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Manulife Life Insurance Singapore

Manulife was founded 133 years ago in Ontario, Canada as "The Manufacturers Life Insurance Company" by the country's parliament. In its early days, it was helmed by Canada's first prime minister, Sir John A. Macdonald. Today, Manulife continues to be headquartered in Ontario, Toronto, and is listed on the Toronto, New York, Hong Kong, and Philippine Stock Exchanges.

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What you should know about Manulife Insurance

Manulife Singapore was established in 1980, and has over 600 staff in Singapore. From 2015 onwards, Singaporean customers can purchase Manulife's insurance plans directly from DBS Bank branches as well.
If you've ever heard of the Manulife InvestReady, it's one of the more commonly searched insurance plans from Manulife. In fact, it's a whole life investment-linked plan that gives you welcome and loyalty bonuses, potential cash returns, potential dividends, alongside death and terminal illness coverage. Investment-linked plans are, at times, frowned upon for it may cause a ill-informed customer to incur financial losses.

Manulife Insurance Plans

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Manulife Whole Life Insurance Plans

LifeReady Plus

LifeReady Plus is Manulife's flagship whole life insurance plan which covers you for death, terminal illnesses, and total and permanent disability. You can choose to multiply your base sum assured by 5 times, opt for your cash value to be paid to you annually over 10 years, or add critical illness riders to extend your coverage.

ManuAssure Life (Direct)

ManuAssure Life is a direct purchase whole life insurance plan which you can buy without the help of an insurance agent. Key benefits include coverage for death, terminal illness, and total and permanent disability. You may also receive non-guaranteed bonuses, choose to add critical illness riders, and choose whether you prefer to pay your premiums up to 70 or 85 years old.

Why choose Manulife LifeReady Plus?

Whole Life Insurance Plan

Despite the name suggests, a whole life insurance plan usually does not cover you until your last breath (with the exception of just a couple of insurers in Singapore). The Manulife LifeReady Plus, for instance, only covers you up to 99 years old.

Basic Coverage

The crux of the plan serves to cover you against death, terminal illness, and total and permanent disability – meaning you or your family will be paid the amount of money you have chosen (also called the sum assured) in the event you run into one of the above 3 conditions.


Most whole life plans will offer you a multiplier which basically increases (multiplies) your base sum assured by 1, 2, 3, 4, or up to 7 times for a fixed period of time (e.g. commonly until 65 or 70 years old when your children are no longer financially dependent on you). The Manulife LifeReady Plus allows you to increase your sum assured by 5 times until you 70 years old.

Increase Coverage

If you would like to increase your base sum assured at major milestones in your life, you will get to make changes to your Manulife Life Ready Plus upon graduation from tertiary education (for students), marriage, purchase of your first home, or parenthood,

Health Advantage Benefit

The Manulife LifeReady Plus has a discount programme called the "Health Advantage Benefit", which basically offers you premium discounts if you continually meet the health targets that Manulife has set for you.

Critical Illness Riders

If you want to increase your whole life insurance plan's coverage to include more illnesses, you can purchase critical illness riders. So, in the event you are diagnosed with a critical illness (it has to be included in your rider's coverage), you will receive a lump-sum payout or premium waivers.

Cash Value

Whole life insurance plans often have a cash value to it which increases over the years. You can choose to receive your cash value annually over a period of 10 years – and you will receive an additional 5% interest along with it.

Retrenchment Benefit

In the event that you or your spouse has been retrenched or made unemployed for 30 days or more, Manulife LifeReady Plus offers a retrenchment benefit which will waive your premiums for 6 months.

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Manulife Term Life Insurance

However, if you are considering getting a Term life plan instead of a whole life insurance plan, Manulife offers 3 types of Term life plans – the ManuProtect Decreasing (II), ManuProtect Decreasing Lite (II), and the Direct ManuAssure Term (a direct purchase insurance plan which you can buy from Manulife without the help of an insurance agent).

What types of insurance does Manulife offer?

Manulife Singapore offers 9 types of general and life insurance products, spanning life insurance, pregnancy, critical illness, personal accident, savings, investments, and legacy planning for the high net-worth individual.

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Types of Insurance offered by Manulife Singapore


Life Insurance

Manulife offers 2 whole life insurance plans such as the LifeReady Plus and the Direct ManuAssure Life, and 3 Term life insurance plans such as the ManuProtect Term (II), the ManuProtect Decreasing (II), and a Direct ManuAssure Term life plan which you can buy directly from Manulife without the help of an insurance agent.



Manulife's ReadyMummy is a 3-year-long insurance plan for pregnant mothers starting from 13 weeks pregnancy, to labour, and continues to cover your newborn child until the end of the policy's term. Other key benefits of the plan include coverage for death, 14 pregnancy complications, and accidental miscarriage, mental health in the form of psychotherapy treatments for the mother. The newborn child will be covered for 24 congenital illnesses, and death. An IVF rider is available for purchase.


Critical Illness Insurance

Manulife offers 2 types of critical illness insurance plans – the Critical SelectCare plan to cover major critical illnesses and existing health conditions for applicants over 40-year-old, and the multi-pay ReadyCompleteCare which covers over 106 early, intermediate, and advanced stage critical illnesses.


Personal Accident Insurance

Manulife's ReadyProtect is a personal accident insurance plan which offers coverage for death, dismemberment, 21 infectious diseases in the likes of Zika and HFMD (Hand, Foot, and Mouth Disease), medical expenses such as TCM, chiropractor, ambulance, and mobility aid fees.


Savings Plans

Manulife offers 5 savings plans, namely the 12-year endowment Manulife Spring, the cross-generation ReadyBuilder, ReadyPayout Plus, There's also 1 education savings plan for your child called the Manulife Education.


Retirement Savings Plans

Manulife's RetireReady Plus II is a retirement savings insurance plan that gives you a guaranteed monthly income over 5, 10, 15, or 20 years. Other key benefits include coverage for death, terminal illnesses, and premium waivers in the event you are diagnosed with total and permanent disability.


Investment-Linked Plans

Manulife has 4 investment-linked plans (ILPs) available, namely the whole life Manulife SmartRetire (II), a flexible ManuInvest Duo, Manulink Investor which you can pay with CPF OA, SA, or SRS, Manulink Enrich, and InvestReady Wealth (II).


Legacy Planning

For the high net-worth individuals, there are 6 legacy plans that you can consider from Manulife. They are namely the whole life Signature Indexed Universal Life Select plan, Signature Income for monthly income, Signature Life, Signature Wealth, and the Heirloom universal life insurance.

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How to apply for your Life Insurance plan

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Applying for a Life Insurance plan through MoneySmart

Step 1

Answer Some Questions

Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best life insurance plan for you.

Step 2

Speak To Our Insurance Specialists

After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!

Step 3

Apply And Purchase Your Life Insurance

Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your life insurance plan online through our portal.

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Manulife Life Insurance Claims

What are insurance claims? An insurance claim refers to the request for monetary reimbursement that the insurance plan's owner (aka you) have submitted to your insurance company. There is a lot of talk around claims because that's pretty much the point of getting a life insurance plan. What sets an insurance company apart (and likewise turn customers off) from another is the reliability, and convenience of the claims system.

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How to Claim with Manulife

Online Guide

Most insurance companies will provide a step-by-step guide or instructions teaching you how to do your claims on their website. For Manulife, visit the website, on the left hand side menu, click "Support", followed by "File a Claim". You will then see all the different insurance categories – critical illnesses, death, disability, medical, personal accident plans etc.

Claims Process

In the event of a terminal illness diagnosis, or death etc., you will usually have to download the claim forms from the Manulife website, fill it up, and submit it together with the required supporting documents such as a physician's statement and medical reports to your insurance agent or directly to the Manulife office.

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Frequently Asked Questions

Is Manulife insurance good?

Manulife is most commonly known for their Manulife InvestReady Wealth investment-linked plans which you should only get if you are familiar with the policy's sub-funds. When it comes to Manulife's life insurance plans, the company has reportedly reduced customers' contracted surrender value and terminal bonuses over the years – a situation which could potentially crop up at any other insurance company as well.

How to withdraw money from Manulife?

If you're looking to surrender your Manulife policy in fully, or withdraw cash value from your policy partially, you will need to contact your Manulife insurance agent or call the Manulife customer service hotline at +65 6833 8188 to discuss the implications of your withdrawal. Otherwise, you can head straight to Manulife's website, click on "Support" on the left hand side menu, and click on "Make a change to your policy". Scroll down, download the "Surrender/ Withdrawal Form", fill it up, and mail it to Manulife's office together with copies of you and all the life insured's NRICs or passports.

How to cancel Manulife insurance?

To cancel (otherwise also called surrender) your Manulife insurance policy, you are encouraged to speak to your insurance agent or call the Manulife customer service hotline at +65 6833 8188 to first understand the implications and any losses involved. Otherwise, you can just download the Surrender or Withdrawal Form from the Manulife website, fill it up and mail it back to the Manulife Singapore office together with the require supporting documents such as copies of your NRIC or passport.

How to pay Manulife insurance online?

You can pay your Manulife insurance premiums via PayNow, cheque, cashier's order, bank draft, telegraphic transfer (TT), AXS, internet banking, or via GIRO. To pay your premiums via PayNow, you can scan Manulife's PayNow QR code, or key in Manulife's UEN number, 198002116DPAR. Remember to key in your policy detail under "Reference Number".

What does Manulife do?

Manulife is a multinational insurance company. It was founded in Ontario, Canada in 1887 and remains headquartered in Toronto today. In Singapore, Manulife provides general and life insurance plans. Insurance aside, you can also invest in Manulife's US real estate portfolio of 9 prime freehold office properties called the Manulife US Reits on the Singapore Exchange (SGX). Otherwise, you will also find the Manulife Investment Management for wealth and asset management.

What are the benefits of Manulife LifeReady Plus?

Key benefits of Manulife's LifeReady Plus whole life insurance includes coverage for death, terminal illness, and total and permanent disability. You will also get to increase you base sum assured by up to 5 times, add critical illness and retrenchment riders, and opt for your policy's cash value to be paid out annually to you.

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