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ManuProtect Term II (Term Insurance) Review

ManuProtect Term (Term Insurance)

Last Updated on by Tree of Wealth

ManuProtect Term (II) is a non-participating term life insurance plan from Manulife, provides essential coverage for death and terminal illness. If you desire more comprehensive protection, you can extend the coverage to include total and permanent disability (TPD) and various critical illness (CI) riders. This flexible policy offers both renewable term and level term plans, tailored to suit your specific policy term requirements.

Term insurance is an excellent choice for those seeking substantial coverage at an affordable cost. It provides financial protection for a specified period or ‘term’, ensuring your loved ones can maintain their standard of living in the event of your untimely passing. It’s the purest form of life insurance, providing maximum death benefit per premium dollar, making it an ideal choice for individuals with temporary, substantial coverage needs.

Let us look at how the ManuProtect Term II stands out:

Product Features and Benefits at a Glance

Policy Duration

ManuProtect Term (II) allows for flexibility with a selection of policy terms depending on whether you prefer a level or renewable term policy. The options include:

  • 5 or 10 years (renewable & convertible)
  • 11 to 40 years (level & convertible); or
  • Coverage up to age 65, 75, or 85 (level & convertible)

Premium Terms & Choices

ManuProtect Term (II) is solely available as a regular premium plan with level and assured premiums throughout the policy term. Choose your premium payment frequency from monthly, quarterly, half-yearly, or annually.

Comparison of Premiums for Level & Renewable Plans

While the level and convertible term have a higher annual premium, these premiums stay constant across the policy term, providing predictability. In contrast, the premiums for the renewable term plan, though lower initially, are revised with each renewal based on your age.

Coverage Details

The fundamental coverage of ManuProtect Term (II) includes Death and Accelerated Terminal Illness (TI) benefits. The death benefit guarantees a lump sum payout upon the insured’s death, while the Accelerated Terminal Illness (TI) Benefit provides a lump sum payout upon diagnosis of terminal illness.

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Additional Features & Advantages

Conversion Option

This feature allows you to convert your policy, either partially or wholly, into any regular premium life insurance plan from Manulife’s portfolio before the policy anniversary following your 65th birthday. No medical underwriting is necessary.

Guaranteed Renewability

This feature ensures automatic renewal of 5 and 10-year term policies at the end of the term, irrespective of your health condition. It guarantees continued coverage as long as premiums are paid promptly.

Quit Smoking Incentive (QSI)

Manulife’s QSI offers smokers a chance to avail a lower non-smoker premium rate for their initial 3 policy years. If there is sufficient evidence of quitting smoking by the 3rd policy anniversary, the insured’s status is changed to non-smoker, and subsequent premiums are charged at non-smoker rates.

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Optional Supplementary Benefits(Riders)

ManuProtect Term (II) enables you to extend your coverage according to your unique needs through the addition of a Total and Permanent Disability (TPD) rider or other Critical Illness riders.

Total and Permanent Disability Plus (II)

TPD (II) is a supplemental benefit offered at a regular premium that provides enhanced protection in the event of Total and Permanent Disability. If such a disability occurs, the death benefit from your ManuProtect Term (II) plan is expedited, either partially or fully, based on the sum assured of the rider.

The policy outlines various scenarios under which TPD Plus is applicable, with provisions varying according to the insured’s age. It includes situations like the total and permanent loss of sight in both eyes or the use of two limbs, requiring continuous care due to an accident, illness or disease, or the inability to engage in any work that generates income. A medical examiner must confirm these situations.

TPD Plus (II) Rider Term

If your basic policy is a renewable term plan, the TPD Plus (II)’s term aligns with the basic policy. For a level term plan, the rider term options are from 11 to 40 years or coverage up to age 65, 75, or 85.

Conversion Privilege

If the base policy is converted to a new plan with an accelerating TPD benefit, this benefit may also be converted along with the base plan. This can occur any time before the rider anniversary immediately after your 65th birthday.

Guaranteed Renewable

If the base policy is renewable and convertible, the TPD Plus (II) rider can be automatically renewed at the end of the benefit term without any medical underwriting. Premiums will be revised at the renewed age.

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Critical Illness (CI) Riders

CI Riders are additional benefits that can be added to your base ManuProtect Term (II) plan. The minimum Critical Illness (CI) coverage amount is S$25,000.

Critical Care Enhancer (II) Rider (CCE (II))

CCE (II) is an add-on benefit that provides additional protection against 36 critical illnesses as defined in the policy document. On diagnosis of one of these covered illnesses, it accelerates the payout of the death benefit from your base ManuProtect Term (II) plan. The payout can either be partial or full, depending on the sum assured for the rider.

There are claim limits for total and permanent disability (TI) and critical illness (CI) claims across all policies held by an individual:

  • Maximum of S$2,000,000 for combined TI and CI claim(s)
  • Maximum of $1,000,000 for TI claim(s) only

Any claims exceeding these limits will not be paid out. If the base policy’s sum assured is not completely paid out following a CI claim, it will continue to provide coverage for death and total and permanent disability.

Serious Illness of a Child Benefit

CCE (II) Rider also provides an additional payout if your child is diagnosed with any of the 36 covered critical illnesses. The specifics of this benefit are as follows:

  • A lump-sum payout of S$10,000 per child per policy
  • Only one CI claim will be paid per child per policy
  • The maximum claimable amount per policy is S$20,000

If you have more than one policy with the “Serious Illness of a Child Benefit”, the following maximum payout limits apply, irrespective of the number of policies you hold:

  • A maximum payout of S$40,000 per child
  • A maximum claimable amount of S$80,000 per family

The benefit applies only to children who are at least 30 days old but younger than 18 years at the time of diagnosis. The children must either be biological children or legally adopted children of the policyholder.

CCE (II) Rider Term, Conversion Privilege, Guaranteed Renewable

The term of the CCE (II) rider, its conversion privilege, and guaranteed renewability are similar to those outlined in the TPD Plus (II) rider.

Rider Term: This refers to the length of time for which the rider can provide coverage. This term follows the basic policy, either a renewable term plan or a level term plan.

Conversion Privilege: This is the option to convert this rider to a new plan with a similar type of benefit (e.g., accelerating critical illness benefit), partially or fully, without having to provide proof of insurability. The conversion must occur before the rider anniversary following the insured’s 65th birthday, assuming the rider is still in force.

Guaranteed Renewable: If the base policy is renewable and convertible, this rider can be renewed automatically at the end of the term for the same duration without requiring a medical examination. However, the premiums would be revised based on the insured’s age at renewal.

Critical Care Waiver Rider

The Critical Care Waiver Rider is an optional benefit that waives the policy premiums upon the diagnosis of a covered critical illness. This allows the policyholder to focus on recovery without the financial worry of continuing premium payments. For complete details about the covered critical illnesses and the terms and conditions for the waiver, please refer to the specific policy contract.

Early Critical Care Waiver

The Early Critical Care Waiver is another rider that also waives future premiums if the insured is diagnosed with a covered critical illness, irrespective of the stage of the illness. This means the waiver can apply even in the early stages of a critical illness, further reducing the financial burden on the insured during a critical illness. As with the Critical Care Waiver Rider, full details can be found in the specific policy contract.

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How ManuProtect Term II (Term Insurance) Works

How ManuProtect Term II (Term Insurance) Works
Source: Manulife

What We Like About The Plan

  • Smoker Friendly – Quit Smoking Incentive
    • Non-Smoker premium rates right at the beginning of your policy.
    • Quit smoking in 3 years time to continue the non-smoker rates.
  • Starting from 4th policy year, provide satisfactory evidence to insurer that you have stopped smoking
  • Only for premium term of 11 to 40 years. Not for 5 to 10 years renewable regular premium term.

What We Don’t Like

  • No Early Critical Illness coverage
  • No Multipay Critical Illness Coverage

In this date and market with most insurer providing early stage CI and multipay CI riders to their term plan, not having it is can make the term insurance not as competitive.

Conclusion For ManuProtect Term II (Term Insurance) Review

As with all term life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many term insurance plans in the market with many strong Insurers. Which one suits you the most?

Navigating the world of insurance and financial planning can be complex. Manulife’s term plan’s suite of riders including the Total and Permanent Disability Plus (II), Critical Care Enhancer (II) and other riders provide additional layers of protection for you and your loved ones. With these riders, you can get the comprehensive coverage that suits your specific needs. Whether it’s financial protection against serious illnesses, disability, or ensuring financial security for your child, we’re here to help.

We highly recommend you speak to one of our dedicated financial advisors. They can guide you through the different options and create a financial plan tailored to your unique circumstances and goals.

Don’t wait for the unexpected to happen. Secure your future now. Contact our financial advisors today!

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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