional 200% of the basic sum insured can be claimed if you are diagnosed with any of the covered advanced stage CIs listed below.

• Major Cancer
• Heart Attack of Specified Severity
• Stroke with Permanent Neurological Deficit
• Alzheimer’s Disease/Severe Dementia
• Multiple Sclerosis
• Idiopathic Parkinson’s Disease

 

However, this benefit is applied only once throughout the course of this policy, but the payout will not reduce the Current Sum Insured and is receivable in addition to the CI benefit.

Special Benefit

If you are diagnosed with any of the following covered illnesses or medical conditions listed, an additional 20% of the basic sum insured (limited to S$25,000 per life per condition) can be claimed, with no decrease of the Current Sum Insured.

Until your 85th birthday:

• Angioplasty and Other Invasive Treatment for Coronary Artery
• Diabetic Complications
• Wilson’s Disease
• Osteoporosis with Fractures
• Severe Rheumatoid Arthritis
• Mastectomy
• Chronic Adrenal Insufficiency (Addison’s Disease)
• Chronic Relapsing Pancreatitis
• Hysterectomy due to Cancer
• Dengue Haemorrhagic Fever

 

Until your or your child’s 18th birthday:

• Type I Juvenile Spinal Amyotrophy
• Severe Juvenile Rheumatoid Arthritis (Stills Disease)
• Severe Haemophilia
• Rheumatic Fever with Valvular Impairment
• Osteogenesis Imperfecta
• Insulin Dependent Diabetes Mellitus
• Kawasaki Disease
• Glomerulonephritis with Nephrotic Syndrome

 

Note:

• Each illness or medical condition is limited to 1 claim
• Maximum of 6 claims receivable under this benefit
• For Angioplasty and other invasive treatment for coronary artery, total amount payable under all policies covering the same life is limited to S$25,000

 

Serious Illness of a Child Benefit

If ever your child is diagnosed with any of the covered Advanced Stage CI, a lump sum amount (subject to Limits of Compensation) will be paid.

Again, this pay-out does not affect the Current Sum Insured, but your child must be at least 30 days old but less than 18 years of age at the date of diagnosis.

Wellness Benefit

Every 2 years from the first policy anniversary, a health check-up will be provided by Manulife’s designated service provider, on the following conditions:

Main Product Conditions

The following is a rough consolidation, so you should read the actual terms and conditions and/or consult your financial advisor representative if you need further clarifications.

Waiting Period

The company will not pay the benefit for any of the stages of conditions of procedures if you encounter any of the following within 90 days of the policy issue date or reinstatement date:

• Major cancer
• heart attack of specified severity
• Other serious coronary artery disease
• the diagnosis date of the condition that leads to coronary artery bypass surgery
• the diagnosis date of the condition that leads to angioplasty and other invasive treatment for coronary artery.

 

Survival Period

You must survive for minimally a week from the date of diagnosis of any covered illnesses or medical conditions before the applicable benefit is payable.

Otherwise, the death benefit will be applied instead.

Exclusions 

To CI Benefit, Additional Major CI Benefit, Recurring Cancer Benefit, and Special Benefit

No coverage if the illness or medical condition is caused by:

For Serious Illness of the Child Benefit

No coverage if the illness of your child is caused directly or indirectly, fully, or partly by pre-existing conditions, before:

For CI Benefit, Additional Major CI Benefit, Special Benefit, and Recurring Cancer Benefit

Manulife will not pay the increase in the basic sum insured if your sickness is caused by pre-existing conditions before the date of increase in basic sum insured, unless the conditions are declared to and approved by the company.

Should this happen, Manulife will only pay you the basic benefit sum for each of the above Benefits.

Limits of Compensation

For each early-stage and intermediate-stage CI claim, S$250,000 and S$350,000 will be the maximum to be paid under all policies Manulife is liable for of the same life.

As for the Serious Illness of a Child Benefit, the pay-out is influenced by the following limitations:

If you have multiple policies that cover the aforementioned benefit, the maximum pay-outs are limited by:

Termination Clause

The Manulife Ready CompleteCare is considered terminated if the life insured

• Passes on
• Reaches the end of the policy term
• Wrote in to terminate the policy
• Lapsed the policy
• Fully claimed 500% of the basic sum insured under the CI benefit

 

Note: If you choose to end the policy as per clause (c), there is a prorated refund of your total unused premiums receivable, provided there is no claims paid by the company and that the policy is not a monthly premium payment mode.

My Take on Manulife’s Ready CompleteCare

Pros	Cons
Child coverage Complimentary health check-up every 2 years 100% premium refund in case of death (after deduction of any claims) Cover me again benefit Covers 106 conditions and CIs for all stages Covers 18 additional conditions	Only 2 coverage terms (to age 75/99) which is not suitable for someone who may only want a more flexible Claims for the same stage CI can only be made once Premium rates may change

When compared to other companies, the premiums are as such:

	AXA Super CritiCare	Aviva MyMultiPay Critical Illness Plan IV	Manulife ReadyComplete Care (Cover Me Again)	Tokio Marine MultiCare	AIA Beyond Critical Cover
Annual Premium (S$)	1,165	1,465	1,475	1,515	2,043

*Premiums are based on a 30-year-old male, non-smoker for a sum assured of $100,000 and coverage to age 75.

Personally, I think that Manulife’s RCC is not a bad option, when weighing the pros and cons, as it does have regular health check-ups which can be helpful in detecting any illnesses early.

However, if you do want more coverage or a shorter-term policy, then perhaps you may want to consider another policy.

Not to mention, this policy allows only one claim for the same condition (unless it is cancer).

In most cases, you are more likely to be diagnosed with the same illness again, and so with the limit of only one claim for the same condition, RCC may not be a favourable choice.

In a nutshell, it’s always best to first decide what your needs are, as every policy has varying coverages of the CIs, the stages, additional benefits, and so on.

Hence, you have to first conclude what exactly you are looking for in a policy, how long you need it, what exactly you want to cover, as well as your budget.

You can read our post on the best critical illness insurance policies in Singapore.

Otherwise, the best way to do so would be to consult a financial advisor, who can provide a better understanding of what each policy offers and help you in your decision-making.

However, do take everything you read, including this review, with a pinch of salt, and always do your own research first, before coming to a decision.

source https://singaporefinancialplanners.com/blog/manulife-ready-complete-care-review/