Manulife RetireReady Plus III Review

The complete Pros and Cons on Manulife RetireReady Plus III

Manulife RetireReady Plus III is a retirement income plan that gives you the certainty of a Guaranteed Monthly Income, flexibility, and 2X Guaranteed Monthly Income should you face Loss of Independence.

Manulife RetireReady Plus III product details

Manulife RetireReady Plus III is featured for Projected Payout benefits in our 3 Best High Income Retirement Plans in Singapore (2020 Edition)

Manulife RetireReady Plus III is featured for Additional disability income benefits in our 3 Best SRS Retirement Plans in Singapore (2020 Edition)

Manulife RetireReady Plus III Rating on InterestGuru.sg: 4.3 out of 5 stars (4.3 / 5)
Manulife RetireReady Plus III Popularity on InterestGuru.sg: 4.2 out of 5 stars (4.2 / 5)

  • Life policy – Annuity
  • Choose your desired Guaranteed Monthly Income (GMI);
    • Choose a guaranteed monthly income starting from $300
  • Choose your preferred Premium Payment Term;
    • Single Premium, 5, 10, 15 or 20 years
    • Only Single Premium eligible for SRS payment method
  • Choose your selected Retirement Age;
    • Age 50, 55, 60, 65 or 70
  • Choose your selected Income Payout Period;
    • 5, 10, 15, 20 years, or Lifetime Payout
      • Single premium and/or 5-year Premium Payment Term cannot choose Income Payout Period of 5 years
  • Non-Guaranteed Bonuses; receive Cash Bonus and
    • A) Annual Bonus in lump-sum or
    • B) Convert Annual Bonus to Additional Monthly Income
  • Retrenchment Payout Benefit
    • Receive a lump-sum payout of 50% of your yearly premium in the event you become retrenched
  • Premium Freeze
    • In times of emergency, premium payment can be put on hold while your policy stays in force (i.e. retrenchment)
  • Disability Benefit
    • Receive additional 0.5X the GMI, capped at a maximum of S$2,000 per month per policy (Unable to do 2 of 6 ADLs).
    • Receive additional 2X of the GMI, capped at a maximum of S$4,000 per month per policy (Unable to do 3 of 6 ADLs).
  • You may adjust your income payout period anytime up to 2 years before your retirement age.
  • Your premiums will be waived if Total and Permanent Disability occurs during your Premium Payment Period

Manulife RetireReady Plus III is an SRS-approved retirement annuity plan.

Features of Manulife RetireReady Plus III at a glance

 

Cash and Cash Withdrawal Benefits

Cash value: Yes
Cash withdrawal benefits: Yes

Health and Insurance Coverage

Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No

Health and Insurance Coverage Multiplier

Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No

Optional Add-on Riders

N.A

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.

Read aboutHow can I accumulate a million dollar (Realistically) 

Read about: The Complete Guide to Retirement Planning (2021 Edition) *NEW*

Manulife RetireReady Plus III may be suitable if you are looking for

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

  • Regular cash payout upon your desired retirement age
  • Lump-sum payout upon maturity
  • Saving regularly over a period of time
  • Insurance options without medical underwriting
  • Do not need access to the funds until retirement
  • To potentially generate higher financial returns compared to bank accounts

Manulife RetireReady Plus III may not be suitable if you are looking for

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

  • Health and Protection coverage
  • High insurance coverage for Death or Terminal Illness
  • High insurance coverage for Early Critical Illness, Critical Illness or Total Permanent Disability
  • A one-time premium commitment with no further cash commitment
  • Potentially higher financial returns compared to a pure investment product.
  • Insurance policy with a high surrender value in the early years of the policy.

Read about: Why should you choose a shorter premium term on your insurance policies

Further considerations on Manulife RetireReady Plus III

  • How is Manulife or Manulife RetireReady Plus III investment returns based on historical performance?
  • How does Manulife RetireReady Plus III compare with retirement plans and annuity policies from other insurance companies?
  • Can Manulife RetireReady Plus III fulfill my financial, insurance, health, and protection needs?

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

Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering to take up.

Read about3 best Retirement plans and Annuity policies in Singapore (2020 Edition) *Updated*

Where can I compare the payout and benefits of retirement plans and annuity policies?

Your retirement plans are meant to supplement your lifestyle and expenses in your golden years. Ensure your retirement plans matches the financial goal and objective you wish to achieve when you decided to talk a step back in life.

It is too late to regret once you have made your financial commitment. Specific product features, benefits, and payout will differ more than you think across insurance companies.

And even worse, to know you can compare retirement plans and annuity policies here,  100% free of charges on the InterestGuru.sg platform.

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Before you go...
Manulife RetireReady Plus III 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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