Manulife CI FlexiCare stands out for me via the ability to cover till age 99. That is something you do not see every day for critical illness coverage. Clearly early critical illness coverage has come a long way but this plan allows it to be a multi-pay too with the CoverMeAgain Booster Rider.
As the name suggests, this plan is flexible. Flexible in the customization. Do you want it to be purely for early critical illness coverage up to 65 or up to age 99? Or you want to make this plan into a multi-pay critical illness plan? Your call. Your choice. Make it yours.
It is a pure protection plan with no accumulated cash values. There are merits to keep wealth protection and wealth accumulation separate. It does not mean that once you retire, your critical illness protection needs cease right? If such protection had been bundled together with a cash value life plan, choosing between redeeming the plan for its cash value or maintaining it for the critical illness coverage becomes a tough choice.
That said, take note that non cash value accumulation plans, lapse beyond the grace period given for missed premium payment. Whereas with a cash value, automatic premium loans can kick in, to protect coverage when needed most.
Some things to note. This review post will get dated. And the product might not be available for new subscriptions at some point. Hopefully this serves as reference for future policyholders who have forgotten what they have taken up.
There can be shifts in planning narratives over time. For example, limited premium tenures gain popularity over the years because people are less confident of their future earning capacity or sustainability of income levels. Regular payout features gained popularity when more and more people are in tune with the FIRE (Financial independence retire early) movement. An extended period of low interest rates brought down insurance products’ returns yield for policy holders, but now in a rising interest rates environment, things are set to change.
Manulife CI FlexiCare may or may not fit into your financial plans. Understand that there is no best plan for all time, but there is a method to objectively facilitate your decisions. Read more about it here.
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