Last updated on May 22nd, 2018 at 12:19 am
In Aug 2017, Manulife launched the Ready CompleteCare (RCC) plan. It is marketed as having the most comprehensive coverage for different severity of Critical Illnesses (CI).
For the purpose of comparison, we will only look at the Manulife Ready CompleteCare with “Cover-me-again benefit” only. In a nutshell, both plans potentially allow you to claim more than once. If you get a CI, it is likely that you can still survive well with modern treatment. Hence, this becomes very useful. Both plans also cover Early CI conditions. However, there are differences in the policy wordings which I will elaborate further in awhile.
With modern health screening, early onset of cancer conditions for example can be picked up with cancer market test and stools analysis test. Naturally, treatment can take place much earlier. The sole purpose of the payout for early critical illness can be used to protect your loss of potential income in an event of prolonged hospital leave.
Key Advantages of Manulife Ready CompleteCare
1) Full money back in event of death
AVIVA MPCI only pays $5,000 for death. However, death coverage is usually not the focus when buying such plans. Survival period for both plans is 7days.
2) You can get claims can be “UP TO” 5x of sum assured
Manulife Ready CompleteCare pays up to 5 separate conditions, amounting up to 5x sum assured. In every claim, the plan pays 1x sum assured. In my opinion, it is quite rare to require more than 1 or 2 claims. However, it is still favourable compared to the AVIVA MPCI which require multiple claims to be from a separate “pot of conditions”.
- Manulife Ready CompleteCare is only available for two duration terms: Till Age75 or Age99
Key Advantages of Aviva MyMultiPay CI
1) You will get 3x of sum assured for a critical illness claim + Premium waiver
- Major Cancers
- Heart Attack of Specified Severity
- Multiple Sclerosis
However, cancer, heart attack and stroke (which are listed in that list by the Manulife Ready CompleteCare) account for at least 80% of all CI claims. Source
2) You will get a bundle discount with AVIVA MyProtector Term Plan
- “Special benefits” which are capped at 20% of sum assure or $25,000
Based on feedback from a trained medical professional, these 5 conditions have claimable limit of up to $25,000 and are extremely useful benefits to have as it is quite commonly diagnosed
- Waiting period definition and claimable definition
The AVIVA MPCI classifies critical illnesses into 3 “pots”. As long as the second claim is made from a different pot, the waiting period is a short 30 days. If it is from the same pot, the second claim cannot be made.
**(NEW) AVIVA My Multipay CI Plan III, click on article below to find out on this improved coverage offered**
Manulife Ready CompleteCare, on the other hand, allows a second claim as long as it is a different condition. However, the waiting period longer at 12months.
Premium comparison between RCC and MPCI
You can try our premium aggregrator! It’s a 2-step process to compare the premiums! It’s that simple!
- Select your age (Do note we have only input values for age25/30/35/40)
- Select your gender
Screenshot example above. Click on comparison chart link below.
The author holds independent views about the merits of the above mentioned plans and is not a direct representative of any of the insurers.