Manulife Singapore Elevates the InvestReady (III) Plan with ReadyCare Riders to Help Customers with Holistic Financial Planning

• ReadyCare Riders¹  can be funded with existing investment units.
• Customers can add on the optional ReadyCare Riders to the Manulife InvestReady (III) plan, so as to tap into their insurance benefits for covering hospitalisation and critical illness expenses.

SINGAPORE - Manulife Singapore is delighted to announce the launch of ReadyCare Riders that allows policyholders to use their existing investment value to fund protection coverage, and enables them to access their insurance benefits, specifically during challenging life events such as critical illness or hospitalisation.

Starting today, ReadyCare Riders will be offered in four different options¹ to complement Manulife InvestReady (III) plans. Customers² may now enjoy additional protection coverage until age 85 while building up savings for their evolving financial needs.

Manulife InvestReady (III) is a whole-life regular premium investment-linked plan that provides policyholders with the dual benefits of insurance protection and investment opportunities. The new ReadyCare Riders aim to provide policyholders with a holistic solution that addresses their long-term financial goals while safeguarding them against unexpected circumstances.

Critical illness and hospitalisation expenses can potentially create significant financial burdens for people and their loved ones. ReadyCare Riders allow our customers to decide on the type of life event coverage they want, ranging from death, terminal illness, critical illness, and hospitalisation payouts. Such benefits are a form of valuable financial support³ when one of those events occurs. New Manulife InvestReady (III) customers who opt to add ReadyCare Riders can use existing investment values to fund the protection coverages, thus reducing the need for additional out-of-pocket cash contributions to pay premiums.

The latest Manulife Asia Care Survey found that despite retirement being a top personal financial goal for those in Singapore, only 35% of the respondents have a retirement plan. Rising healthcare costs are also a concern, with 53% citing it as a risk to their financial goals. With 10% of the respondents considering themselves to be in good physical and mental health, the survey heightens the risk of financial erosion due to increased healthcare costs.

“This year’s Manulife Asia Care Survey findings show that while Singapore respondents recognise the importance of saving for retirement, they grapple with immediate financial pressures and other worries,” said Thomas Lee, Deputy Chief Product Officer, Manulife Singapore. “Cognizant of these concerns coupled with customers’ evolving priorities, we developed Manulife InvestReady (III) and ReadyCare Riders to be a flexible and holistic solution in helping our customers and their loved ones obtain comprehensive coverage today, while they accumulate wealth for the future.”

Supporting customers to gain protection and investment to safeguard and pursue their financial goals

All ReadyCare Riders provide protection coverage until age 85 with different life event benefits. Some of the key features include:

1. Funding ReadyCare Rider with existing investment units – Policyholders can enjoy protection coverage through deducting their existing investment value without additional out-of-pocket cash contributions to pay premiums.
2. Customise coverage according to one’s needs – As protection needs differ according to life stages, policyholders can choose one of the four rider options that is the most suitable for them at policy onset. This ranges from coverage for death and terminal illness to the All-in-One Rider covering death, terminal illness, hospitalisation, and critical illness.  
3. Access to hospitalisation and critical illness benefits – Future death benefits can be utilised to ease the financial burden arising out of immediate medical and illness-related expenses. This includes providing critical illness benefits³ and hospitalisation benefits⁴ which cover daily hospital income, daily ICU income, surgical, recovery benefits etc., subject to conditions and capping limits.

With access to a wide range of funds, Manulife InvestReady (III) allows customers to build diversified portfolios with a single plan. Policy benefits include:

1. Free unlimited fund switches – Gives policyholders the flexibility to respond to changing market conditions to adjust allocations as needed to secure their investments. 
2. Bonuses to boost investments – Policyholders will receive additional bonus units in the first policy year and when they pay premiums annually⁵. They also get to enjoy yearly loyalty bonuses⁶ after the end of their chosen Minimum Investment Period (MIP).
3. Enjoy potential dividends⁷ – Policyholders can opt to receive dividend payouts as potential income or reinvest potential dividend back into the funds.

T&Cs apply. Find out more about Manulife InvestReady (III) and ReadyCare Riders here.

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Footnotes

¹ ReadyCare Term Rider – covers Death/Terminal Illness (TI); ReadyCare Term and Hospitalisation Rider – covers Death/TI + Hospitalisation; ReadyCare Term and All Stages CI Rider – covers Death/TI + Critical Illness; ReadyCare All-in-One Rider – covers Death/TI + Hospitalisation + Critical Illness.

² Only one rider can be attached to InvestReady (III) at new business stage for new customers.

³ The total Critical Illness benefit under ReadyCare Term and All Stages CI Rider and ReadyCare All-in-One Rider is payable up to 50% of the supplementary benefit sum insured. Each CI stage condition can only be claimed once. T&Cs apply. 

⁴ If the life insured is hospitalised due to an accident, injury or illness when this supplementary benefit is in force, the hospitalisation benefits is payable up to 50% of supplementary benefit sum insured. T&Cs apply.

⁵ A one-time Annual Premium Bonus will be given for selected MIP options if the first basic premium is paid via annual premium payment mode. If there is any change in mode of premium payment from annual to non-annual during the premium shortfall charge period, the Annual Premium Bonus will be deducted from the account value.

⁶ Loyalty Bonuses vary in accordance with the MIP selected. Terms and Conditions apply. Please refer to the product summary for more information.

⁷ Subject to the distribution rate and frequency of the chosen InvestReady Funds. The issuance of dividends remains at the discretion of the relevant fund manager and is not guaranteed.

About Manulife Singapore

Established in 1899, Manulife Singapore provides insurance, retirement and wealth management solutions to meet the financial needs of our customers across their various life stages. Customers can readily access our solutions through our extensive multi-channel distribution network. In addition to our established agency force, we distribute our products through a number of specialist partners, including banks and financial advisory firms. For more information on Manulife Singapore, visit manulife.com.sg.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media contact

Belinda Wong

Belinda_sj_wong@manulife.com

AKA Asia

Manulife@aka-asia.com