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Wealth Giving Why Manulife Critical SelectCare is a Valuable Insurance Plan for Those Above 40

Why Manulife Critical SelectCare is a Valuable Insurance Plan for Those Above 40

Why Manulife Critical SelectCare is a Valuable Insurance Plan for Those Above 40
By Andrea Saadan
August 21, 2020
This insurance plan is designed to cover you against selected major critical illnesses and age-related conditions, even in your prime years

It’s a well-known fact that the biggest factor which affects whether a person qualifies for certain types of insurance coverage is his or her age. Your health insurance will greatly change based on how old you are so it’s always important to understand the policies you are interested in as well as the annual premium amounts.

Therefore, if you’re aged 40 and above—purchasing a protection plan can be a real challenge. Thinking of purchasing an insurance plan that can help with medical costs? Insurance company Manulife Singapore has introduced Critical SelectCare, a plan that is designed and available to those from 40 to 70 years old. It’s meant to cover against selected major critical illnesses¹ and age-related conditions for policyholders.

One of the key benefits of this plan is that it is available to those who already have existing health conditions such as high blood pressure, high blood sugar, high cholesterol or diabetes. 

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What is critical illness insurance?

Basically, critical illness protection refers to the coverage that can come in the form of life insurance policies or as additional riders. Policyholders will receive a lump sum payout if they’re diagnosed with a critical illness or if they’ve had any type of surgery that’s also protected by the insurance plan. In August last year, the Life Insurance Association Singapore (LIA) reviewed the definition of critical illnesses and changes will take effect from August 26, 2020. The industry list of 37 critical illness conditions is available on LIA’s website.

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How Manulife Critical SelectCare can help

If you are a 40-year-old looking to increase your critical illness coverage, the application process for Manulife’s Critical SelectCare is one that is hassle-free.

For starters, you only need to answer three questions²—with no medical check-up needed.

Additionally, the policy safeguards against selected common critical illnesses¹ and medical conditions³ where the risks increase with age. So, if an interested applicant is worried about the potentially high costs of medical bills that come with critical illnesses such as stroke or cancer, Critical SelectCare plan will be suitable.

In a study published in 2017, the LIA revealed that working adult Singaporeans do not have adequate critical illness coverage. Many people here only have policies that would cover just 20 per cent or so of their protection needs should they be struck by critical illnesses. An average working adult has a critical illness cover of $60,000, which is below the LIA recommendation of about $316,000—or approximately 3.9 times the average annual income.

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It’s understandable that making the final decision on a critical illness plan may be rather challenging. Therefore, it is best to seek advice from a Manulife Financial Consultant or its appointed distributors or visit any DBS/POSB branch before making a commitment to purchase a policy.

Below, we list four key benefits of Manulife’s Critical SelectCare plan:

  1. Coverage

    You’ll be covered for selected critical illnesses¹ and additional coverage for special conditions³ for up to $25,000 for each condition. The critical illnesses and conditions are: heart attack of specified severity; major cancers; stroke; Alzheimer's disease/ severe dementia; Parkinson's disease; end-stage lung disease; and fractures of specified sites as a result of an accident. The special conditions are osteoporosis with fracture as well as severe rheumatoid arthritis.

  2. Easy to purchase

    All you have to do is answer three questions without having to go for any medical check-ups. However, you must be between 40 to 70 years old and pass the underwriting questions to qualify.

  3. Open to all

    This plan is available to everyone—even those with existing health conditions² like high blood pressure, high blood sugar, high cholesterol or diabetes.

  4. No claims payout

    You will stand to receive a payout of 25 per cent of your total premiums paid at the end of your policy term as long as no claim was made on your policy.

From now till August 31, 2020, enjoy a 10 per cent perpetual premium discount when you sign up for Manulife’s Critical SelectCare. Terms and Conditions apply. More information is available on its website. Critical SelectCare is underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs. Protected up to specified limits by SDIC.

¹ 100 per cent of sum insured or total premiums paid to date, less any and all amounts owing to us under the policy, whichever is higher will be payable upon diagnosis of a critical illness.

² You must be between 40 to 70 years old and pass the underwriting questions to qualify

³ 25 per cent of sum insured will be payable upon diagnosis of a special condition. Each condition can be claimed once during the policy term. A claim on any of the special conditions will not reduce the sum insured of the policy. This benefit is capped at $25,000 per life per condition, regardless of the number of policies Manulife (Singapore) have issued.


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