Manulife launches quick-issue term insurance

Manulife has launched a quick-issue insurance product.

The product, called Manulife Quick Issue Term, is for those looking for term insurance protection that doesn’t require medical testing.

“Clients still work with their advisor[s],” says David Baker, assistant vice-president of Insurance Products and Retail Markets at Manulife. “But we’ve drastically reduced the turnaround time by automating the application and underwriting processes.”

Key features

• Coverage amounts range from $100,000 to $500,000, for those between the ages of 18 and 50
• Buyers can choose 10- or 20-year coverage options, or coverage up to age 65
• There are guaranteed premiums, coverage amounts and renewals
• The product can be converted to a permanent insurance product
• Buyers who don’t qualify for Manulife Quick Issue Term are allowed to easily apply for other Manulife term products

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.