Manulife Financial Group Benefits unveiled new group insurance today to offer lump-sum benefits to Canadian plan members and their families diagnosed with a critical illness.

“Manulife is proud to offer this product, which is specifically designed to help employees and their families at a time when they need financial help the most,” says Rick Brunet, executive vp, group benefits, for Manulife Financial in Canada. “When critical illness strikes, you’re faced with many unexpected expenses besides the ones covered under government and group benefits plans. Group Critical Illness Insurance from Manulife provides money for those expenses, leaving employees free to focus on recovery.”

Group critical illness insurance will supplement coverage available to plan members through their employer’s group health, life and disability plans, by providing covered individuals with a lump-sum benefit and access to premier health information and navigation services should they become critically ill.

“Manulife already offers individual critical illness insurance and this is another way we can assist many more Canadians to be free to focus on their health,” Brunet adds. “For employers, offering critical illness insurance as part of a comprehensive and competitive group benefits plan also can help attract and retain employees, support employee health plus inspire loyalty in the workplace.”

With Manulife Group Critical Illness Insurance, there is no requirement for loss of life, income or an incurred health care expense. Plan members can use the benefit for anything they wish, such as:

  • Financial needs – to replace income, pay down debts or preserve personal savings, retirement funds or other investments;
  • Health care costs – to cover alternate treatment options, medical equipment or expenses not covered by provincial or group benefits plans;
  • Lifestyle choices – to repair or renovate a home, upgrade a vehicle or pay for other family pursuits.

Plan sponsors can choose between primary or comprehensive Group Critical Illness Insurance plans, with basic and optional solutions for plan members. Primary Group Critical Illness Insurance covers the four most frequently diagnosed critical illnesses: cancer, heart attack, stroke and coronary artery bypass surgery. The comprehensive plan provides coverage for an additional 18 conditions. Optional coverage can also be purchased by plan members for themselves, their spouse and their children.