Manulife Financial Corp. announced changes to its Lifecheque critical illness insurance product on Monday, including changes to the conditions covered and some price improvements.

The adjustments reflect Manulife’s adoption of the benchmark definitions for critical illnesses, which were issued by the Canadian Life and Health Insurance Association (CLHIA) in 2013.

Specifically, Manulife has made the following changes to the definitions and conditions covered by the Lifecheque product:

  • expansion of Alzheimer’s disease to include Dementia;
  • expansion of Parkinson’s disease to include specified atypical parkinsonian disorders;
  • addition of two covered conditions: Aplastic anemia and Bacterial meningitis; and,
  • addition of three conditions under the Early Intervention Benefit : Chronic lymphocytic leukemia (CCL) Rai stage 0, Papillary or follicular thyroid cancer Stage T1 and Stage 1 malignant melanoma.

Manulife also made various other changes to the product, including:

  • improved access to the LivingCare long-term care benefit feature on the Lifecheque product, with a reduced waiting period of 90 days, down from 180 days (subject to additional underwriting);
  • removal of sub-standard rating to return of premium riders when the associated base insurance coverage is also rated sub-standard; and,
  • price improvements on select plan types and return of premium riders, particularly for younger clients.

“Unfortunately, many Canadians are struck with a debilitating, severe or chronic medical condition and need additional assistance to cope with this financially,” said David Baker, assistant vice president of insurance at Manulife. “Manulife’s Lifecheque product is a great solution that provides customers with choices, making it easier for Canadians to cope when faced with these life-altering situations.”