Manulife’s innovative product can ease concerns for travelling Canadians
Toronto, ON (Nov. 8, 2016) – Manulife today announced the launch of the Manulife Premium Protection Plan™, travel insurance coverage for trip cancellation, trip interruption, emergency medical, baggage loss and delay and accident insurance. Canadians can confidently purchase knowing that they can be covered for an unexpected event that impacts their travel plans.
“We have reduced the policy to 14 pages from over 40 and eliminated 37 exclusions while providing more coverage,” said Robert Iafrate, Assistant Vice President, Travel Insurance, Manulife. “Our goal was to create a simple product that was easy for Canadians to understand their coverage.”
How Manulife simplified the Manulife Premium Protection Plan:
- Reduced the policy to 14 total pages. Typical travel insurance policies of this type are normally in excess of 40 pages;
- Eliminated 37 exclusions and/or limitations from traditional travel insurance policies;
- Removed pre-existing condition clauses and stability periods often associated with travel insurance;
- Reduced 24 definitions traditionally needed to define and interpret coverage;
- Simplified the pricing by eliminating complex rate tables.
Manulife Premium Protection Plan is available to Canadian travelers who have valid government health insurance coverage, are 69 years of age or younger, insuring a trip value of up to $30,000 and who are travelling for no more than 23 days. The coverage must be purchased from the travel agent within 72 hours of booking the trip.
The Manulife Premium Protection Plan is available for sale through most travel agents across Canada. It is underwritten by The Manufacturers Life Insurance Company with portions underwritten by Manulife’s wholly owned subsidiary, First North American Insurance Company.
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2015, we had approximately 34,000 employees, 63,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of June 2016, we had $934 billion (US$718 billion) in assets under management and administration, and in the previous 12 months we made more than $25.4 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong. For more information, visit www.manulife.com or www.johnhancock.com.