Last updated on January 17th, 2019 at 09:42 am
When Manulife launched the Ready CompleteCare (RCC) plan in Aug2017, it was 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
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
First advantage of Manulife RCC: Your family will get 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.
Second advantage of Manulife RCCL You can cover “UP TO” 5 Critical Illnesses
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 2 or 3 claims.
However, it is still favourable compared to the AVIVA MPCI which require critical illness 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
First advantage of AVIVA MPCI: You will get 3x of sum assured for a critical illness claim + Premium gets waived
The AVIVA MPCI will pay 3x of sum assured if diagnosed with a critical illness. Cover $100,000 sum assured, you will be claiming $300,000.
The plan will continue to be in-force for relapse coverage and it will become free of charge as corresponding premiums will be waived.
Manulife Ready CompleteCare pays 1x sum assured and it does not have premium waiver feature upon diagnosed with a critical illness.
But, it does pay 3x sum assured for the following six selected CI conditions:
- Major Cancers
- Heart Attack of Specified Severity
- Multiple Sclerosis
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
Second advantage of AVIVA MPCI: You will get a DISCOUNT if you buy together with term coverage
The AVIVA MPCC, when attached with the MyProtector Term Plan, is 5-10% cheaper.
The bundle can be used for your full death/CI/TPD planning needs. (MyProtector Term plan is a term life plan that provides you with coverage of death and Total and Permanent Disability)
- “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
1. Diabetic Complications2. Angioplasty & Other Invasive Treatment for Coronary Artery3. Osteoporosis with Fractures4. Severe Rheumatoid5. Mastectomy
You’ve seen the analysis. For a private discussion, Click to WhatsApp Josh Tan @ 90060446
In case you’re one of the people (like me) who skim to the P.S. before you read the page
- Manulife RCC has more death benefit
- Manulife RCC can cover you for up to 5 different CI claims
- AVIVA MPCI will pay you 3x sum assured for a CI claim
- AVIVA MPCI has discounts if you buy together with death term coverage
- There is a new AVIVA MPCI III that in my opinion is better than the MPCI discussed above.
Planning can be complex, there are so many details that I share with my clients that I can’t list here.
The views and opinions expressed in this article are those of the author and do not represent the views of any other organisation.
PS: This is the Tokio Marine Multipay plan as a further option for your critical illness plan coverage.