Toronto-based Manulife Financial Corp. has announced that its Manulife Vitality plan is now available on all Family Term coverage options, including Term-10, Term-20, Term-65 and Term Life.
The plan, which launched in 2016, provides policyholders the opportunity to earn points for healthy behaviours, such as exercising and attending regular health tests. These accumulated points can lead to lower insurance premiums and other rewards.
Clients can also receive an Apple Watch Series 1 or Series 3 by paying a fee that begins at $17.
The firm also announced additional term insurance product enhancements, such as updates to a client’s Healthstyle classification.
Specifically, a client with the firm’s Healthstyle 1 or 2 preferred classification — an underwriting process that recognizes an individual’s health and lifestyle to predict life expectancy — now has five additional years to convert to a permanent product and keep their preferred Healthstyle.
For example, if a client undergoes a certain policy change within 15 years of the original underwriting, the Healthy 1 or 2 rating is maintained. Formerly, clients had 10 years.
If the change happens after 15 years of original underwriting, the coverage changes to a Healthstyle 3 rating.
This applies contractually to clients who purchase a Family Term with Vitality policy with an effective date on or after March 24 and Family or Business Term coverages or term insurance riders with an effective date on or after March 24.
This also applies non-contractually to clients who purchase Family or Business Term coverage or Family Term with Vitality policies with an effective date between Sept. 23, 2017 and March 23, 2018 as well as term insurance riders on permanent plans with an effective date on or about Sept. 23, 2017 and March 23, 2018.
Lastly, the Business Value Protector (BVP) rider is now available on all Family Term and Family Term with Vitality coverage types.
BVP rider is a feature that enables owners to purchase additional coverage they need if their business increases in value. Previously, if a client wanted both Manulife Vitality and the BVP rider, they had to purchase two policies (a Business Term policy to have access to the BVP rider and a Family Term with Vitality policy to have access to the Manulife Vitality program) and pay two policy fees.
The coverage has been updated so that clients cam purchase a Family Term with Vitality policy with a BVP rider so they only have one policy and one fee.