When life throws you lemons, insurance helps you get by without worrying about finance. Insurance plans can safeguard you and your loved ones in the event of something unfortunate. Planning financial security for yourself and your family is a great responsibility, and you will reap the benefits when you need it the most.
About Manulife Term Insurance
Manulife Financial is a leading financial services group based in Canada having its operations spread over Asia and the United States. Manulife offers wealth management and financial protection through its international network. One of the products offered is the Manulife Term insurance which is a plan designed to give the highest protection at reasonable rates. Term insurance provides protection for a set period and pays the sum insured only in case of death or total and permanent disability during this stipulated period.
Manulife Term Insurance Features and benefits:
- Non-smoking – Non-smokers in excellent health condition enjoy preferred premium rates for a sum of $1 million and above.
- Quit smoking – This encourages smokers to quit smoking and lead a healthy lifestyle by offering non-smoker rates for a sum insured of $500,000 for the first three years of the policy.
- Conversion options – Before the age of 65, ManuTerm/ManuTerm rider policies can be converted to any Manulife whole life, investment-linked or endowment plans. No evidence of health is required and it is encompasses the same coverage benefits.
- Options for supplementary benefits – availability for extra protection and other benefits at nominal cost.
ManuTerm Terminal Care
In the unfortunate event of being diagnosed with a terminal illness, ManuTerm will pay an additional 25% of the coverage to help fulfil any last wishes such as a vacation, a gift for your loved ones, and so on.
ManuTerm Career/Career Plus
If you are physically or mentally handicapped and are unable to work or have to take up a lower paying job, this policy helps you meet the standards of your lifestyle.
- Under ManuTerm Career, a lump sum is paid in the event of total and permanent disability.
- Under ManuTerm Career Plus, five equal instalments of 20% per annum is paid out upon total disability.
Types of Manulife Term Insurance
Manulife Quick Issue Term
This insurance is designed to be quick and easy. It caters to people who have a busy lifestyle.
- Electronic application. No paperwork required.
- Fewer medical questions.
- For 18 years to 50 years.
- Coverage of up to $500,000.
- Application is processed in person or over the phone in minutes.
- Option to convert to permanent insurance.
- Option of availing Child Protection rider.
ManuProtect Term comes with high coverage and affordable premiums for the purpose of protecting your family in the event unforeseen circumstances. It provides financial protection up to the age of 85 years in case of death and terminal illness. This policy can be bought as a base insurance plan or can be added as a supplementary benefit to other selected insurance plans.
- Renewable up to 85 years of age for a term of 5 to 10 years regardless of health status.
- Can be converted to any regular premium life insurance plan before 65 years of age.
- Quit smoking incentive.
DIRECT- ManuAssure Term
The policy provides basic protection at premiums that fit your budget. Direct ManuAssure falls under Direct Purchase Insurance (DPI). DPIs are insurance plans you can buy directly from the websites of life insurance companies or through the customer service centres.
- Term of 5 years, renewable for 20 years or up to the age of 65.
- Maximum renewal age of 80 for a 5-year term.
- Lump sum paid upon death or terminal illness, or total and permanent disability.
- Supplement option of critical illness coverage
This policy is designed to provide premium financial security for your family of $1 million and above in the event of death or terminal illness.
- High coverage of S$1 million at premiums as low as S$28.15
- Quit smoking incentive
- Conversion options
- Life insured in excellent health can enjoy lower premiums
The premium structure given below is based on a standard life, male, non-smoker insured for $500,000.
|Policy Term||5 years||10 years||40 years|
|Entry Age 25||S$26.14||S$26.74||S$57.51|
|Entry Age 35||S$33.52||S$38.75||S$144.50|
|Entry Age 45||S$69.83||S$86.56||S$352.12|
Compare Manulife Term Insurance With Other Insurance Companies Offering Term Insurance in Singapore
- AIA Term Insurance
- NTUC Term Insurance
- AVIVA Term Insurance
- Great Eastern Term Insurance
- Prudential Term Insurance
- HSBC Term Insurance
- Tokio Marine Term Insurance
FAQs – Manulife Term Insurance
- Can I cancel my policy if I am not satisfied after applying for it?
- How do I increase my coverage?
- I quit smoking, can I avail of non-smoker rates?
- What do I do after receiving my Premium Notice?
- Can I change the payment method?
- When will my coverage starts?
- How do I cancel my policy?
- If I cancel my policy, can I rejoin the same later?
Yes. If you are not satisfied with the policy or certificate of insurance received, you can return it within 30 days. At your request, the policy will be cancelled and your premiums will be refunded with no questions asked.
On your current policy, you can increase the amount you are covered for by filling out an application and sending it to Manulife Financial. You can apply online or request for an application through mail from one of the customer service representatives.
If you have quit smoking for a period of 12 months, you can apply using the non-smoker application. On approval, the non-smoker rates will begin on the 1st of the following month.
If you are paying your premiums by cheque, you have to send a cheque for the full amount by the Anniversary Due Date to Manulife. If you are paying by credit card or pre-authorized collection, check the information and ensure it is correct. You are not required to do anything. The premium will be charged to your account.
There is an option online to change the method of paying premiums. You can also fill out the form on the back of your statement and send it to Manulife.
On the date that you submit your completed application and pay the premium, you will be insured. In case Manulife finds that you are not eligible, you will be notified and refunded in full.
Write a mail with your signature requesting for cancellation. Your policy will end on the next payment due date from which your request is received.
You must complete an application again and meet the medical requirements of any new applicant to be able to rejoin the plan.