Ways to protect your health coverage from life's uncertainties

Manulife survey, LifeReady Plus (II), Critical SelectCare, Ready CompleteCare, here, www.lia.org.sg, www.sdic.org.sg

Manulife’s health and insurance plans, like LifeReady Plus (II), can help you plan for every stage of your life, with coverage that is customised to your needs. PHOTO: GETTY IMAGES

Life can be unpredictable, and unexpected circumstances can crop up at any time, without warning. What does it take to be future-ready? Are you adequately prepared for life’s uncertainties?

Having a financial plan may not be enough – you also need the right resources to manage the unpredictable events, which could include critical illnesses, accidents, calamities and even retrenchments. Any of these events could result in financial instability or distress. Insurance can offer you financial protection and help moderate those risks. 

According to a recent Manulife survey1, nearly 40 per cent of respondents who have battled critical illness have used up all or most of their savings, while half suffered serious financial problems after being diagnosed with critical illness. One in four borrowed money or remortgaged to finance treatments, while 20 per cent admitted to facing trouble paying for basic necessities. Another 6 per cent ended up declaring bankruptcy as a result of their critical illness.

So, when it comes to managing unplanned situations in life, are
you suitably prepared? Manulife’s health and protection insurance plans – LifeReady Plus (II)Critical SelectCare and Ready CompleteCare – can act as a shield against life’s uncertainties in three ways:  

#1 Helps you plan for every stage of your life

Manulife’s LifeReady Plus (II) helps you plan for every stage of your life, with coverage that is customised to your needs. You can boost your protection by up to five times your basic sum insured until age 70 or 80 and have the option to add critical illness riders for coverage against common critical illnesses such as major cancer, stroke and heart attack. There is no need to fret over unknown future illnesses or diseases as our critical illness riders provide Recovery Plus Benefit, which pays an additional lump sum payout should you be admitted into intensive care unit for at least four days.  

You have the choice to increase your coverage without a medical check-up when you reach any of these milestones – graduation, marriage, first home purchase, and parenthood. Also, you get financial flexibility2 through the option to convert the cash value from your policy into annual payouts over 10 years, with additional 5 per cent interest.

When an unexpected event, such as retrenchment, happens to you or your spouse for a period of 30 days or more before you or your spouse reaches age 65, your obligation to pay premiums will be waived for a period of 6 months while coverage continues.

#2 Safeguard yourself against selected critical illnesses and age-related conditions

Purchasing healthcare protection after the age of 40 can be frustrating, but Manulife’s Critical SelectCare policy takes the sting out of the process.

The policy has a hassle-free approach – to sign-up, you only need to answer three questions3 without a medical check-up. It safeguards against selected critical illnesses and age-related conditions and is also available to those with existing health conditions3, such as high blood pressure, high blood sugar, high cholesterol or diabetes.

There’s even a no-claims payout – you get a payout of 25 per cent of your total premiums paid at the end of your policy term if no claim was made on your policy.

#3 Arm yourself with a Critical Illness plan to cover you again and again 

Nothing about suffering a critical illness is easy, much less financing it. But having a policy that looks out for you in various ways can go a long way towards easing the burden.

Manulife’s Ready CompleteCare covers 106 critical illness conditions of all stages. This policy has an exclusive “Cover Me Again” option, which means you can restartyour coverage each time after you have made a claim. In addition, you can receive an additional 200 per cent of sum insured for six major advanced stage critical illnesses.

Get additional protection with optional Early Critical Care Waiver rider which provides waiver of all future premium payments when you are diagnosed with any of the covered early to advanced stage critical illnesses.

Furthermore, this plan also provides you with free coverage for your child in event of an advanced stage critical illness and a complimentary health check every two years which is transferable to your loved ones.

Purchase any of the plans above and get up to 10 per cent off* your first year premium. *T&Cs apply. Find out more here.    

Survey was conducted in December 2019 and involved 500 respondents. Among the respondents who are based in Singapore and aged 18 to 64, 250 respondents experienced a critical illness in the past three years and the remainder are caregivers of someone who had critical illness in the past three years. 

2 Option is only available after the enhanced protection expires at age 70 or 80, and can only be exercised once. Annual payout will result in coverage reduction and lower cash value when the policy matures. Please refer to the product summary for more details.

3 You must be between 40 to 70 years old and pass the underwriting questions to qualify.

4 Coverage will be restarted to 100% of basic sum insured after 12 claim-free months from the last critical illness claim. Subject to maximum payout of 500% of basic sum insured.

Important note:

These insurance products and their supplementary benefits are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy’s surrender value (if any) may be zero or less than the total premiums paid. Buying health insurance products that are unsuitable for you may affect your ability to ­finance your future healthcare needs. This material is for your information only and does not consider your specifi­c investment objectives, fi­nancial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract. These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefi­ts that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors before making a commitment to purchase a policy.

Information is correct as at Oct 29, 2021.

Manulife survey, LifeReady Plus (II), Critical SelectCare, Ready CompleteCare, here, www.lia.org.sg, www.sdic.org.sg

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