Manulife Singapore launches cancer and critical illness coverage options to strengthen critical illness protection in Singapore

• Manulife Early CompleteCare (MECC) offers customisable coverage options with a suite of benefits, riders, and recurring claim options against early, intermediate, and advanced stages critical illnesses such as cancer or stroke
• Manulife EarlyCancer Protect (MECP) offers affordable term coverage for all stages of cancers with simplified underwriting and guaranteed renewal
• Manulife aims to initiate a conversation over holistic health and wellbeing in Singapore

SINGAPORE - 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 Study . 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 benefit ²: 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."

Click to find out more about Manulife Early CompleteCare (MECC) and Manulife EarlyCancer Protect (MECP)

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² For Manulife Early CompleteCare (Deluxe) option
³Principal Causes of Death | Ministry of Health, Ministry of Health, Singapore
⁴ Physical and Mental Well-being | Asia Care Survey | Manulife Singapore, Manulife Asia Care Survey 2024
⁵Singapore Cancer Registry Annual Report 2022, National Registry of Diseases Office

About Manulife Singapore

Serving Singapore since 1899, Manulife Singapore grew from strength to strength to become a leading life insurer that provides a broad range of insurance, retirement and wealth management solutions to meet the financial needs of our customers across their various life stages. Manulife Singapore's insurance, retirement and wealth management solutions are distributed through our own affiliated financial adviser representatives and our specialist partners, including banks and other financial advisory firms. For more information on Manulife Singapore, please visit manulife.com.sg.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media contact

Zaim Zahari / Verona Koh

Manulife@aka-asia.com

Eveline How

eveline_kl_how@manulife.com

Manulife (Singapore) Pte Ltd