ManuProtect Term (II) is a term life insurance offering guaranteed renewability and conversion options, flexible premium terms, and critical illness riders. However, it is not one of the cheapest available.
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Delve into the details of Manulife ManuProtect Term (II) and learn about its features by clicking here.
Relatively higher priced than some of its competitors in the market.
ManuProtect Term provides flexible term life insurance with death, terminal illness, and critical illness riders.
The policy offers guaranteed renewability, conversion options, and a range of customisable riders like TPD and CI, but has limitations on conversion and increasing premiums.
- Competitive initial premiums, especially for those seeking basic death coverage.
- Offers guaranteed renewability, conversion, and a variety of riders, including Critical Illness and Total Permanent Disability.
- Covers death, terminal illness, and critical illness with optional riders, ensuring flexible protection.
- Offers a quit-smoking incentive.
- Premiums are not the cheapest.
- Conversion options are limited by age and health conditions, reducing flexibility for long-term planning.
VERDICT:
ManuProtect Term offers solid flexibility and initial affordability with customisable coverage through various riders, making it appealing for those seeking basic life insurance.
However, you might not be paying more as compared to other available options in the market.
What we like about the Manulife ManuProtect Term (II)
Guaranteed Renewability and Conversion
One of the standout features of the ManuProtect Term policy is the guaranteed renewability.
What this means is that you can renew your policy without needing to undergo medical underwriting, which is especially reassuring as you grow older or if your health deteriorates.
Imagine the peace of mind knowing that no matter what health surprises life throws at you, your coverage stays intact.
This feature is essential because it allows flexibility as life changes, ensuring that your policy keeps up with your evolving needs.
- Guaranteed Renewability: You can renew the policy without having to go through medical checks, which is great if your health changes.
- Conversion to Whole Life or Endowment Plans: You have the option to convert your term policy into a more long-term savings or investment plan (such as a whole life or endowment policy) without the hassle of medical exams or paperwork.
Conversion is another feature I find valuable.
The ability to switch from a term policy to something more permanent, like a whole life or endowment plan, offers flexibility for the future.
You might start with a term policy when you’re younger and your financial priorities are different, but later down the road, the option to switch into a more savings-oriented plan is a huge plus.
Premium Payment Terms
Flexibility in how you pay your premiums is something I really appreciate with the ManuProtect Term.
The policy offers both fixed and renewable premium options, so you can decide which works best for your financial situation at any point in time.
If you’re looking for more predictability, the fixed premium is great — no surprises down the road.
On the other hand, if you’re looking for lower initial payments, the renewable premium option allows for lower costs upfront, with gradual increases at each renewal (every 5 years, in this case).
- Fixed Premium Option: Offers predictability by ensuring that your premium payments stay the same throughout the term.
- Renewable Premium Option: Lower initial premiums that increase slightly at each renewal period (usually every 5 years). This gives you the flexibility to manage your cash flow better in the earlier stages of the policy.
This flexibility ensures that, whether you’re managing tight finances or planning for the long term, there’s an option that fits.
Even if you’re not sure which path you’ll take in the future, having these options gives you room to adjust your coverage and payments accordingly.
Riders Offered
One of the key advantages of the ManuProtect Term policy is the variety of riders that can be added to enhance the basic coverage.
Riders are optional add-ons that allow you to tailor the policy to fit your specific needs, offering a level of customisation that ensures you’re getting the coverage you truly need.
Total Permanent Disability (TPD) Rider: This rider ensures that you are covered in the unfortunate event that you become permanently disabled and can no longer work. It’s especially useful for protecting your family’s financial future if you’re unable to generate income.
Terminal Illness (TI) Rider: With this rider, you can receive a portion of your death benefit early if you’re diagnosed with a terminal illness. This can provide financial support for medical costs or even help your family prepare financially before your passing.
Waiver of Premium Rider: In case of critical illness or disability, this rider waives future premium payments, so you can focus on recovery without worrying about continuing payments on your policy.
These riders add a valuable layer of protection, ensuring that you’re covered for more than just death.
The flexibility to add riders is a big plus, as it allows you to build a more comprehensive financial safety net, based on your personal situation.
Critical Illness and Early Critical Illness Coverage
The Critical Illness (CI) and Early Critical Illness (ECI) coverage options with the ManuProtect Term are worth noting for several reasons.
The CI rider provides a payout if you’re diagnosed with a critical illness such as cancer, heart disease, or stroke — conditions that are often financially draining due to medical costs and loss of income.
What makes this coverage stand out is that it offers protection against a wide range of illnesses, providing significant financial support when you need it the most.
Critical Illness Coverage: Covers a range of illnesses, including life-threatening conditions like cancer or stroke.
This ensures that if you’re diagnosed, you get a payout that can help cover medical expenses and replace lost income.
The Early Critical Illness (ECI) rider takes this protection a step further by offering payouts for early-stage diagnoses.
Early detection often means better chances of recovery, but it can still come with hefty medical costs.
Having ECI coverage allows you to tackle those costs early on, ensuring you’re not dipping into savings or struggling with out-of-pocket expenses.
The affordability of these riders is another plus.
The CI and ECI riders in the ManuProtect Term policy are often more cost-effective compared to those in whole life policies or standalone plans, making them a great addition to the basic policy without breaking the bank.
This flexibility and financial support can make a real difference when dealing with the uncertainties of health issues.
What we think the Manulife ManuProtect Term (II) could do better
Convertible Policy Limitations
While the conversion feature of the ManuProtect Term is appealing in theory, the limitations attached to it are less than ideal.
Converting a term policy into a whole life or endowment plan is great for those who want to extend coverage or move towards an investment-focused plan, but the restrictions around this can be a stumbling block.
For example, if you’re over a certain age or have developed health issues over the course of the term, you might not qualify for conversion, or you might face higher premiums when trying to do so.
- Age Restrictions: Many insurers, including Manulife, impose age limits for conversion. This means if you’re nearing or past these limits, your chances of converting to a more permanent policy may be slim.
- Health Considerations: Though some policies offer guaranteed conversion regardless of health, there are often fine-print restrictions, which can limit your ability to take full advantage of this feature.
These limitations can make the conversion feature less practical than it initially seems.
If you’re planning to convert down the road, it’s crucial to be aware of these restrictions, as they might impact your long-term planning or ability to switch policies when needed.
Not The Cheapest
When it comes to term plans, price is one of the biggest factors to consider, and unfortunately, there are a few alternatives that are better priced than the ManuProtect Term (II).
This could potentially be due to the higher risk that Manulife is taking to offer smokers the quit-smoking incentive, which means that non-smokers might be paying a slightly higher premium.
Better alternatives to the Manulife ManuProtect Term (II)
Singlife Elite Term
The Singlife Elite Term stands out as a better option than ManuProtect Term for several key reasons, as highlighted by Dollar Bureau.
One of the main advantages is its comprehensive Critical Illness (CI) and Early Critical Illness (ECI) coverage.
The Singlife Elite term has more conditions covered and offers a multipay option too – something that is unavailable with Manulife’s ManuProtect Term (II).
This feature alone is crucial for those looking for immediate protection against early-stage illnesses, which can have a massive impact on both health outcomes and finances.
The ability to cover both early and advanced stages of illness within one policy offers significant peace of mind.
Additionally, premium flexibility is another area where Singlife Elite Term shines.
It offers competitive premium payment terms, with a clear structure that allows for better financial planning.
The premium rates are designed to be more manageable, even if you’re opting for a higher sum assured.
This flexibility is particularly beneficial for those who may need substantial coverage without wanting to face steep increases in premiums over time, a major drawback seen in the renewable premiums of ManuProtect Term.
NTUC Income Term Life Solitaire
The NTUC Income Term Life Solitaire also offers several advantages that make it a better option compared to ManuProtect Term, particularly in the areas of premium stability and comprehensive coverage.
In terms of coverage, NTUC Income Term Life Solitaire includes Terminal Illness (TI) and Total Permanent Disability (TPD) coverage as part of its standard offering.
This comprehensive protection is provided without the need for adding extra riders, unlike ManuProtect Term, where these benefits come as optional extras.
This built-in coverage gives you peace of mind knowing that you’re covered for a broader range of scenarios right from the start, without the need to modify the policy or add to your premiums.
Additionally, NTUC Income Term Life Solitaire’s conversion options are more flexible.
The policy allows for easier conversion into participating plans without stringent limitations, giving you the opportunity to switch to a whole life or endowment plan as your financial needs change.
The terms surrounding this conversion are generally more favourable compared to ManuProtect Term, which has stricter age and health-related restrictions.
This flexibility allows you to maintain continuous protection and build up savings through a more investment-focused policy when the time is right.
Let Us Compare Policies For You
When it comes to term life insurance, price is usually the most important factor, especially if you’re only looking for death coverage.
But if you’re considering the policy for Early Critical Illness (ECI) or Critical Illness (CI) coverage, then the number of conditions covered, how they’re defined, and how much you’d receive become crucial to understand.
It’s also worth paying attention to the riders available, as adding the right ones could save you money in the long term by enhancing your coverage in areas like Total Permanent Disability (TPD) or Terminal Illness (TI).
Another key factor is the ability to renew the policy, which is essential if you’re using it for temporary coverage while managing decreasing liabilities, like a mortgage.
Renewability ensures you can maintain coverage without new underwriting as your needs evolve.
The ability to convert your term policy to a whole life or endowment plan is generally a nice-to-have.
Converting allows you to build up cash value, potentially get returns, and maintain coverage without a medical check-up, but it’s often not the most critical feature unless your financial goals are leaning toward long-term investment.
Remember, a policy that’s perfect for one person might not be suitable for someone with different goals or financial priorities.
This is why it’s crucial to understand what you’re purchasing deeply.
Our team, with years of experience, is trained to help you navigate these decisions, ensuring you choose the best policy based on your current situation and future objectives.
We offer a free and non-obligatory comparison session where we help you compare policies, break down all these important details, and obtain quotes to ensure the policy you select fits you perfectly.
Feel free to reach out for personalised advice tailored to your needs.