Last Updated on by Tree of Wealth
A Comprehensive Look at Manulife Ready Life Income III
Today’s financial landscape often necessitates protective measures to safeguard not only ourselves but also our loved ones. As such, selecting the right insurance policy is a crucial decision. Manulife’s Ready Life Income III is one such policy that provides extensive coverage to meet diverse financial needs. Whether you are focused solely on protecting your loved ones’ financial future or are interested in ensuring a lifetime of annual income until the ripe age of 120, this policy offers a plethora of features tailored to suit you.
The plan provides flexibility in premium terms, allowing you to select from a 5-year or 10-year span. Additionally, you can designate your Income Payout Year at the end of either the 5th or 10th policy year. From this chosen year, you’ll begin to receive an annual income for the rest of your life.
Manulife’s Ready Life Income III also serves as a financial safeguard, whether your goal is merely to secure your loved ones’ financial future, or to secure a lifetime annual income until the age of 120. This comprehensive policy has got you covered.
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Manulife Ready Life Income III: Features At a Glance
Yearly income plus an additional boost
With Manulife Ready Life Income, you can look forward to a steady annual income starting at the end of the 5th or 10th policy year, all the way till you reach 120 years old. What’s more? You will also receive an added income boost starting from the 25th policy year.
Retrenchment coverage
Life can throw unexpected curveballs, and income disruptions due to retrenchment are not uncommon. However, with this policy, you get peace of mind knowing that if you face retrenchment, you will receive a payout of 50% of the annual premium for a 5-year policy or 100% for a 10-year policy. This applies to policyholders aged 64 and below.
Premium pause provision
Long-term financial commitments should not be a burden. Manulife understands this and allows you to pause premium payments for a year, provided you have maintained your policy for at least two years with full annual premium payments.
Option to change the life insured
This policy allows you to transfer the coverage to a loved one. After two policy years, you can request a change in the life insured, potentially increasing the chances of receiving the Maturity Benefit. However, this change can only be made twice.
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Maturity payout at age 120
In the event the insured person survives till the age of 120, the policy will pay out a Maturity Benefit. The final policyholder will receive at least 101% of total premiums paid, along with any bonuses. This encourages policy continuity through the utilization of the change of life insured option.
Protection against death & terminal illness
The policy provides comprehensive coverage, including protection against death and terminal illness, valid up until the age of 120.
Total and permanent disability coverage
Additionally, the plan includes a provision for total and permanent disability (TPD). This means that if the insured person becomes totally and permanently disabled during the premium payment term, the insurer will continue to pay for their coverage.
Why Manulife Ready Life Income III is Suitable For You
The Ready Life Income III by Manulife Singapore stands out due to its blend of life insurance protection and wealth accumulation. This unique policy is packed with noteworthy benefits designed to safeguard your financial future:
- Lifetime payouts: You will receive annual payouts up to the age of 120, providing a consistent income stream.
- Retrenchment lump-sum: In the event of job loss, the policy offers a retrenchment benefit to support you financially with a lump-sum payment.
- Premium flexibility: The policy offers the option to pause your premium payments while ensuring that your policy remains active, catering to potential financial hardships.
- Policy transfer option: You can designate loved ones as the new life insured under your policy, facilitating the continuity of wealth accumulation.
- Maturity reward: If you are fortunate to live up to 120 years, the policy rewards you with a maturity benefit.
- Death and terminal illness coverage: Comprehensive protection is offered, including coverage for death and terminal illnesses.
- Premium waiver on TPD: If you are diagnosed with Total and Permanent Disability (TPD), the policy includes a waiver of premium, ensuring your coverage continues uninterrupted.
One more standout feature? It’s hassle-free. The policy requires no health checks, making the process straightforward and uncomplicated.
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How Manulife Ready Life Income III Works
Determining If Manulife Ready Life Income III is Right for You
Navigating the myriad of life insurance options available today can be challenging. However, Manulife Ready Life Income III carves a unique path in this crowded field by tailoring its offerings to cater to both your and your loved ones’ financial security.
This plan is an excellent fit for individuals seeking to safeguard their loved ones and themselves with robust financial stability. One of its key features is the provision for lifetime annual payouts that last until the age of 120. In addition to this, it includes a retrenchment benefit and a premium freeze option, making it a comprehensive safety net for various life scenarios.
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What sets this plan apart is its dual utility – it serves not only as a protective measure but also as a tool for financial planning. You can effectively utilize it for retirement planning or to ensure a financial legacy for your loved ones, thus maintaining their financial security long after you’re gone.
So, if you’re in search of an insurance policy that not only covers your basic needs but also provides additional benefits like retrenchment coverage, premium flexibility, and more, then Manulife Ready Life Income III is certainly worth considering. It offers a unique blend of security and wealth accumulation, making it a potent tool for long-term financial planning.
Final Thoughts
If you’re in the market for a whole life plan that provides regular income, the Manulife Ready Life Income III could be a perfect match for your needs. It’s an all-encompassing plan designed to offer a steady income flow while also ensuring your family’s financial safety in case of untimely death or retrenchment.
A major advantage is that there are no medical examinations necessary to apply!
While it may not present the highest investment potential compared to some other plans where you can direct your premiums to specific investment funds, it’s worth remembering that its primary function is to provide security and a guaranteed income. So if your priority lies in a rock-solid plan offering consistent income and peace of mind, this is a plan worthy of your consideration.
As with any financial decision, it’s important to consider your unique needs and circumstances. Our team of experienced financial advisors is on standby, ready to assist you in your financial planning journey. Reach out today to explore how Manulife Ready Life Income III can enhance your financial strategy.
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