Manulife LifeReady is a limited payment participating whole life insurance plan that provides coverage for death, total permanent disability and different stages of critical illnesses (early, intermediate and advanced stages). There are five different premium payment terms which are 10 years, 15 years, 20 years, 25 years and to age 99 (last birthday of the life insured).
It has a Life Benefit Multiplier (“LBM”) Factor that the policyholder can enjoy a multiplier coverage of either 2 times, 3 times, 4 times or 5 times, The LBM is decided at the commencement of the coverage, and it expires at age 70 of the policyholder.
Pros of Manulife LifeReady
- Very competitive premium especial when early stage critical illnesses coverage is added
- Flexible combination coverage for various stages of Critical Illnesses coverage
- Option to increase insurance protection upon key life milestone event with no medical underwriting
- It has a “Health Advantage (HA) benefit” that rewards life insured’s good health status (based on Manulife’s underwriting assessment). If qualify, the insured will enjoy a discount on the basic plan (excluding riders) for 2 years. The discount (ranging from 1% to 1.5%) may continue after the 2nd year if the insured hit the health target set by Manulife and is certified by a medical doctor.
Cons of Manulife LifeReady
- The surrender cash value is lower in the initial years compared to other similar insurance plans in the market.
- The coverage for Early and Intermediate Stage Dementia including Alzhemier’s Disease cease on the policy anniversary immediately after the life insured’s 85th birthday. The advance stage definition for Dementia is same as other insurers in Singapore.
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Besides Manulife LifeReady, you may want to read up a similar plan from Aviva here.