Manulife LifeReady Plus II

Starting from square one, with little to no knowledge about life insurance, the quest to get the best policy can be stressful to some. What’s more is that Singapore is home to one of the best healthcare systems in the world, making insurance companies take the competition to a higher level. This healthy competition provides us with a wide range of choices, which can get confusing at best and harrowing at worst. How do you exactly know which one to get?

One way is to get to know each of the biggest players in the market. One of which is Manulife and their LifeReady Plus II. We’re going to get into it in this article and hopefully, by the end of it, you will have a gauge on whether or not it is suitable for your needs.

Manulife LifeReady Plus II – Is it good?

One of the best things about Manulife LifeReady is the low starting premium it requires. For as low a sum assured as S$25,000, you can already enjoy its protection coverage. If you are a smoker, you’d want to check it out because they offer premiums specially tailored for you.

Features, benefits, and advantages

Life coverage

This insurance covers the policyholder in the event of death or being diagnosed with a terminal illness. It also protects from permanent disability up to age 99.

Multipliers

Policyholders of Manulife LifeReady Plus can opt to get a multiplier from x2 to x5, up until they turn 70 years of age. 

Premiums for all

The sum assured for a 30-year old man considering Death, TPD or Total Permanent Disability, and CI or Critical Illness at the early stage, is S$100,000. With this, the premium is S$1274.10 for 25 years. If you think about it, that rate is comparable to term insurance, considered to be among the most affordable in the market today. At the age of 70, usually the time when the term insurance expires, you’d still be enjoying the benefits of Manulife LifeReady Plus. 

Health Advantage Benefit

One of the best things about this kind of life insurance is the incentive you get when you live a healthier life. That’s hitting two birds with one stone: you maintain a healthier lifestyle and at the same time, you get to enjoy rewards for it. During the first 2 years of holding the policy, you’ll be granted a discount by Manulife. If you are able to maintain the required cholesterol and blood pressure levels, you’ll keep the discount all throughout. 

Involuntary employment benefit

Involuntary job loss is also covered in this policy. If you lose your job due to retrenchment or any other reasons outside your scope and control and remain unemployed for 30 days, Manulife will waive premiums for up to 6 months while you are still able to enjoy its benefits. Unlike other more expensive insurance policies that require a 3 consecutive months of unemployment, LifeReady is also pretty competitive in this aspect.

How to upgrade your cover

Upgrading your cover can be done easily without having to undergo medical underwriting. This is provided by Manulife at life milestones or key life events which are getting married, having a new child, tertiary education graduation, and buying a first home. 

Critical Illness Coverage

Critical Illness Coverage can be found in most life insurance policies but Manulife takes this to a whole new level by offering a more comprehensive protection that includes 125 CI conditions. The extent can range from early to advanced stages. Aside from this, there are also additional 18 special conditions by the policy.

Income Payout Option

One of the things that make this policy attractive is the highly rewarding income payout option. This means that as you continue to pay for premiums, your policy will accumulate cash value that will later on be converted to annual payouts that you can enjoy for 10 years. What’s more is they have an additional interest of 5%.

Things to think about before getting Manulife LifeReady Plus II

As you can see, there are many things to like about this life insurance policy. But before you take the plunge, allow us to point out a few things that you should take into consideration.

First, the multiplier ends at the age of 70 years old. This is worth considering due to the fact that there are other insurance companies that offer a longer coverage. For instance, Aviva’s multipliers go as long as 80 years old.

Second, policy holders will not be able to opt for multiple payout CI riders. If you want more coverage for your insurance than what is provided by the base cover and allowed CI rider, then this might not be the best for you.

Third, although we’d expect it to provide coverage for life because it sports the word “life” in its name, Manulife’s LifeReady Plus II doesn’t actually go beyond 99 years old. Compared to Aviva that offers otherwise, this is definitely a disadvantage.

Are you ready to choose your life insurance?

Now that you know the most important things about Manulife LifeReady Plus II, are you ready to make the final decision? 

Who is Manulife LifeReady Plus II for?

Given its competitive premium rates, this is perfect for those who are looking for more affordable options. Although it is priced lower than its counterparts, LifeReady Plus already offers a rather robust protection for you and your family. There are limitations but for basic life insurance, it’s a good start. 

In choosing the right life insurance policy, one thing you need to do is gather as much information about the key players in the market right now. Manulife is definitely one of those companies. Comparing more than two options will also help you make sure that you’re landing on the right one. Take note that although they offer almost similar features, there are differences that can make a great difference.

Choosing something as important and crucial as an insurance policy might not be the smoothest process. But with the aid of the right information and help from professionals, there’s no doubt that you will get the most out of your money. If you have any questions regarding Manulife LifeReady II and how it can protect you and your family, feel free to drop us a message any time.