Manulife Term Life Insurance Singapore
Manulife was founded 133 years ago in Ontario, Canada as "The Manufacturers Life Insurance Company" by the country's parliament. In its early days, it was helmed by Canada's first prime minister, Sir John A. Macdonald. Today, Manulife continues to be headquartered in Ontario, Toronto, and is listed on the Toronto, New York, Hong Kong, and Philippine Stock Exchanges.
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Why Choose Manulife?
Manulife Singapore was established in 1980, and has over 600 staff in Singapore. From 2015 onwards, Singaporean customers can purchase Manulife's insurance plans directly from DBS Bank branches as well.
If you've ever heard of the Manulife InvestReady, it's one of the more commonly searched insurance plans from Manulife. In fact, it's a whole life investment-linked plan that gives you welcome and loyalty bonuses, potential cash returns, potential dividends, alongside death and terminal illness coverage. Investment-linked plans are, at times, frowned upon for it may cause a ill-informed customer to incur financial losses.
Manulife Term Insurance Plans
All Manulife Term Life Insurance Plans
ManuProtect Term (II)
ManuProtect Term (II) is a term life insurance plan. You can choose how long you want the policy to cover you for death and terminal illness – just for a short 5 or 10 years, for 11 to 40 years, or until you turn 65, 75, or 85 years old.ManuProtect Decreasing (II)
ManuProtect Decreasing (II) is a term mortgage insurance meant to cover your mortgage (or you may know it as home loan). You will get to choose your coverage duration to match your home loan repayment period, the interest rate, joint lives application, and riders.Direct ManuAssure Term
Direct ManuAssure Term is a term life insurance plan under the "Direct Purchase Insurance" scheme – meaning you can purchase this plan without the help of an insurance agent, directly from Manulife yourself. It covers you for death, total and permanent disability, and terminal illness for 20 years or up to 65 years old.What Is Manulife ManuProtect Decreasing (II)?
Manulife's ManuProtect Decreasing (II) is a term mortgage insurance plan. If you are a homeowner, it serves to insure your home loan – meaning this plan will help you to pay off your unpaid home loan in the event that you pass away or are diagnosed with a terminal illness.
Manulife ManuProtect Decreasing (II) Benefits
Home Loan
There really isn't a base sum assured for mortgage insurance plans – the basic sum is basically your home loan amount (which decreases year on year as you pay them off, hence a "decreasing" plan).Basic Coverage
The mortgage insurance will pay off your unpaid mortgage in the event you pass away or are diagnosed with a terminal illness.Coverage Duration
The coverage period should match your home loan's repayment period.Interest Rates
You can choose from 1%, 2%, 3%, 4% or 5% to ensure your mortgage loan is adequately covered.Guaranteed Premiums
Your premiums will be fixed and levelled for your entire policy termJoint Lives
There's a 5% premium discount if you apply for the mortgage insurance jointly with your spouseRiders
You can further extend your coverage to include total and permanent disability and critical illnesses.ManuProtect Decreasing (II) Exclusions
Premium Discount
The 5% premium discount offered for joint-lives applications can only be used for your basic plan's premiums, and not the riders.
Manulife ManuProtect Decreasing (II) Summary
In a nutshell, Manulife's ManuProtect Decreasing (II) is a mortgage insurance to help you repay your outstanding (unpaid) home loan in the event that you pass on or are diagnosed with a terminal illness. Its benefits are pretty much the same as other mortgage insurance plans in Singapore – you get to choose your coverage period to match your home loan's repayment period, you get to choose your interest rates, and riders to extend your coverage to include total and permanent disability and critical illness.
What Is ManuProtect Term (II)?
Manulife's ManuProtect Term (II) is a term life insurance plan which covers you for death and terminal illness. You will get to choose the number of years you want the policy to cover you for, the lump-sum amount that you want your family to be paid in the event that you get diagnosed with a terminal illness or pass on (also known as base sum assured), and riders to extend your coverage to include total and permanent disability, and critical illnesses. Other benefits include a quit smoking incentive for discounted premiums, guaranteed policy renewal (if you chose a shorter 5 or 10 years policy), and conversion to whole life insurance plans.
Manulife ManuProtect Term (II) Benefits
Base Sum Assured
When you apply for a new term life insurance policy like the ManuProtect Term (II), you will be asked to choose a base sum assured – basically the lump-sum amount that you want you and your family to receive in the event that you pass on, or are diagnosed with a terminal illness.Basic Coverage
Your policy will pay you or your family the above-mentioned lump-sum amount in the event that you pass on or are diagnosed with a terminal illness – after which, your plan will terminate.Coverage Duration
You will get to choose how many years you want your policy to be in effect – 5 or 10 years (renewable), 11 to 40 years, or to age 65, 75 or 85.Conversion
You will have the choice to convert your term life insurance plan into a whole life insurance plan.Guaranteed Renewal
If you chose a shorter coverage period, e.g. 5 or 10 years, you will have the option to renew your term life insurance plan yearly until you turn 85 years old.Quit Smoking
If you are a smoker and quit smoking within the first 3 policy years, your premiums will lower to the non-smoker standard rates.Riders
You will have the option to extend your coverage to include total and permanent disability, critical illness, and premium waiver.Manulife ManuProtect Term (II) Exclusions
Quit Smoking Incentive
The quit smoking benefit will only be applicable if your basic sum assured is $500,000 and above. Also, your premiums will increase again in the 4th policy year back to the smoker rates until "satisfactory evidence" that you have stopped smoking can be provided.
Riders
The exclusions of the Early Critical Care and Critical Illness riders are not readily available online. You will need to request for a detailed rider product summary.
Manulife ManuProtect Term (II) Summary
In a nutshell, Manulife's ManuProtect Term (II) is a term life insurance plan which covers you for death and terminal illness. Its benefits are quite conventional and straightforward – you get to choose your policy term, and riders. You'll get to renew your plan (if you are on a 5 or 10 year plan), and you will also get to convert your plan. A unique feature of this plan includes the "Quit Smoking Incentive" which, however, comes with a huge exclusion – your premiums will decrease for the first 3 years but increase again from the 4th year onwards (unless you can provide satisfactory evidence to Manulife that you have permanently stopped smoking).
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What Types Of Insurance Does Manulife offer?
Manulife Singapore offers 9 types of general and life insurance products, spanning life insurance, pregnancy, critical illness, personal accident, savings, investments, and legacy planning for the high net-worth individual.
9 Types of Manulife Insurance Plans
1
Life Insurance
Manulife offers 2 whole life insurance plans such as the LifeReady Plus and the Direct ManuAssure Life, and 3 Term life insurance plans such as the ManuProtect Term (II), the ManuProtect Decreasing (II), and a Direct ManuAssure Term life plan which you can buy directly from Manulife without the help of an insurance agent.2
Maternity Insurance
Manulife's ReadyMummy is a 3-year-long insurance plan for pregnant mothers starting from 13 weeks pregnancy, to labour, and continues to cover your newborn child until the end of the policy's term. Other key benefits of the plan include coverage for death, 14 pregnancy complications, and accidental miscarriage, mental health in the form of psychotherapy treatments for the mother. The newborn child will be covered for 24 congenital illnesses, and death. An IVF rider is available for purchase.3
Critical Illness Insurance
Manulife offers 2 types of critical illness insurance plans – the Critical SelectCare plan to cover major critical illnesses and existing health conditions for applicants over 40-year-old, and the multi-pay ReadyCompleteCare which covers over 106 early, intermediate, and advanced stage critical illnesses.4
Personal Accident Insurance
Manulife's ReadyProtect is a personal accident insurance plan which offers coverage for death, dismemberment, 21 infectious diseases in the likes of Zika and HFMD (Hand, Foot, and Mouth Disease), medical expenses such as TCM, chiropractor, ambulance, and mobility aid fees.5
Savings Plans
Manulife offers 5 savings plans, namely the 12-year endowment Manulife Spring, the cross-generation ReadyBuilder, ReadyPayout Plus, There's also an education savings plan for your child called the Manulife Education.6
Retirement Savings Plans
Manulife's RetireReady Plus II is a retirement savings insurance plan that gives you a guaranteed monthly income over 5, 10, 15, or 20 years. Other key benefits include coverage for death, terminal illnesses, and premium waivers in the event you are diagnosed with total and permanent disability.7
Investment-Linked Plans
Manulife has 4 investment-linked plans (ILPs) available, namely the whole life Manulife SmartRetire (II), a flexible ManuInvest Duo, Manulink Investor which you can pay with CPF OA, SA, or SRS, Manulink Enrich, and InvestReady Wealth (II).8
Legacy Planning
For the high net-worth individuals, there are 6 legacy plans that you can consider from Manulife. They are namely the whole life Signature Indexed Universal Life Select plan, Signature Income for monthly income, Signature Life, Signature Wealth, and the Heirloom universal life insurance.Get your personalised Term Insurance Plan here →
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How to apply for your Term Life Insurance plan
Applying for a Term Life Insurance plan through MoneySmart
Step 1
Answer Some Questions
Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best term life insurance plan for you.
Step 2
Speak To Our Insurance Specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!
Step 3
Apply And Purchase Your Term Life Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your term life insurance plan online through our portal.
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Manulife Insurance Claims
What are insurance claims? An insurance claim refers to the request for monetary reimbursement that the insurance plan's owner (aka you) have submitted to your insurance company. There is a lot of talk around claims because that's pretty much the point of getting a life insurance plan. What sets an insurance company apart (and likewise turn customers off) from another is the reliability, and convenience of the claims system.
How Do Claims Work?
Online Guide
Most insurance companies will provide a step-by-step guide or instructions teaching you how to do your claims on their website. For Manulife, visit the website, on the left hand side menu, click "Support", followed by "File a Claim". You will then see all the different insurance categories – critical illnesses, death, disability, medical, personal accident plans etc.
Claims Process
In the event of a terminal illness diagnosis, or death etc., you will usually have to download the claim forms from the Manulife website, fill it up, and submit it together with the required supporting documents such as a physician's statement and medical reports to your insurance agent or directly to the Manulife office.
Frequently Asked Questions
Is Manulife insurance good?
- Manulife is most commonly known for their Manulife InvestReady Wealth investment-linked plans which you should only get if you are familiar with the policy's sub-funds. When it comes to Manulife's life insurance plans, the company has reportedly reduced customers' contracted surrender value and terminal bonuses over the years – a situation which could potentially crop up at any other insurance company as well.
How to withdraw money from Manulife?
- If you're looking to surrender your Manulife policy in fully, or withdraw cash value from your policy partially, you will need to contact your Manulife insurance agent or call the Manulife customer service hotline at +65 6833 8188 to discuss the implications of your withdrawal. Otherwise, you can head straight to Manulife's website, click on "Support" on the left hand side menu, and click on "Make a change to your policy". Scroll down, download the "Surrender/ Withdrawal Form", fill it up, and mail it to Manulife's office together with copies of you and all the life insured's NRICs or passports.
How to cancel Manulife insurance?
- To cancel (otherwise also called surrender) your Manulife insurance policy, you are encouraged to speak to your insurance agent or call the Manulife customer service hotline at +65 6833 8188 to first understand the implications and any losses involved. Otherwise, you can just download the Surrender or Withdrawal Form from the Manulife website, fill it up and mail it back to the Manulife Singapore office together with the require supporting documents such as copies of your NRIC or passport.
How to pay Manulife insurance online?
- You can pay your Manulife insurance premiums via PayNow, cheque, cashier's order, bank draft, telegraphic transfer (TT), AXS, internet banking, or via GIRO. To pay your premiums via PayNow, you can scan Manulife's PayNow QR code, or key in Manulife's UEN number, 198002116DPAR. Remember to key in your policy detail under "Reference Number".
What does Manulife do?
- Manulife is a multinational insurance company. It was founded in Ontario, Canada in 1887 and remains headquartered in Toronto today. In Singapore, Manulife provides general and life insurance plans. Insurance aside, you can also invest in Manulife's US real estate portfolio of 9 prime freehold office properties called the Manulife US Reits on the Singapore Exchange (SGX). Otherwise, you will also find the Manulife Investment Management for wealth and asset management.