In today's uncertain world, ensuring your family's financial security is more important than ever. Did you know that 1 in 5 Singaporeans are underinsured , leaving their loved ones vulnerable in case of unexpected events? If you're looking for a flexible and comprehensive term life insurance plan, ManuProtect Term (II) might be the solution you've been searching for.
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ManuProtect Term (II) is a regular premium term life plan offered by Manulife Singapore. It's designed to provide financial protection for your loved ones in the event of your death or terminal illness . What sets this plan apart is its flexibility, allowing you to tailor the coverage to your specific needs and budget.
Choose from short-term coverage of 5 or 10 years (renewable and convertible), opt for medium to long-term coverage from 11 to 40 years (level and convertible), or select coverage until a specific age: 65, 75, or 85 (level and convertible).
For 5 or 10-year terms, your policy is automatically renewable up to age 85 . Renewal is guaranteed regardless of your health condition.
Freedom to convert your policy to another life insurance product from Manulife's range, allowing you to adapt your coverage as your needs change over time.
Smokers enjoy non-smoker premium rates for the first 3 policy years and can continue to enjoy these rates if they quit within the first 3 years.
Enhance your protection with riders for total and permanent disability, critical illness, and premium waiver .
The basic plan provides coverage for:
1. Death: Your beneficiaries receive a lump sum payout if you pass away during the policy term
2. Terminal Illness: You receive the full sum assured if diagnosed with a terminal illness
With optional riders, you can extend your coverage to include:
3. Total and Permanent Disability: Financial protection if you become totally and permanently disabled
4. Critical Illness: Lump sum payout upon diagnosis of covered critical illnesses
5. Premium Waiver: Future premiums are waived under certain circumstances, such as early-stage critical illness diagnosis
The coverage amount is flexible and can be tailored to your needs. Manulife doesn't specify a maximum coverage limit in the brochure, which suggests that high coverage amounts are possible, subject to underwriting .
The premium for ManuProtect Term (II) varies based on several factors:
Let's look at an example provided in the brochure:
Travis, a 40-year-old non-smoker, chooses the following coverage:
Annual Premium: S$1,029.00
Annual Premium: S$115.00
Annual Premium: S$1,494.50
Annual Premium: S$230.11
Total Annual Premium: S$2,868.61
This example shows how you can customize your coverage and see the cost breakdown for each component.
If Travis is diagnosed with early-stage cancer at age 50: The Early Critical Care Waiver Rider kicks in, all future premiums are waived , and Travis maintains his coverage without further premium payments.
If Travis suffers an advanced stage heart attack at age 55: The Critical Care Enhancer Rider (II) pays out S$500,000 . This lump sum can help cover loss of income and medical expenses. The main policy and TPD rider coverage reduce to S$500,000 each.
If Travis passes away at age 64: The remaining sum insured of S$500,000 is paid out to his beneficiaries . This lump sum can help his family maintain their lifestyle and cover any outstanding debts.
The plan offers a wide range of policy terms , allowing you to choose coverage that aligns with your specific life stage and financial goals.
For shorter-term policies, you have the assurance that you can renew your coverage up to age 85 , regardless of health changes.
As your needs evolve, you have the flexibility to convert your term plan into a permanent life insurance policy without additional medical underwriting.
The quit smoking incentive provides an extra motivation for smokers to adopt a healthier lifestyle while enjoying lower premiums .
The ability to add riders for critical illness, disability, and premium waiver allows you to create a truly comprehensive protection plan .
Flexible policy terms to suit different needs and budgets
Guaranteed renewability for short-term policies
Option to convert to other life insurance products
Quit smoking incentive
Comprehensive rider options
Premiums may increase upon renewal for short-term policies
No cash value accumulation (common for term insurance)
Conversion option may have time limitations (check with Manulife for details)
While the brochure doesn't specify, typically, you may need to apply for additional coverage or use the conversion option to increase your sum assured.
There's usually a grace period for premium payments. Check with Manulife for specific details on their premium payment policies.
This depends on your age, the coverage amount, and your health condition. Your Manulife Financial Consultant can provide more information.
This is often possible, subject to underwriting. Consult with Manulife for specific terms and conditions.
Like most insurance policies, there are exclusions. Common exclusions often include suicide within the first year of the policy, pre-existing conditions, and self-inflicted injuries. Always refer to the policy contract for full details.
ManuProtect Term (II) offers a flexible and comprehensive approach to term life insurance . Its range of policy terms, guaranteed renewability for short-term policies, conversion privilege, and optional riders make it a versatile choice for many Singaporeans. The plan's unique features, such as the quit smoking incentive, demonstrate Manulife's commitment to adapting to policyholders' changing needs and lifestyles.
However, as with any financial decision, it's crucial to carefully consider your personal circumstances, long-term goals, and budget before committing to a policy. While ManuProtect Term (II) offers many attractive features, it's important to compare it with other options in the market and consider how it fits into your overall financial plan.
Remember, the best insurance policy is one that provides the right coverage for your needs at a price you can afford . If you're considering ManuProtect Term (II) or exploring other term life insurance options, it's always wise to consult with a qualified financial advisor who can provide personalized recommendations based on your unique situation.
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 term life insurance . 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 needs and those of your loved ones. Don't leave your family's financial security to chance – get the expert advice you deserve today.
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