Guide to Insurance Policies Offered by Manulife Singapore
Manulife Singapore has been around for over four decades, and it offers insurance wealth management and retirement solutions that meet customers’ needs across the various stages of life. Its multi-channel distribution chain comprising the bank partners, financial advisory, and agency force enhances its diverse presence in the city-state. The insurer has been awarded the insurer’s financial strength rating of AA. Besides Singapore, Manulife also offers services across Hong Kong, Indonesia, and China. The insurer partnered with DBS bank, and since 2015, customers have been able to purchase insurance plans through DBS Bank branches. In addition, the company provides various policies.
Manulife Singapore Term Life Insurance
There are three-term life insurance plans offered by Manulife, including ManuProtect term (II), ManuProtect Decreasing (II), and Direct ManuAssure term. ManuProtect term (II) is a term life plan offered whereby the beneficiary has to choose how long they want the policy to cover them for terminal illness and death for five or ten years or until one is 65, 75, or 85 years.
If you are looking for mortgage insurance, then Manulife Singapore’s ManuProetct Decreasing (II) will be the ideal option for you. Landlords or homeowners can ensure their home loan, implying that the pan will pay off your home loan if you get diagnosed with a critical illness or pass away. In addition, you can choose interest rates between 1% and 5% to ensure the loan is comprehensively covered, and most importantly, there is no base sum assured for the insurance p0oolan, and premiums will be fixed.
Direct ManuAssure Term is another term life insurance plan offered by Manulife Singapore under the “Direct Purchase Insurance” scheme. It provides coverage for death, terminal illness, and permanent and total disability for a period of 20 years or until you reach the age of 65.
Manulife critical illness
Manulife Singapore offers critical illness insurance for individuals diagnosed with critical conditions such as cancer. Notably, there are two options, including Ready CompleteCare and Critical Selectcare. Ready CompleteCare provides coverage for over 106 critical illnesses and conditions at various stages. For early-stage coverage is around S$25,000, while for intermediate, it is S$350,000, and the coverage is subject to a 500% maximum payout for the amount insured. There are other 18 special conditions covered for six claims, with each claim allowing a payout of S$25,000. In case of advance stage critical illness for a child, there is an additional S$10,000 paid. The Critical SelectCare has been designed to cover conditions and major critical illnesses for as little as S$1 per day. You get cover for various critical illnesses and special conditions for up to $25 per condition. The plan is open to all, including people with pre-existing conditions, and there is no medical evaluation necessary.
Manulife Maternity insurance
Manulife Singapore’s ReadyMummy is a three-year insurance plan for expecting moms that covers them from week 13 of pregnancy until labor and delivery, as well as your newborn kid until the policy expires. Other essential features of the pregnancy insurance plan include coverage for mortality, 14 pregnancy problems, and unintentional miscarriage, as well as a mental health treatment for the mother in the form of psychotherapy. The newborn will be protected against 24 congenital diseases as well as death. It is possible to purchase an IVF rider.
Manulife whole life insurance
Manulife Lifeready plus is a form of personal life insurance that insures one’s whole life and offers covers against terminal illness, death, permanent and total disability until one is 99 years. If you manage to increase possible payouts for up to five times, you can equally increase coverage for some milestone without medical cover. The pan helps you grow your cash value over the years, and you can unlock cash value by being patient until the plan matures, or you can surrender the policy to receive a cash payout. There is also another option of receiving annual payouts over ten years with 5% interest.
Manulife Singapore Retirement savings plan
RetireReady Plus II from Manulife is a retirement investments insurance plan that guarantees a monthly payout for 5, 10, 15, or 20 years. Equally other important benefits include terminal illness and death coverage, as well as premium waivers if you are diagnosed with permanent or total disability.
Manulife Educational plan
Manulife educational pan is part of the Manulife savings plans. It is an “Education Builder” offering you peace of mind regarding the future of your child’s education in the event of you passing away to being disabled. With the plan, you can start saving for your child’s future so that when you will no longer be able to provide, your child can continue with their education. Sometimes there are annual cash payouts. There is also a 12-year endowment plan, Manulife Spring, ReadyBuilder, and ReadyPayout Plus.
Manulife Personal accident insurance
ReadyProtect from Manulife Singapore is a personal accident insurance policy that covers death, disability, 21 infectious diseases like Zika and HFMD (Hand, Foot, and Mouth Disease), medical expenses like TCM, ambulance, chiropractor, and mobility aid fees.
Manulife Singapore offers four investment-linked plans (ILPS): flexible ManuInvest Duo, Manulife SmartRetire, InvestReady Wealth, and Manulink Enrich. Manulink investor is an ILP available for SRS, CPF-SA, and CPF-OA with a subscription starting from S$5,000. The plan offers customers an option of choosing from a range of funds matching their risk profile. Manulife SmartRetire II is a regular premium, whole life, and ILP policy that is personalized as per your budget and goals. You can retire with a lump sum payout from as early as 40 years and plan your retirement journey through various Manulife funds from premiums as little as S$200 each month. The plan covers permanent or total disability, protection for death, and premium benefit waiver in cancer for the policyholder. ManuInvest Duo is a plan that allows you to accumulate wealth and protect your lifestyle. You can choose a protection amount for up to 100x of the first year premium for terminal illness, death, and total or permanent disability. In addition, there is partial withdrawal from year six for up to 20% of the basic premiums.