Critical Illness

ManuProtect Term (II): Flexible Protection for Your Loved Ones

In today's uncertain world, ensuring your family's financial security is more important than ever. Did you know that 1 in 5 Singaporeans are underinsured , leaving their loved ones vulnerable in case of unexpected events? If you're looking for a flexible and comprehensive term life insurance plan, ManuProtect Term (II) might be the solution you've been searching for.

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What is ManuProtect Term (II)?

ManuProtect Term (II) is a regular premium term life plan offered by Manulife Singapore. It's designed to provide financial protection for your loved ones in the event of your death or terminal illness . What sets this plan apart is its flexibility, allowing you to tailor the coverage to your specific needs and budget.

Key Features That Make ManuProtect Term (II) Stand Out

Flexible Policy Terms

Choose from short-term coverage of 5 or 10 years (renewable and convertible), opt for medium to long-term coverage from 11 to 40 years (level and convertible), or select coverage until a specific age: 65, 75, or 85 (level and convertible).

Guaranteed Renewal

For 5 or 10-year terms, your policy is automatically renewable up to age 85 . Renewal is guaranteed regardless of your health condition.

Conversion Privilege

Freedom to convert your policy to another life insurance product from Manulife's range, allowing you to adapt your coverage as your needs change over time.

Quit Smoking Incentive

Smokers enjoy non-smoker premium rates for the first 3 policy years and can continue to enjoy these rates if they quit within the first 3 years.

Optional Add-Ons

Enhance your protection with riders for total and permanent disability, critical illness, and premium waiver .

Real premiums suggested for Manulife ProtectFirst

27, Female making $8,100 a month

Coverage:
$195,000
Premium:
$399.24
Read More

21, Female making $4,600 a month

Coverage:
$176,000
Premium:
$102.26
Read More

26, Male making $4,235 a month

Coverage:
$250,000
Premium:
$189.72
Read More
Get your own quotes →

What Does ManuProtect Term (II) Cover?

The basic plan provides coverage for:

1. Death: Your beneficiaries receive a lump sum payout if you pass away during the policy term

2. Terminal Illness: You receive the full sum assured if diagnosed with a terminal illness

With optional riders, you can extend your coverage to include:

3. Total and Permanent Disability: Financial protection if you become totally and permanently disabled

4. Critical Illness: Lump sum payout upon diagnosis of covered critical illnesses

5. Premium Waiver: Future premiums are waived under certain circumstances, such as early-stage critical illness diagnosis

How Much Coverage Can You Get?

The coverage amount is flexible and can be tailored to your needs. Manulife doesn't specify a maximum coverage limit in the brochure, which suggests that high coverage amounts are possible, subject to underwriting .

How Much Does It Cost?

The premium for ManuProtect Term (II) varies based on several factors:

  • Your age
  • Your health condition
  • Your smoking status
  • The coverage amount you choose
  • The policy term you select
  • Any additional riders you add

Let's look at an example provided in the brochure:

Travis, a 40-year-old non-smoker, chooses the following coverage:

  • ManuProtect Term (II): S$1 million coverage for 25 years

Annual Premium: S$1,029.00

  • Total and Permanent Disability Plus Rider (II): S$1 million coverage

Annual Premium: S$115.00

  • Critical Care Enhancer Rider (II): S$500,000 coverage

Annual Premium: S$1,494.50

  • Early Critical Care Waiver Rider: 25-year term

Annual Premium: S$230.11

Total Annual Premium: S$2,868.61

This example shows how you can customize your coverage and see the cost breakdown for each component.

Real-Life Scenarios

Early Stage Cancer

If Travis is diagnosed with early-stage cancer at age 50: The Early Critical Care Waiver Rider kicks in, all future premiums are waived , and Travis maintains his coverage without further premium payments.

Advanced Stage Heart Attack

If Travis suffers an advanced stage heart attack at age 55: The Critical Care Enhancer Rider (II) pays out S$500,000 . This lump sum can help cover loss of income and medical expenses. The main policy and TPD rider coverage reduce to S$500,000 each.

Death

If Travis passes away at age 64: The remaining sum insured of S$500,000 is paid out to his beneficiaries . This lump sum can help his family maintain their lifestyle and cover any outstanding debts.

Unique Benefits of ManuProtect Term (II)

Flexibility

The plan offers a wide range of policy terms , allowing you to choose coverage that aligns with your specific life stage and financial goals.

Guaranteed Renewability

For shorter-term policies, you have the assurance that you can renew your coverage up to age 85 , regardless of health changes.

Conversion Option

As your needs evolve, you have the flexibility to convert your term plan into a permanent life insurance policy without additional medical underwriting.

Smoker-Friendly

The quit smoking incentive provides an extra motivation for smokers to adopt a healthier lifestyle while enjoying lower premiums .

Comprehensive Rider Options

The ability to add riders for critical illness, disability, and premium waiver allows you to create a truly comprehensive protection plan .

Pros and Cons

Pros

  • Flexible policy terms to suit different needs and budgets

  • Guaranteed renewability for short-term policies

  • Option to convert to other life insurance products

  • Quit smoking incentive

  • Comprehensive rider options

Cons

  • Premiums may increase upon renewal for short-term policies

  • No cash value accumulation (common for term insurance)

  • Conversion option may have time limitations (check with Manulife for details)

Frequently Asked Questions

Can I increase my coverage amount later?

While the brochure doesn't specify, typically, you may need to apply for additional coverage or use the conversion option to increase your sum assured.

What happens if I miss a premium payment?

There's usually a grace period for premium payments. Check with Manulife for specific details on their premium payment policies.

Is there a medical examination required?

This depends on your age, the coverage amount, and your health condition. Your Manulife Financial Consultant can provide more information.

Can I add riders after purchasing the basic plan?

This is often possible, subject to underwriting. Consult with Manulife for specific terms and conditions.

What is not covered by this plan?

Like most insurance policies, there are exclusions. Common exclusions often include suicide within the first year of the policy, pre-existing conditions, and self-inflicted injuries. Always refer to the policy contract for full details.

Conclusion

ManuProtect Term (II) offers a flexible and comprehensive approach to term life insurance . Its range of policy terms, guaranteed renewability for short-term policies, conversion privilege, and optional riders make it a versatile choice for many Singaporeans. The plan's unique features, such as the quit smoking incentive, demonstrate Manulife's commitment to adapting to policyholders' changing needs and lifestyles.

However, as with any financial decision, it's crucial to carefully consider your personal circumstances, long-term goals, and budget before committing to a policy. While ManuProtect Term (II) offers many attractive features, it's important to compare it with other options in the market and consider how it fits into your overall financial plan.

Remember, the best insurance policy is one that provides the right coverage for your needs at a price you can afford . If you're considering ManuProtect Term (II) or exploring other term life insurance options, it's always wise to consult with a qualified financial advisor who can provide personalized recommendations based on your unique situation.

Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on term life insurance . These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your needs and those of your loved ones. Don't leave your family's financial security to chance – get the expert advice you deserve today.

Click here to get 5 expert opinions on term life insurance

Why people were suggested Manulife ProtectFirst

Hijanah
Hijanah, 27
GenderFemale
Monthly Income$8,100
Insurance Types Suggested
  • Critical Illness
  • Hospital
  • Endowment
Why Manulife CI FlexiCare (Deluxe) was suggested:
This product was suggested to address Hijanah's priority for Critical Illness Cover. It provides coverage for 2 years of her annual income, which aligns with LIA Guidelines. The product offers comprehensive coverage for various stages of critical illnesses and includes additional benefits like multiple claims and premium refund upon death, making it suitable for her long-term protection needs.
Omar Arif
Omar Arif, 26
GenderMale
Monthly Income$4,235
Insurance Types Suggested
  • Disability
  • Critical Illness
  • Personal Accident
  • Hospital
  • Term Life
Why LifeReady Plus (II) was suggested:
Manulife LifeReady Plus (II) was suggested to provide Omar with comprehensive coverage for Early Critical Illness, Total and Permanent Disability (TPD), and Death. This plan offers a significant coverage amount of $250,000 until age 70, with the added benefit of access to cash value, providing both protection and potential financial flexibility.
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