One Stop Shop: A Guide to Manulife Insurance Plans in Toronto

Posted on October 24, 2018

When you're looking to buy insurance, the last thing you want is for it to be overly complicated. Choosing an insurance plan can be stressful enough without the added drama of trying to jump through all of the random hoops the company has created.

Luckily, there are a few companies out there who really strive to make choosing an insurance plan as straightforward and easy as possible. Manulife Toronto makes sure that it's super convenient to get all the information you need.

We've gathered that information for you so that you have a one-stop-shop for learning about Manulife insurance plans. If you're thinking of buying an insurance plan with Manulife, this is the post for you.

Read on for more.

Your Guide to Manulife Toronto

So what is Manulife? What do they do?

The short answer is that they're an insurance and financial services provider. Whether you're looking to close the gap in your health insurance coverage or plan for a relaxing retirement, Manulife probably has a program or service that can help you out.

They're headquartered in Toronto, but you can take advantage of their services no matter where you are in Canada. Global nomads shouldn't worry, either -- Manulife's influence reaches into Asia and the United States.

They offer a variety of insurance plans, investment opportunities, wealth management services, and even banking, but for this post, we're just going to focus on their insurance offerings.

Let's take a look at the different insurance plans they offer.

Health and Dental Insurance

When most people think of insurance, they probably think of health insurance. Manulife has got you covered (literally) when it comes to your medical insurance.

Even though Canadian citizens are covered by provincial health insurance plans, it's pretty common for people to want to supplement them with private insurance. Manulife helps to close the gap between what your provincial insurance covers and the care that you actually need.

The most popular health and dental insurance plan they have is Flexcare. The plan reduces the amount of money you pay for your medical expenses while still being affordable. Families don't have to worry about the costs escalating, either -- Manulife offers discounts for families with more than three children.

Within Flexcare, there are a few different options you can choose from: a core plan, an enhanced plan, a combination plan, and standalone coverage.

Core Plan

Don't want to pay for a ton of different options? You don't have to. Choosing one of the Flexcare core plans will allow you to pay only for the care you need. If you have high prescription drug costs but don't need to visit the dentist that often, you can choose the basic DrugPlus plan that covers prescriptions up to $5000 a year and doesn't offer dental.

If your needs are switched and you need more dental care but no prescriptions, you could opt into the DentalPlus plan instead.

Enhanced Plan

Of course, there's always the possibility that you'll need more coverage than a basic plan offers. In that case, you can choose the enhanced versions of the core plans. These offer additional coverage, meaning you won't have to worry if the costs of your care keep rising.

The DrugPlus Enhanced would cover up to $10,000 per year in prescription drug costs instead of $5000, while the DentalPlus Enhanced plan offers an additional $265 your first year and $170 your second year.

You can also select additional add-ons, like extra vision care or travel health insurance.

Combination Plan

Don't want to choose between covering the cost of prescription medication and dental care? You don't have to. Just get one of the Flexcare combination plans to make sure that you're covered no matter what happens.

With one of the core combination plans, you'll be able to choose a level of coverage for your prescription costs, dental care, and vision care.

Standalone Coverage

If your prescription, dental, and vision costs are already covered by your employer, you can also buy standalone coverage. This helps to lower the costs associated with a hospital stay or catastrophic event that might not be covered by standard insurance plans.

The last thing you want to be worrying about in that kind of situation is having to pay the medical bills -- standalone coverage can give you peace of mind.

Critical Illness Insurance

No one wants to think about becoming critically ill. Unfortunately, though, it's a reality for too many people. The CoverMe critical illness insurance from Manulife means that you can focus on your recovery, not an invoice.

This plan will provide coverage if you're diagnosed with one of five critical conditions:

  1. Life-threatening cancer
  2. Heart attack
  3. Stroke
  4. Aortic surgery
  5. Coronary artery bypass surgery

Traditional health insurance usually kicks in at point-of-service, like when you're checking out of your doctor's office. The benefits from this plan will pay out after a thirty-day waiting period, but you receive it all in a lump sum. Receiving your benefits is tax-free, so the money is yours to keep.

You can choose the level of coverage you want based on a few different factors. Do you just want to pay your medical bills, or are you looking for your insurance payment to replace your income completely? What about paying down your mortgage or other debt payments?

Whatever your financial situation is, you can choose the coverage you need.

You can also choose to get all of your premium payments back when you turn 75 if you didn't make any claims.

Travel Insurance

We've all heard horror stories of what happens when people become sick or injured abroad. At home, you know that you'll be taken care of. That's not necessarily a guarantee when you travel.

Don't get saddled with medical debt from an unexpected illness on your family vacation. Manulife's CoverMe travel insurance helps you out whether you have medical costs, a trip cancellation, or even just a lost bag at your destination.

The emergency medical plan will cover things like ambulance rides, physician visits, being hospitalized, and the cost of any prescription drugs you had to purchase during your trip. You can buy a plan for just a single trip or a multi-trip plan, depending on how often you like to travel.

If you're not worried too much about medical costs, but you are worried about last-minute trip changes, you can get a plan that covers the cost of your trip if something changes unexpectedly.

Want to be ultra-prepared? Get a combination plan.

Life Insurance

No one wants to think about what's going to happen after they're gone. However, if you have a family who you want to provide for, buying life insurance is one of the best things you can do.

Manulife offers term life insurance that will let your dependents pay off the mortgage, go to universities, or just live their lives without worrying about debt. You'll only pay for the coverage you need, so there's no risk of overpaying. Whether you need $100,000 or a million in coverage (both are possible!), Manulife literally has you covered.

The younger you are, the lower your rates will be, so it's best to apply early if you think that you might want life insurance. If you're between 18 and 55, you don't need to get a medical exam before purchasing insurance. As long as you complete a medical questionnaire, you'll be good to go.

When the benefits are eventually paid out, your beneficiaries will receive the full lump sum tax-free.

Disability Insurance

When people think of insurance, they usually don't think that they're going to need disability insurance. But people usually never think that they're going to be disabled, either.

Accidents happen when you least expect them and they're never convenient. Stressing out about how you're going to pay your bills can take away from what you should be doing -- focusing on your own recovery.

Manulife's disability insurance will help to supplement your income if you have an injury that prevents you from doing your job. There are five different types of plans, so there's something for everyone. Whether you're an executive or a small business owner, you can find a plan that will protect your business expenses, your income, and your peace of mind.

Combination Insurance

What if you can't choose? If all of the options above sound like something you need, but you're not quite sure how you would pay for all those plans, good news -- you don't have to. Instead, just opt for combination insurance.

A combination insurance plan basically offers three insurance plans in one: critical illness, life, and disability. No matter what life throws at you, you know that you'll be prepared.

For this core plan, you can choose from between $100,000 to $500,000 in coverage. If needed, you can draw benefits for either disability, critical illness, or life insurance -- or more than one, if two apply.

You can even add ten years of term life insurance as an additional add-on.

Find the Right Plan for You

With this guide to Manulife Toronto insurance plans, you can start deciding which plans are right for you and your needs. Don't let the gaps in your coverage create an emergency down the road -- cut back on your worries and make sure you and your family will be taken care of no matter what.

Get started with a quote now.

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