Waterloo, ON (May 4, 2015) – Manulife has announced the launch of Manulife Quick Issue Term, a new term insurance product for Canadians looking for quick, simple term insurance protection with no medical tests.
“Manulife Quick Issue Term is designed for today’s busy clients and their advisors seeking an easier and faster insurance purchase experience,” said David Baker, Assistant Vice President, Insurance Products, Retail Markets, Manulife. “Like other term insurance products, the client still works with their advisor, but we’ve drastically reduced the turnaround time by automating the application and underwriting processes.”
Manulife Quick Issue Term also eliminates the standard medical tests required for most insurance products. “The short online application gives clients an answer in as little as one business day in most cases,” said Karen Cutler, Chief Underwriter, Manulife.
The Manulife Quick Issue Term online application contains a series of qualifying questions that an advisor can quickly complete together with their client, either in person or by phone. The product is underwritten using an automated underwriting process, making it ideal for those seeking a faster and simpler way to buy term insurance.
Key features of the new Manulife Quick Issue Term include:
- Coverage amounts ranging from $100,000 to and including $500,000 for 18-50 year olds;
- A choice of coverage options – 10 or 20 years, or to age 65;
- Guaranteed premiums, coverage amounts and renewals;
- Convertibility to a permanent insurance product;
- Easy payment of initial premium by automatic bank withdrawal;
- Policy contract delivery to the client by Manulife on behalf of the advisor;
- An option to easily apply for other Manulife term products for applicants that do not qualify.
Manulife Quick Issue Term is available for sale effective May 4, 2015.
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. We operate as John Hancock in the U.S. and as Manulife in other parts of the world. We provide strong, reliable, trustworthy and forward-thinking solutions for our customers’ significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Assets under management by Manulife and its subsidiaries were approximately C$691 billion (US$596 billion) as at December 31, 2014.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife can be found on the Internet at manulife.com.
SOURCE: Manulife Financial Corporation