Manulife Singapore has announced significant enhancements to its popular income-generating product, Manulife IncomeGen (II). These enhancements aim to provide customers with stronger financial solutions, including a shorter breakeven period and a new terminal cancer benefit.
Meeting Long-Term Financial Goals
The latest enhancements to Manulife IncomeGen (II) come in response to insights gleaned from the Manulife Asia Care Survey 2024. The survey revealed that over 90% of respondents in Singapore have long-term financial goals, with “having income without working” ranking among the top five priorities. Understanding these aspirations, Manulife IncomeGen (II) offers customers a lifetime of monthly income payouts, ensuring financial security up to the age of 120 years.
Key Enhancements
The updated participating whole-life insurance savings plan boasts several key enhancements:
- Shortened Breakeven Period: With the introduction of the ‘5-Pay’ version of IncomeGen (II), customers can now achieve capital guarantee by Year 6, down from Year 8 previously.
- New Terminal Cancer Benefit: This critical addition provides additional support in the event of a terminal cancer diagnosis, offering peace of mind during challenging times.
Under the 5-Pay plan, income payouts commence from the end of the 61st policy month after inception and continue until the original life insured reaches the age of 120. To ensure continuity of income payouts beyond the original life insured’s lifetime, policyholders can choose to transfer the policy to a family member, such as a child, as a gift. In this scenario, the new life insured will be covered for both death and terminal cancer.
Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, emphasized that the enhanced features of Manulife IncomeGen (II) are specifically designed to meet the needs of individuals seeking regular income streams to supplement their financial resources, especially in the face of escalating living expenses.
For more information on Manulife IncomeGen (II) and its enhanced features, customers are encouraged to contact Manulife Singapore or visit their website.
