Manulife Singapore has introduced a new plan that encourages everyone in Singapore to adopt a healthier lifestyle. The insurance company claims that the new plan, LifeReady is a first-of-its-kind whole life protection plan in the market that comes with a “health advantage” benefit. Here’s a quick look at what it offers:
- Unique feature of giving eligible customers hassle-free upfront premium discounts for first two policy years
- Once a customer meets the health targets, he/she gets consistent premium discounts on all premium-paying years.
- Customers can upgrade their coverage without going through a medical check-up when they hit certain key life milestones.
- LifeReady’s early Critical Illness (CI) rider pays out one of the highest amount per early critical illness claim in the market today.
This unique feature gives eligible customers hassle-free upfront premium discounts for the first two policy years. If these customers do not qualify for the lifetime premium discounts during their initial policy applications, they are given up to two years to qualify by meeting a set of health targets – these include Build Mass Index (BMI), blood pressure, and cholesterol level. Once the health targets are met, these customers are further rewarded with premium discounts on the remainder of their premium-paying years.
Commenting on the LifeReady plan, Carlos Vazquez, Chief Product Officer at Manulife Singapore said: “We are proud to introduce an innovative plan designed to provide extra rewards for our customers who are currently healthy or are committed to becoming healthier in the near future.”
He added: “Qualifying for our health discount is simple and transparent. This is another example of a Manulife solution helping to drive better customer health and well-being, while also financially rewarding customers for accomplishing their health targets.”
LifeReady is designed to flex based on the customer’s changing needs. Certain key milestones offer customers the freedom to upgrade their coverage by purchasing an additional plan without requiring a medical check-up.
These key milestones include graduation, buying a first home, getting married, and having children.
The insurance company also claims that LifeReady’s early CI rider will pay out one of the highest amount per early critical illness claim in the market today.
The LifeReady plan also offers coverage on death, coverage on terminal illness, coverage on total and permanent disability to the age of 70, multiplied protection of up to five times, cash value and additional riders.