Manulife Singapore launched two protection options for customers who are concerned about
the impact of serious illnesses on their lives. Manulife Early CompleteCare (MECC) offers comprehensive
coverage options for critical illness; and Manulife EarlyCancer Protect (MECP) offers affordable term
coverage for all stages of cancer. The availability of these two diverse options means that customers have
more choices to secure financial protection against cancer and critical illness, helping them overcome potential
challenges that arise during difficult times.
These two protection solutions aim to bridge financial vulnerabilities that were highlighted in the Life Insurance
Association’s 2022 Protection Gap Study1. Sobering findings from the association revealed a 74% critical
illness protection gap, amounting to S$579 billion for economically-active Singaporeans.
MECC: Comprehensive coverage to assuage concerns and alleviate financial strain
MECC offers comprehensive critical illness coverage, including payouts for 126 critical illness conditions across
early, intermediate, and advanced stages. MECC’s design also means that policyholders will receive a 100%
payout of their basic sum insured upon diagnosis of any critical illness.
Other features of MECC include:
- Continuous Cancer Income option: Customers can opt to exercise this option to receive a monthly
stream of 4% of the sum insured for up to 60 months that can help cover medical costs and daily
expenses of cancer treatment. Total potential payout can reach up to 240% of the sum insured. - Cover Me Again benefit2: The protection is expanded to include up to four additional critical illness claims, up to 400% of the sum insured, regardless of the stage.
- Recurring / Relapse Major Critical Illness benefit2: For selected recurrence of six advanced stage
critical illness conditions, customers can receive additional coverage for two subsequent major critical
illness conditions, offering up to 200% of the sum insured. - Guaranteed death benefit: MECC guarantees dependents a death benefit of at least eight times of
the annual premium, regardless of any prior claims.
MECP: Fuss-free and affordable coverage for covered cancer of all stages
With cancer being the leading cause of death in Singapore3 and healthcare costs continuing to rise, concerns
over health and finances are intensifying. The 2024 Manulife Asia Care Survey4 highlights this anxiety,
revealing that people in Singapore are most worried about the possibility of being diagnosed with cancer in the
next decade
MECP offers a fuss-free and affordable way to get insurance coverage for cancer. Its simplified underwriting
process, requiring the customer to answer only four questions without the need for a health checkup, means
that customers can get coverage more easily. MECP is a five-year term policy – the premium payable is fixed
during the term and will be revised at every policy renewal.
Other features of MECP include:
- Covers all stages of cancer or death: 100% of the basic sum insured will be paid out upon diagnosis
or death. - Guaranteed renewal after every five-year term: The coverage will be renewed automatically as long
as there is no claim. No health checkup is needed.
Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, says, “With the launch of MECC and
MECP, we want to initiate a conversation on what holistic health looks like for our customers. As a leading
global insurer, Manulife is in a position to help our customers live better lives through the integration of health
and wellness into our insurance offerings.”
Thomas Lee, Chief Product Officer of Manulife Singapore, says, “Our customers tell us that they are
worried about the impact of critical illnesses on their lives. For cancer specifically, there is an increase in
incidence in Singapore5. The financial impact of a critical illness can be devastating – not only are there
hospital bills, ongoing household expenses and financial obligations also continue during recovery. With MECC and MECP, we hope to give our customers more options to ensure that their financial well-being is protected.”
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