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Manulife LifeReady Plus (II): Comprehensive Protection for Life's Journey
Are you looking for a life insurance plan that grows with you, offering flexibility and comprehensive coverage throughout different stages of your life? Manulife LifeReady Plus (II) might be the solution you've been searching for. This innovative plan is designed to adapt to your changing needs, providing peace of mind and financial security for you and your loved ones.
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What is Manulife LifeReady Plus (II)?
Manulife LifeReady Plus (II) is a whole life insurance plan that offers customizable coverage to meet your evolving needs. It provides protection against death, terminal illness, and total & permanent disability up to age 99, with the unique option to enhance your coverage by up to 5 times your basic sum insured. What sets this plan apart is its flexibility and additional features that cater to different life stages and unexpected situations.
Key Features That Make LifeReady Plus (II) Stand Out
Customizable Coverage
Basic whole life coverage up to age 99 . Option to enhance protection up to 5X, till age 70 or 80.
Critical Illness Coverage Option
Add-on riders available for comprehensive critical illness protection.
Health Advantage Benefit
Upfront premium discounts for the first 2 policy years . Continued discounts possible if you meet health targets.
Financial Flexibility
Option to convert cash value into annual payouts over 10 years at age 70 or 80.
Upgrade Your Cover
Increase coverage without medical check-ups at key life milestones .
Retrenchment Benefit
6 months of premiums waived if you or your spouse are retrenched.
Real premiums suggested for Manulife LifeReady Plus (II)
32, Female making $5,100 a month
Coverage:
tpd sum assured till 70
$200,000
tpd sum assured after 70
$50,000
death sum assured till 70
$200,000
death sum assured after 70
$50,000
early ci sum assured till 70
$100,000
early ci sum assured after 70
$25,000
advance ci sum assured till 70
$100,000
advance ci sum assured after 70
$25,000
Premium:
$191.4
Read More25, Female making $4,500 a month
Coverage:
TPD
$100,000
death
$100,000
multiplier tpd
$500,000
critical illness
$25,000
multiplier death
$500,000
multiplier critical illness
$125,000
Premium:
$2,912.26
Read More23, Female making $5,500 a month
Coverage:
death
$250,000
terminal illness
$250,000
early critical illness
$250,000
total permanent disability
$250,000
Premium:
$2,301.33
Read More27, Male making $3,200 a month
Coverage:
$250,000
Premium:
$203.18
Read More28, Male making $9,000 a month
Coverage:
death terminal illness
$1,010,000
severe critical illnesses
$540,000
total permanent disability
$1,010,000
early intermediate critical illnesses
$216,000
Premium:
$570.65
Read More| Age | What suggestion covers | Premium |
|---|---|---|
| 32, Female making $5,100 a month | tpd sum assured till 70 $200,000 tpd sum assured after 70 $50,000 death sum assured till 70 $200,000 death sum assured after 70 $50,000 early ci sum assured till 70 $100,000 early ci sum assured after 70 $25,000 advance ci sum assured till 70 $100,000 advance ci sum assured after 70 $25,000 | $191.4 |
| 25, Female making $4,500 a month | TPD $100,000 death $100,000 multiplier tpd $500,000 critical illness $25,000 multiplier death $500,000 multiplier critical illness $125,000 | $2,912.26 |
| 23, Female making $5,500 a month | death $250,000 terminal illness $250,000 early critical illness $250,000 total permanent disability $250,000 | $2,301.33 |
| 27, Male making $3,200 a month | $250,000 | $203.18 |
| 28, Male making $9,000 a month | death terminal illness $1,010,000 severe critical illnesses $540,000 total permanent disability $1,010,000 early intermediate critical illnesses $216,000 | $570.65 |
Let's Break Down the Coverage
Basic Coverage
Whole life protection against death, terminal illness, and total & permanent disability up to age 99 . Option to enhance protection up to 5 times your basic sum insured until age 70 or 80.
Critical Illness Coverage (Optional)
Add-on riders available for comprehensive critical illness protection. Lump sum payout or premium waiver in the event of critical illness.
Health Advantage Benefit
Enjoy premium discounts for the first 2 policy years . Continue to receive discounts after policy year 2 if you meet health targets.
Financial Flexibility
At age 70 or 80, option to convert the policy's cash value into annual payouts over 10 years. Additional 5% interest on these payouts.
Upgrade Your Cover
Increase coverage without medical check-ups at four key life milestones : Graduation (Tertiary), Marriage, First Home, Parenthood.
Retrenchment Benefit
If you or your spouse are retrenched and unemployed for 30 days or more before age 65, 6 months of premiums waived while coverage continues.
Real-Life Example: How LifeReady Plus (II) Works
Let's look at how this plan might work for someone like Derrick:
Derrick is a 35-year-old non-smoker who purchases a LifeReady Plus (II) plan with:
- Basic sum insured: S$100,000
- Premium payment term: 25 years
- Enhanced protection: 3X (till age 70)
Here's how his coverage looks:
From age 35 to 70:
- Enhanced sum insured: S$300,000 (3X basic sum insured)
- 3X protection against death, terminal illness, and total and permanent disability
From age 70 to 99:
- Basic sum insured: S$100,000
- Coverage continues till age 99
Additional benefits for Derrick:
- Health Advantage Benefit: Derrick enjoys discounted premiums over 25 years due to his good health.
- Financial Flexibility: At age 70, Derrick can choose to receive annual payouts from his policy's cash value to supplement his retirement income.
- Critical Illness Coverage: Derrick adds an Early Critical Care Rider (III), which provides:
- Coverage for 125 critical illnesses across different stages
- Coverage for 10 Special Benefit Conditions
- Recovery plus benefit if admitted to ICU for at least 4 days
- Free advanced stage critical illness coverage for Derrick's child
- S$250,000 payout if diagnosed with an early critical illness before age 70
Pros and Cons of Manulife LifeReady Plus (II)
Pros
Flexible coverage that adapts to different life stages
Option to enhance protection up to 5X basic sum insured
Health-based premium discounts
Ability to increase coverage at key life milestones without medical check-ups
Retrenchment benefit for added financial security
Option to convert cash value to retirement income
Cons
Premium payments required for 25 years
Enhanced protection only available until age 70 or 80
Critical illness coverage requires additional riders (extra cost)
Cash value conversion option only available at age 70 or 80
How Much Does It Cost?
The cost of Manulife LifeReady Plus (II) varies based on factors such as:
- Your age
- Your health condition
- The basic sum insured you choose
- Whether you opt for enhanced protection
- Any additional riders you select
To get an accurate quote, it's best to speak with a Manulife Financial Consultant who can provide a personalized illustration based on your specific circumstances.
Frequently Asked Questions
Can I change my coverage amount after purchasing the policy?
Yes, you can increase your coverage at four key life milestones without a medical check-up.
What happens if I can't pay my premiums due to retrenchment?
If you or your spouse are retrenched before age 65, 6 months of premiums will be waived while coverage continues.
Can I add critical illness coverage later?
It's best to add critical illness riders when you first purchase the policy. Adding them later may require additional underwriting.
How do I qualify for the Health Advantage Benefit?
You'll need to submit a Health Advantage form or medical report meeting the health target requirements within the first 2 policy years.
What happens to my coverage after age 70 or 80?
Your coverage reverts to the basic sum insured and continues until age 99.
Important Considerations
While Manulife LifeReady Plus (II) offers comprehensive and flexible coverage, it's important to consider:
- Long-term Commitment : This is a whole life policy, requiring premium payments for 25 years.
- Early Termination Costs : There may be high costs if you terminate the policy early.
- Suitability : Ensure this plan aligns with your overall financial planning and insurance needs.
- Terms and Conditions : Carefully review the full terms, conditions, and exclusions in the policy contract.
Conclusion
Manulife LifeReady Plus (II) offers a unique combination of lifelong protection, flexibility, and additional benefits that cater to different life stages. Its ability to adapt to your changing needs – from enhanced protection in your working years to potential retirement income in later life – makes it an attractive option for those seeking comprehensive life insurance coverage.
However, as with any significant financial decision, it's crucial to carefully consider your personal circumstances, long-term goals, and overall financial plan before committing to a policy. While the flexibility and comprehensive coverage of LifeReady Plus (II) are appealing, ensure that the premium commitment aligns with your budget and that the coverage truly meets your needs.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on whole life insurance plans. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your life journey. Don't leave your financial future to chance – get the expert advice you deserve today.
- 👉 Manulife LifeReady Plus (II): Comprehensive Protection for Life's Journey
- 👉 What is Manulife LifeReady Plus (II)?
- 👉 Key Features That Make LifeReady Plus (II) Stand Out
- 👉 Let's Break Down the Coverage
- 👉 Real-Life Example: How LifeReady Plus (II) Works
- 👉 Pros and Cons of Manulife LifeReady Plus (II)
- 👉 How Much Does It Cost?
- 👉 Frequently Asked Questions
- 👉 Important Considerations
- 👉 Conclusion
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Why people were suggested Manulife LifeReady Plus (II)
Retna, 32
GenderFemale
Monthly Income$5,100
Insurance Types Suggested
- Investment Linked Plan
- Hospital
- Critical Illness
Why Manulife Whole life was suggested:
The Manulife Whole life plan is another whole life insurance option suggested to provide lifelong protection against death, TPD, and CI. While the coverage is fixed, it offers a higher surrender value at age 70 compared to the Singlife plan, potentially providing more cash value accumulation over time.
Ariel, 25
GenderFemale
Monthly Income$4,500
Insurance Types Suggested
- Hospital
- Endowment
- Whole Life
- Critical Illness
- Investment Linked Plan
- Personal Accident
Why Manulife LifeReady Plus (II) was suggested:
This whole life insurance plan provides Ariel with comprehensive coverage for death, total and permanent disability (TPD), and critical illness. The multiplier benefits offer additional protection until age 70, which is important given Ariel's young age and potential future financial commitments like starting a family or buying a property.
shiqi, 23
GenderFemale
Monthly Income$5,500
Insurance Types Suggested
- Hospital
- Personal Accident
- Critical Illness
- Disability
- Whole Life
Why Manulife LifeReady Plus was suggested:
As a whole life plan, this policy provides lifetime coverage of $250,000 for death, terminal illness, total permanent disability and early critical illness. While the annual premium of $2,301.33 is higher, it offers comprehensive protection that can be valuable for the prospect in the long run.