CoverMe: Manulife’s Guaranteed Issue Life Insurance Plan

December 1st, 2010 · 2 Comments · No Medical Life Insurance News

gegeneinander by Rupert Ganzer
Men or women 40 to 75 can
qualify for Manulife CoverMe.
Photo by Rupert Ganzer

Manulife Insurance's Guaranteed Issue life insurance plan is called Cover Me. It's part of a long line of CoverMe branded products. This particular plan is available with no medical tests and there are no health questions. Individuals who are Canadian residents between the ages of 40 and 75 are guaranteed to qualify for the coverage.

The following are additional plan features of Manulife's guaranteed issue plan:

1. Premiums will never increase.

2. Face amounts can range from $5,000 to $20,000.

3. There is a discount to non-smokers or for individuals who have had no tobacco use in the last 12 months.

4. The plan pays out five times the initial policy face amount, if the insured dies by accident before age 85.

5. There is a living benefit. Living benefits are up to 50% of the policy face amount, if the insured is diagnosed with terminal illness and has less than 12 months to live.

6. Premiums can be paid by Visa, Mastercard, or American Express. Most life insurance policies don't offer this feature.

7. The plan qualifies for Air Miles.

On the down side, the policy death benefit is limited to a return-of-premium plus 10% interest, if the insured dies by a non-accidental death in the first two policy years.

For more details on no-medical life insurance in Canada, or to see how Manulife Cover Me plan compares with other no-medical life insurance policy, please contact us at 1-866-899-4849, visit our Term Insurance Instant QuotePage or visit our Non-medical Life Insurance Quote Page.

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2 Comments so far ↓

  • Beatrice G

    Not a huge fan of plans where there is a waiting period on the death benefit

    • No Medical Life Insurance

      You make a good point. But virtually all Guaranteed Issue plans have a waiting period – many of the people applying for these plans would qualify for Simplified Issue coverage which has lower premiums and can pay out from day one.

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