ManuLife RetireReady is offered by ManuLife agents and independent financial advisors. It is designed to help one to plan for his or her retirement. This plan provides a retirement income from the policyholder’s chosen retirement age of 55, 60, 65 or 70. There are 3 options of retirement payout (up to age 80, up to age 90 or the lifetime of the policyholder).
There are 3 payment terms options, and they are 5 years, 10 years and 20 years. In the unfortunate event that the policyholder contracts total permanent disability during the payment period, all unpaid balance premium will be waived. The policyholder is also covered in the case of death.
One unique feature of ManuLife RetireReady is the “Loss of independence (LOI) income”. If the policyholder is unable to perform 3 out of 6 activities of daily living (ADL) during the retirement income payout period, the policy will pay an additional income equivalent to the Guaranteed Monthly Income (GMI). The 6 ADLs are similar to ElderShield, and they are as follow
Image is taken from Manulife.com.sg
Pros of ManuLife RetireReady
- The unique feature of “Loss of independence (LOI) income” that provide additional long-term care income in the event of unable to performance 3 out 6 daily activities.
- The option to convert the annual bonus of the policy into “Additional month income” (AMI) helps to increase the monthly payout during retirement. This feature is very popular among our clients.
- Reasonably high IRR compared to other insurers’ retirement plan.
Cons of ManuLife RetireReady
- There is no policy payment term of 15 years (very suitable and popular for people in their 30s).
- There is no option for a waiver of premium upon the diagnose of critical illnesses. One has to purchase a reducing term separately to cover the unpaid balance premium in the event of contracting a critical illness.
- Contact us here if you want to know the full list of cons for ManuLife RetireReady
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Beside ManuLife RetireReady, you may want to read up another retirement plan that provides lifetime payout here.