Singapore— Manulife (Singapore) Pte Limited today introduces ChoiceCover, a yearly renewable term plan, specially designed in such a way that policyholders can tailor their insurance coverage to meet their specific needs. This means that, unlike other level term plans, policyholders pay only for the insurance they need - giving them maximum protection at lower initial cost.
Bundled with terminal illness, ChoiceCover also offers three disability and two critical illness supplementary benefits that policyholders can use to enhance their protection plans. Disability benefits include Total & Permanent Disability, Enhanced Total & Permanent Disability, and Disability Advance Payment Plus (DAP+) while critical illness benefits include Critical Care Accelerator and Critical Care Plus.
With ChoiceCover, policyholders start by paying a lower premium which then increases as they age. This differs from a traditional level term plan where policyholders pay the same premium amount each year throughout the coverage period regardless of age. ChoiceCover therefore provides comprehensive protection at an affordable premium. It also comes with a guaranteed renewal feature whereby policyholders can renew their plan yearly regardless of the state of their health. Their premiums are charged based on their actual age at each renewal.
“Research has clearly shown that Singaporeans are generally under-insured* meaning that many may unwittingly be putting their financial future at risk. ChoiceCover offers tailored insurance that addresses each individual’s protection gaps without putting a strain on their wallets. As they move forward in life, they can also enhance their plan with our supplementary riders,” said Darren Thomson, President and CEO of Manulife Singapore.
The table below highlights just how affordable comprehensive protection with ChoiceCover can be:
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$410 billion (US$386 billion) as at June 30, 2007.
The financial strength of Manulife Financial’s insurance subsidiaries, including Manulife (International) Limited, is rated “AAA” by Standard & Poor’s Rating Services, the highest level available.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
* According to a recent study by LIA, average coverage of a working adult in Singapore is only $118,639 and he/she is under-insured by an amount of S$361,997 or 75 per cent of the protection requirement.
- 30 -
For further information, please call:
Manulife (Singapore) Pte Ltd
Assistant Vice President, Marketing
DID: 6 833 8162