Last Updated on by Tree of Wealth
You may (or may not) have heard about Manulife but when it comes to insurance and endowment, where do Manulife stand? For Whole Life Insurance Coverage, Manulife’s LifeReady Plus has got to be mentioned. It is one of the best and competitive whole life insurance plan in the market.
You are able to start with a low sum assured of $25, 000 and thus having one of the lowest starting premiums across the market. This lowers the entry barrier for most people and get you started on your protection coverage.
Smokers can get a good coverage as well because Manulife is offering competitive premiums for smokers.
Aside from the low sum assured, there are many good features that makes this a solid Whole Life Plan across.
Manulife LifeReady Plus II Product Features and Benefits at a Glance
Wide range of premium term
Premium term ranges from 10, 15, 20, 25 or to age 99.
Wide Range of Multiplier & Coverage
Protect against death, terminal illness, and total and permanent disability (TPD) up to age 99.
Manulife’s LifeReady Plus II has a range of multiplier from x1 to x5. The x1 multiplier basically means no multiplier and this is particularly useful for some people who would like their coverage to maintain the same amount for their whole life, instead of being subjected to a lowered coverage after the multiplier ends.
There is also an option to lengthen the multiplier to age 70 or age 80.
For a 30 years old male, looking at Death, Total Permanent Disability (TPD) and Early Stage Critical Illness (CI) sum assured of $100,000, the premium is not more than $1400 for 25 years, making the premium effectively competitive and very comparable with even a term insurance! A term insurance for coverage to age 70 is likely costing the same (or more) to 70 years old, and that is the age where the multiplier for this plan ends.
The good thing about this whole life plan? It has cash value at age 70.
Health Advantage Benefit
Manulife offers additional premium discount upfront, for your first 2 years into the plan. As long as your cholesterol and blood pressure is within healthy range and your plan is incepted as a Standard normal plan. Also, this discount will follow through for the rest of the premium term when you meet Manulife’s health criteria for this benefit.
Life Milestone – Upgrade Your Cover
At life milestone events, you have the option to increase your protection coverage without the need of medical underwriting nor providing any proof of insurability.
Key Life Events:
- Getting Married
- Entering Parenthood
- Graduates from Tertiary Education
- Getting First House
Wide Range of Critical Illness Coverage
Critical illness (CI) for Manulife’s LifeReady Plus is comprehensive. A total of 125 CI conditions ranging from early, to intermediate to advance stage are being covered for, as well as 10 special conditions.
Income Payout Option – As you are being protected, this plan accumulates cash value and you can choose to convert this into receiving annual payouts over a period of 10 years with an interest of additional 5% of interest and yield.
In the event of retrenchment and involuntary unemployment for you or your spouse for 30 days or more, get up to 6 months of premiums waived while still being covered for.
Permutation as follows:
|Premium Term||25 Years|
|Death & Early CI Coverage||Whole Life (Age 99)|
|TPD Coverage||Whole Life (Age 99)|
|Basic Sum Assured||$125,000.00|
|Multiplier Up Till||Age 70|
|Death/TPD/Terminal Illness (Before Multiplier Ends)||$250,000.00|
|Early to Advance Critical Illness (Before Multiplier Ends)||$25,000.00|
|Death/TPD/Terminal Illness (After Multiplier ends)||$125, 000 + Yield and Bonus|
|Early to Advance Critical Illness (After Multiplier ends)||$125, 000 + Yield and Bonus|
|Male, 35yo||Female, 35yo||Male, 30yo||Female, 30yo||Male, 25yo||Female, 25yo|
What We Like About The Plan
Wide range of premium term – Premium term ranges from 10, 15, 20, 25 or to age 99
Wide Range of Multiplier – Ranging from x1 to x5. X1 multiplier let you retain the sum assured for whole life, x5 multiplier allows for multiplying into a high sum assured before age 70 or age 80.
Competitive Premiums – having a sum assured that starts at a low $25, 000 is definitely helpful in allowing more people getting the coverage by lowering the barrier of entry.
Health Advantage Benefit – Upfront discount for the first 2 years and continue to enjoy this for the rest of the premium term when you meet Manulife’s health criteria for this benefit.
Wide Range of Critical Illness Coverage – A total of 125 CI conditions as well as 10 special conditions are covered for.
Income Payout – Have the option to convert the accumulated cash value into receiving annual payouts over a period of 10 years with an interest of additional 5%.
Retrenchment Benefit – For you or your spouse if involuntarily unemployed/retrenched 30 days or more, get up to 6 months of premiums waived while still being covered for.
Complimentary Child Cover – Early CI rider extends and covers for advance stage CI for your child
What We Don’t Like About The Plan
- Special Conditions can be more
- Total Permanent Disability is until age 70 only
- Early and Intermediate Critical Illness maximum payout is still capped at $250, 000, similar to Aviva.
- Coverage for life is until age 99. Competitive insurer Aviva and China Taiping is offering for “Life”.
How The Manulife LifeReady Plus II Works
Manulife LifeReady Plus II may suit if you are looking for:
- High amount of death, Terminal Illness and Total Permanent Disability Protection Sum assured at a competitive premium.
- The choice of having flexible riders to further enhance your coverage, making it really comprehensive.
- High early to intermediate to advance stage of Critical Illness with competitive premiums
- Higher Early Critical Illness, Critical Illness and Total Permanent Disability coverage in an Insurance Policy.
- Cash value that accumulates throughout the plan.
- Steady stream of monthly income during retirement age.
- A limited premium paying term and get coverage of death, TPD as well as early stage CI for life (Age 99)
Manulife LifeReady Plus II Is Not Suitable If You Want:
- A wealth growth instrument for retirement and savings purposes.
- Frequent withdrawals and access of cash from the insurance coverage plan.
- Short breakeven years and have high cash value early into the plan.
Conclusion for Manulife LifeReady Plus Review
As with all whole life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many whole life insurance plans in the market with many strong Insurers. Which one suits you the most?
To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
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