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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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.
Basic whole life coverage up to age 99 . Option to enhance protection up to 5X, till age 70 or 80.
Add-on riders available for comprehensive critical illness protection.
Upfront premium discounts for the first 2 policy years . Continued discounts possible if you meet health targets.
Option to convert cash value into annual payouts over 10 years at age 70 or 80.
Increase coverage without medical check-ups at key life milestones .
6 months of premiums waived if you or your spouse are retrenched.
| 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 |
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.
Add-on riders available for comprehensive critical illness protection. Lump sum payout or premium waiver in the event of critical illness.
Enjoy premium discounts for the first 2 policy years . Continue to receive discounts after policy year 2 if you meet health targets.
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.
Increase coverage without medical check-ups at four key life milestones : Graduation (Tertiary), Marriage, First Home, Parenthood.
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.
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:
Here's how his coverage looks:
From age 35 to 70:
From age 70 to 99:
Additional benefits for Derrick:
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
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
The cost of Manulife LifeReady Plus (II) varies based on factors such as:
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.
Yes, you can increase your coverage at four key life milestones without a medical check-up.
If you or your spouse are retrenched before age 65, 6 months of premiums will be waived while coverage continues.
It's best to add critical illness riders when you first purchase the policy. Adding them later may require additional underwriting.
You'll need to submit a Health Advantage form or medical report meeting the health target requirements within the first 2 policy years.
Your coverage reverts to the basic sum insured and continues until age 99.
While Manulife LifeReady Plus (II) offers comprehensive and flexible coverage, it's important to consider:
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.
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Read the complete transcript of our expert discussion about Manulife LifeReady Plus (II). This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
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