Manulife LifeReady Plus Review

The complete Pros and Cons on Manulife LifeReady Plus

Manulife LifeReady Plus product details

Manulife LifeReady Plus Rating on InterestGuru.sg: 4.3 out of 5 stars (4.3 / 5)
Manulife LifeReady Plus Popularity on InterestGuru.sg: 3.9 out of 5 stars (3.9 / 5)

Manulife LifeReady Plus is featured in our 8 Best Whole Life Insurance Plans in Singapore for Cheapest Insurance premium features. *NEW*

  • Life policy – Whole Life Policy
  • Insurance Coverage
    • Be covered against Death, Total and Permanent Disability and Terminal Illness
  • Coverage Multiplier Benefit
    • You can choose to boost your coverage up to 5x the Sum Assured till age 70
  • Health Advantage Feature
    • Get a discount on premiums for the first 2 years if your health status meets Manulife’s criteria upon application. You can continue your premium discount after 2 years if you meet their health targets within the first 2 years
  • Retrenchment Benefit
    • Premiums are waived for 6 months in the event you or your spouse gets retrenched
  • Payout Flexibility; you can choose to
    • Continue with the same policy and coverage or
    • Convert this policy into a 10-year annuity plan (enjoy additional 5% interest) at age 70
  • Wide Range of Riders
    • Riders available to cover you against Critical Illnesses of all stages to provide a more comprehensive coverage
    • Riders available to waive future premiums to guard your policies should the unexpected happen
  • Guaranteed Coverage Upgrade
    • No medical check-up will be needed if you want to increase your coverage at these 4 life milestones (university graduation, marriage, first home, becoming a parent)

Manulife Life Ready is a commonly search alternative for Manulife LifeReady Plus.

Read AboutWhole Life Policy: How does it work?

In-depth Review3 Best Whole Life Plans in Singapore for Insurance Coverage (2020 Edition)

Features of Manulife LifeReady Plus at a glance

Manulife LifeReady Plus Benefit Table

Cash and Cash Withdrawal Benefits

Cash value: Yes
Cash withdrawal benefits: No

Health and Insurance Coverage

Death: Yes
Total Permanent Disability: Yes
Terminal Illness: Yes
Critical Illness: No (Yes with available riders)
Early Critical Illness: No (Yes with available riders)

Health and Insurance Coverage Multiplier

Death: Yes
Total Permanent Disability: Yes
Terminal Illness: Yes
Critical Illness: Yes
Early Critical Illness: Yes

Optional Add-on Riders

Early Critical Care Rider
Critical Care Rider
Premium Waiver Riders
Critical Care Waiver Rider
Payor Benefit Rider (I)
Payor Benefit Plus Rider (I)
Payor Benefit Plus (I) Spouse Rider

Additional Features and Benefits

Yes.

For further information and details, refer to Manulife website. Alternatively, fill-up the form below and let us advise accordingly.

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Product Illustration for Manulife LifeReady Plus, Ben

Product Illustration for Manulife LifeReady Plus, Ben

Ben, age 25, purchases Manulife LifeReady Plus with a base Sum Assured of S$100,000, 3X multiplier coverage, and riders to cover himself against Early Critical Illness and Critical Illness. He chooses to pay premiums over 10 years with a yearly premium of S$4,911.31.

At age 35, with a total of S$49,113.10 paid in premiums, Ben finishes paying premiums and will continue to enjoy coverage for the rest of his life.

At age 70, Ben’s Manulife LifeReady Plus multiplier and total and permanent disability coverage end. His coverage amount reverts to the base sum assured of S$100,000 against Death and TI and S$50,000 against Early Critical Illness and Critical Illness.

At age 75, Ben chooses to surrender his policy. He receives S$171,186 consisting of guaranteed cash value and non-guaranteed bonuses to spend as he wishes.

Product Illustration for Manulife LifeReady Plus, Conor

Product Illustration for Manulife LifeReady Plus, Conor

Ben, age 25, purchases Manulife LifeReady Plus with a base Sum Assured of S$100,000, 3X multiplier coverage, and riders to cover himself against Early Critical Illness and Critical Illness. He chooses to pay premiums over 10 years with a yearly premium of S$3,002.79.

At age 45, with a total of S$60,005.80 paid in premiums, Ben finishes paying premiums and will continue to enjoy coverage for the rest of his life.

At age 70, Ben’s Manulife LifeReady Plus multiplier and total and permanent disability coverage end. His coverage amount reverts to the base sum assured of S$100,000 against Death and TI and S$50,000 against Early Critical Illness and Critical Illness.

At age 75, Ben chooses to surrender his policy. He receives S$171,186 consisting of guaranteed cash value and non-guaranteed bonuses to spend as he wishes.

Key Difference In Conor’s and Ben’s Manulife LifeReady Plus Journey

Manulife LifeReady Plus Comparison

As we can see that both Conor and Ben have exactly the same coverage against Death, Total and Permanent Disability, Terminal Illness, Early Critical Illness, and Critical Illness.

For the same exact coverage and the same exact surrender value at age 75 of S$171,186. Ben pays a total of S$49,113.10 and Conor pays S$60,055.80.

Conor pays a total of S$10,942.70 more than Ben because he chose to pay over a longer period of 20 years as compared to Ben’s 10-year premium term.

The pros for paying premiums over a longer period of time is so that your yearly financial commitment can be lessened but the long-term effect of that is you end up paying more in premiums.

To avoid this, whenever possible, choose to pay for premiums in the shortest time possible to reap the maximum benefits of any insurance plan.

Manulife LifeReady Plus may be suitable if you are looking for

Manulife LifeReady Plus may potentially be a good fit if the following matters to you:

  • Higher protection for Death and Terminal Illness coverage at an affordable premium.
  • Higher Early Critical Illness, Critical Illness, and Total Permanent Disability coverage in an Insurance Policy.
  • Health and Protection coverage due to a shortfall in your Insurance Portfolio.
  • Accumulating cash value in the policy for financial returns in the long-term.
  • Paying premiums only for a limited number of years and enjoying coverage for a lifetime.

Read About: How much insurance coverage do you really need in Singapore *NEW*

In-depth Review: Term life vs Whole life – Which is better for you?

Manulife LifeReady Plus may not be suitable if you are looking for

Manulife LifeReady Plus may potentially be a bad fit if the following matters to you:

  • Liquidity or flexibility of withdrawal in your Insurance policy.
  • Access to cash from your policy on a regular basis.
  • Insurance policy with a high surrender value in the early years of the policy.
  • Potentially higher financial returns compared to a pure investment product.

In-depth Review: 3 Best Endowment Savings Plans in Singapore with Lifetime Wealth Accumulation (2020 Edition)

In-depth Review: 3 Best Investment Linked Policies in Singapore for Wealth Accumulation (2020 Edition)

Further considerations on Manulife LifeReady Plus

  • How is Manulife or Manulife LifeReady Plus investment returns based on historical performance?
  • How does Manulife LifeReady Plus compare with Whole Life Policies from other insurance companies?
  • Can Manulife LifeReady Plus fulfill my financial insurance, health, and protection needs?

The above information may not fully highlight all the product details and features on Manulife LifeReady Plus. Talk to us or seek advice from a financial adviser before making any decision about Manulife LifeReady Plus.

Read AboutWhere do you start with financial planning?

Read About: 8 Commonly made financial mistakes by Singaporeans

Compare before you commit

Before committing to a whole life insurance policy, it certainly pays to make an effort to compare. Specific product features, benefits, and payouts will differ more than you think across insurance companies.

Why regret only years later, when you find out that you are not getting the best insurance policy available for the premium paid?

Even worse, to know you can compare whole life insurance plans here,  100% free of charges on the InterestGuru.sg platform.

INSTANT quotes for Whole Life Plans
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Whole Life Plans

Matching your profile…

Let’s start by filtering out the best whole life plans based on your age and gender. Your gender and age will affect the base premium payable.

Your current age is closest to:

Your gender is:

Male Female
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Whole Life Plans

Understanding your coverage needs…

You whole life plan can provide comprehensive coverage against all 37 major illness. Choose the level of protection you need for yourself and your family.

You require a critical illness (for late stage major illness) coverage of:

You require an early critical illness (for all stages of major illness) coverage of:

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Whole Life Plans

Finding you the best whole life plans…

Your annual insurance premium will be lower if you choose to spread out your premium term over a longer period of time.

Your prefer to make payment (premium term) for this whole life plan over a period of:

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Is Manulife LifeReady Plus suitable for me?

Contact InterestGuru using the form below. Our panel of Independent financial planners will advise accordingly, based on your financial profile and protection needs.

All financial reviews and proposals provided are 100% free of charge. There will be no obligation to take up any proposed financial products or services in any way.

*For a limited time, get attractive incentives when you take up any products that is proposed by our team of financial planners.

We compare quotations head to head on all leading insurers in Singapore

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Personalised whole life plans

Pay for what you need in a whole life plan!

3 easy steps for your customised whole life insurance plan
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Step 1: Getting to know you…

Let's start with a brief introduction of your personal profile. Please note that your current age and gender affects the insurance premium payable for your whole life plan.

Name:

Gender:

Birthdate:

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Step 2: Understanding your coverage needs…

Please select the amount (sum assured) and type of lifetime coverage that is required for this plan:

You need a death coverage (base coverage) amount of?

Do you required critical illness coverage in the event of a major illness (optional)?

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Step 3: Finding the best whole life plans for you!

InterestGuru.sg team of financial planners will compare and provide you with the best whole life insurance plans based on your inputs.

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Please check your inbox for an e-mail of your financial planning needs. We will be in contact with you within 24 hours.

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Before you go...
Manulife LifeReady Plus may be a good fit towards your current financial goals. However, there could be way more plans out there with features and/ or benefits that could be more relevant to you at a lower cost.
Drop us a message and find out about customised options across multiple insurance companies. You deserve to get the best out of your hard-earned savings!

 

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