Manulife Term Life Insurance Singapore
Whether you're securing a mortgage, supporting loved ones, or safeguarding your business, Manulife adapts to every stage of your life.
Get your personalised Term Insurance Plan here →
Why Choose Manulife Term Life Insurance in Singapore?
1. Flexibility to match every stage of life
- Wide choice of term lengths: Coverage from 5 to 40 years or renewable to age 85—suitable for mortgage tenure, children’s milestones, or business loans.
- Decreasing coverage option: ManuProtect Decreasing aligns with mortgage repayments
- Convertible and renewable before age 65: ManuProtect Term policies can be switched to another life insurance plan without medical underwriting (if no claims made)
2. Comprehensive coverage and valuable riders
- High coverage limits: Sum assured starts from S$75,000 (ManuProtect Term) to S$150,000 (ManuProtect Decreasing)
- Add-on riders: Critical Care Enhancer, TPD Plus, and premium waiver options available
- Quit Smoking Incentive: Non-smoking premiums for smokers who quit (min. S$500,000 sum assured)
- Flexible payments: Pay annually, monthly, quarterly, or semi-annually
Meet our financial advisorsYou don’t need to do this alone. Our advisors are here to help you plan it right. Our advisors aren’t here to push plans. They’re here to understand your life, answer your questions, and help you protect what matters most. Meet our MDRT-qualified specialist and his team. |
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Understanding Term Life Insurance
Term life insurance is a straightforward protection plan: it offers coverage for a set period (the “term”), such as 20 or 30 years.
If the policyholder passes away during this time, a lump-sum payout goes to their chosen beneficiaries. If nothing happens by the end of the term, the policy simply ends with no payout and no refund of premiums.
There is also no cash value at any point, meaning you’re paying purely for protection.
This makes term life one of the most affordable ways for Singaporeans to secure large sums assured to meet major obligations. Common local scenarios include:
- Covering outstanding debts:Home loans, car loans, or business liabilities that would burden your family if left unpaid.
- Future-proofing major milestones: University fees, wedding costs, or retirement support for your spouse.
- Replacing lost income: Years of salary to maintain your family’s lifestyle and daily expenses.
Term Life vs Whole Life: Key Differences at a Glance
| Feature | Term life insurance | Whole life insurance |
|---|---|---|
| FeaturePremiums | Term life insuranceLower (pure protection) | Whole life insuranceHigher (includes investment/savings element) |
| FeatureCoverage length | Term life insuranceFixed period (e.g. 10–40 years, up to age 85)* | Whole life insuranceLifetime, often up to age 99 or 100 |
| FeaturePayout | Term life insurancePaid only if claim occurs during policy term | Whole life insuranceGuaranteed; paid whenever death occurs |
| FeatureCash value? | Term life insuranceNo | Whole life insuranceYes; accumulates cash value over the years |
| FeatureEnd-of-term refund? | Term life insuranceNo refund after the policy ends | Whole life insuranceMay surrender for cash value or policy loan |
| Feature⭐ Best for | Term life insuranceThose with short or medium-term needs (e.g. mortgage / family) | Whole life insuranceThose seeking lifelong or estate planning coverage |
Manulife Term Life Insurance Plans
ManuProtect Term
- Coverage terms: 5-10 years (renewable & convertible) or 11-40 years (level & convertible)
- Min. S$75,000 coverage for death, terminal illness, and total permanent disability (TPD) (Max. TPD S$5 million)
- Optional riders: Critical illness (min. S$25,000), TPD Plus, premium waiver
- Convertible to another life insurance plan before age 65 (if no claims made)
- Renewable up to age 85
ManuProtect Decreasing
- Mortgage-focused: Coverage decreases over time to match loan repayment
- Minimum sum assured: S$150,000 (death/TPD)
- Not renewable or convertible; designed to match mortgage tenure
- No cash value; 100% protection-focused
Who Should Consider Manulife Term Life Insurance?
| Persona | Recommended plan | Key needs | Why it fits |
|---|---|---|---|
| Young families | ManuProtect Term |
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| Single parents | ManuProtect Term or Decreasing |
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| SME owners & business partners | ManuProtect Decreasing |
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Manulife Term Life Insurance Plans: Comparison & Limitations
| Plan name | Policy term options | Coverage amount | Age eligibility | Renewal / Conversion | Key riders / Add-ons |
|---|---|---|---|---|---|
| ManuProtect Term |
5–40 years
Renewable to age 85 |
Death/Terminal Illness/TPD: Min. S$75,000
Critical Illness: Min. S$25,000 (max S$2 million) TPD: Max S$5 million |
Up to age 85 |
Renewable (5–10 years’ term) to age 85
Convertible (11–40 years’ term) Convert to another life plan before age 65 (no claims required) |
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| ManuProtect Decreasing | Flexible; matches mortgage tenure |
Death/Terminal Illness: Min. S$150,000
Critical Illness: Min. S$25,000 TPD: Up to S$2 million (coverage up to age 65) |
18–70 |
Decreasing coverage over time
Not renewable or convertible Designed for mortgage protection |
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Standard exclusions apply
- Suicide clause: No payout for death by suicide within the first 2 policy years
- Criminal activity: Claims resulting from illegal acts are not covered
- Pre-existing medical conditions: Undisclosed medical conditions at application may result in claim denial
No guaranteed issuance or indexation
- Both plans require medical underwriting (though ManuProtect Decreasing waives health checks for applicants aged 50 and below)
- No automatic coverage increase options to keep place with inflation; your sum assured stays fixed unless you apply for additional coverage
How to Choose & Apply for the Right Manulife Term Life Insurance Plan?
Get a personalised quote via MoneySmart
Submit questionnaire
Upon completion, our MDRT-licensed advisor and his team will reach out to you within a few working days.
Together with you, they’ll assess your protection needs based on your financial commitments—mortgages, dependents’ living expenses, children’s education (if any). They’ll help you decide between ManuProtect Term or ManuProtect Decreasing, customise riders (critical illness, TPD, premium waivers), and explain premium costs, renewal rules, and conversion options
Review eligibility & prepare documents
Manulife term life insurance is available to Singaporeans, PRs, and eligible foreigners.
Be prepared for health and lifestyle questions (including smoking status), as these affect your premium and underwriting.
Documents you'll need:
- Identification: NRIC, passport, or valid ID
- Proof of address: Recent utility bill or bank statement (if required)
- Income records: Recent payslips or tax statements
- Medical evidence: Supporting documents for disclosed health conditions (if requested)
Submit application
Rest assured, you’ll be guided through this process to ensure everything is accurate and complete.
Receive approval & make first payment
If underwriting is successful and no further information is needed, you'll receive approval notification. At this stage, you'll pay your first premium.
Manulife offers flexible payment options: annual, semi-annual, quarterly, or monthly via credit card
Policy delivery & free-look period
Once payment is processed, you'll receive your policy documents and access to MyManulife, where you can manage your policy, update beneficiaries, and track claims.
You have 14 days to review the terms and cancel for a full refund if needed (minus medical exam costs).
You've Planned for Everything Else. Have You Planned for This?
How to Manage Your ManuLife Term Life Policy?
Filing a claim
Step #1: Gather required documents
Besides your Manulife term life policy contract and NRIC/passport, you’ll also need other document types depending on the claim:
- Death claims: Death certificate, proof of beneficiary relationship
- TPD claims: Medical reports from specialists confirming total permanent disability
- Critical illness claims: Medical diagnosis reports, specialist assessments
Step #2: Submit your claim
Submit documents through:
- MyManulife portal (fastest processing)
- Through your MoneySmart financial advisor
Step #3: Claim assessment
Step #4: Payout
What if my claim is denied?
Claims may be denied if:
- Documents are incomplete or inconsistent
- Material facts were not disclosed at application
- The claim falls under policy exclusions
If denied, you can request a review with additional supporting documents. If still unresolved, escalate to the Financial Industry Disputes Resolution Centre (FIDReC).
Renewing or converting your policy
| ManuProtect Term | ManuProtect Decreasing |
|---|---|
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✔️ Renewable up to age 85 without new medical underwriting ✔️ Renewable every 5 or 10 years ✔️ Premiums increase during each renewal, based on attained age ✔️ Can convert to another life insurance plan before age 65, if no claims have been made |
❌ Not renewable; coverage ends when policy term expires or mortgage is fully repaid ❌ No conversion option; term period must be carefully selected to match mortgage duration |
To renew your policy:
- Manulife will notify you before your renewal date
- Review your renewal premium and confirm continuation
- Pay your renewed premium via MyManulife portal or through your assigned MoneySmart financial advisor
Compare Term Insurance Plans now
8 Types of Manulife Insurance Plans
Life Insurance
Manulife offers 2 whole life insurance plans:
- LifeReady Plus (II)
- DIRECT-ManuAssure Life
And 3 term life insurance plans:
- ManuProtect Term (II),
- ManuProtect Decreasing (II), and
- DIRECT-ManuAssure Term
Maternity Insurance
ReadyMummy is Manulife's maternity insurance plan covering pregnant mothers from 13 weeks pregnancy through labour and continuing to cover your newborn child.
Key benefits include coverage for pregnancy complications, accidental miscarriage, and congenital illnesses for your newborn. An IVF rider is available for purchase.
Critical Illness Insurance
Manulife offers critical illness protection through Critical SelectCare (designed for applicants over 40 with existing health conditions) and Manulife Early CompleteCare (multi-pay plan covering early, intermediate, and advanced stage critical illnesses).
Personal Accident Insurance
Manulife ReadyProtect provides personal accident coverage including death, dismemberment, infectious disease protection, and medical expenses such as TCM, chiropractor, ambulance, and mobility aid fees.Savings Plans
Savings plans: Manulife WealthGen, Manulife GrowSecure, Manulife IncomeGen (II), Manulife IncomeSecure
Retirement Savings Plans
RetireReady Plus (III) provides guaranteed monthly income over your chosen payout period, with coverage for death, terminal illness, and premium waivers.
Investment-Linked Plans
Manulife offers 5 investment-linked plans (ILPs): Manulife SmartRetire (V), ManuInvest Duo, Manulink Investor (II), Manulife InvestReady (III), and Manulife InvestReady Growth. Some plans allow CPF OA, SA, or SRS payments.Legacy Planning
Manulife's Signature series comprises universal life insurance plans—such as Signature Indexed Universal Life Select (III), Signature Income Series, Signature Life Series, Signature Wealth, and Heirloom (VII)—designed for high net-worth individuals seeking legacy planning and wealth transfer.
Get your personalised Term Insurance Plan here →
FAQs About Manulife Term Life Insurance in Singapore
What is Manulife term life insurance?
Manulife term life insurance provides affordable protection for a set period (5–40 years). Unlike whole life insurance, it doesn't build cash value—you're paying purely for death, terminal illness, and TPD coverage.
Manulife offers two plans:
- ManuProtect Term: Level coverage from min. S$75,000, renewable to age 85, convertible before age 65, available with 5–40 year terms. Best for general family protection, income replacement, and long-term needs.
- ManuProtect Decreasing: Decreasing coverage from min. S$150,000, matches mortgage repayment schedules, not renewable or convertible, entry age 18–70. (for mortgage protection, coverage decreases over time). Best for mortgage protection as coverage decreases with loan balance.
Can I renew my Manulife term life policy?
- Yes, if you have ManuProtect Term with renewable & convertible (5–10 year) terms. You can renew up to age 85 without new medical checks. ManuProtect Decreasing is not renewable; coverage ends when the term expires.
How much do Manulife term life insurance premiums cost?
Premiums are determined by: age (younger applicants pay less), health and medical history (pre-existing conditions may increase cost), coverage amount (higher sum assured = higher premium), policy term length (5–10 year renewable vs 11–40 year level terms have different pricing), riders (adding critical illness, TPD, or premium waiver increases cost), and smoker status (non-smokers pay lower rates; quit smoking incentive available for policies with S$500,000+ sum assured).
For a personalised quote tailored to your coverage needs, speak with a MoneySmart financial advisor. Payments can be made annually, semi-annually, quarterly, or monthly via credit card
Will my premium increase over time?
It depends on your policy type:
- Renewable policies (5–10 year terms): Premium increases at each renewal based on your age
- Level policies (11–40 year terms): Premium stays fixed for the entire term
- ManuProtect Decreasing: Premiums are fixed and guaranteed
- Rider changes: Adding or removing riders adjusts your premium