How does ManhattanLife define insurable interest on a cancer plan?

Generally speaking, for supplemental health products (including cancer), insurable interest means the policy owner must have a recognized relationship with the insured such that they would suffer a financial, or other legitimate loss if the insured experiences a covered illness or injury.

For example, if the application is enrolled:

• By a spouse on their spouse; or
• By a parent or legal guardian on a dependent child

Although our cancer policy is a product that pays benefits upon the occurrence of covered medical events rather than upon death, we still require that the policy owner have an insurable interest in the insured at the time coverage is issued.