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Pros and Cons of Manulife Signature Income

Manulife Signature Income is offered by Manulife agents, financial advisers, and relationship managers (DBS). It is a single premium, participating endowment plan designed to provide a stream of lifetime income till age 99.

The cash payouts start from the 5th policy anniversary depending on whether you select the monthly or annual payout mode. For the monthly payout mode, payout begins from 49th month while for the annual mode, the payout starts from the end of the 5th year or the 60th month. You can choose to receive the cash payouts or to reinvest in the plan at the prevailing rate and withdraw only when needed.

Manulife Signature Income is a useful tool for personal retirement planning. The monthly guaranteed coupon can offset monthly expenses during retirement. A combination of this plan with CPF Life and other insurers’ retirement plan can provide one with better peace of mind for his/her retirement.

Manulife Signature Income can also be used for multi-generation planning. A policy implemented in the life of child/grandchild would enable parents and grandparents to enjoy the cash payouts while they are alive and transfer the stream of payouts to the child/grandchild upon their demise. Upon the death of the insured, the beneficiary would receive the invested amount plus bonus.

Manulife Signature Income is offered in both SGD and USD. The minimum premium for this plan is approximately 100,000 in whichever currency chosen (based on a minimum income of 300/month or 3,600/year).

Manulife Signature Income

Image is taken from manulife.com.sg

Pros of Manulife Signature Income

  • Guaranteed cash payouts as a % of single premium is one of the highest in the market
  • SGD and USD options available; first in the market for USD option
  • Payouts can start by the end of 4th year which is one of the earliest in the market

Cons of Manulife Signature Income

  • The break-even year of the surrender value (guaranteed and projected) is one of the longest in the market
  • Reinvestment rate is not guaranteed and is lower than some of the other plans in the market
  • Total cash payouts (guaranteed and projected) as a % of single premium is one of the lowest in the market

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Besides Manulife Signature Income, you may want to read up another similar plan from NTUC here.

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