This post was written in collaboration with Manulife Singapore. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
Planning for the future is exciting when you’re actively taking the right steps to achieve your financial goals.
Whether you’re upgrading to a new home, starting your own business, preparing for that long-awaited trip around the world or just making sure you’re prepared for the future, there’s something exhilarating about tracking your progress and realising you’re getting closer to your objective(s).
But that thrill is reserved only for those who are truly putting in the effort to make their dreams come true. And one way to achieve your financial goals is by accumulating wealth with an endowment plan.
Endowment plans are typically insurance savings products that can help you meet a specific financial goal, be it in the short- or long-term, while receiving benefits like insurance protection.
There are many types of endowment plans out there, all aimed at helping us attain our savings goals in some way or another. The main difference between these plans is the degree of flexibility and the type of benefits offered.
On 23 January 2022, Manulife launched a new endowment plan — Manulife GrowSecure — adding to its already wide range of insurance solutions. This plan has specifically been designed to respond to the needs of our lifestyles in 2022 … during a time where the world as we know it and our lives have changed quite a lot.
Here are some of the benefits that make this new endowment plan work for you.
1. Receive total potential returns of up to 3.36% p.a1 with Manulife GrowSecure
Whether you’re trying to plan for a family or just deciding when to book your next holiday, everything is so much more uncertain now! Nothing is set in stone anymore, from the state of the economy to when your boss wants you back in the office.
Grow your savings with Manulife GrowSecure and receive a lump sum payout with up to 3.36% p.a.1 returns upon maturity. The policy is 100% capital guaranteed upon maturity2, which means you won’t have to worry about getting back less money than you paid. You have the freedom to choose from 3 premium payment terms (5, 8 or 10 years) and 2 policy terms (16 or 18 years) so you can customise the plan to suit your financial goals and your cashflow.
2. Up your protection
Endowment plans are hybrid products that typically provide a combination of wealth accumulation and insurance protection coverage.
The coverage is important to have, especially so for those with dependents like kids or elderly parents. In the unlikely event that you passed on, your family will be the beneficiary of the insurance payout, which will include the sums of money you have accumulated up to that point.
More specifically, you will get an insurance payout from Manulife GrowSecure upon death3 or if you suffer from terminal illness3. Upon death, the payout amount will be pegged to 105% of the total premiums you have already paid into the plan, and any bonuses (if applicable). Upon terminal illness diagnosis, Manulife GrowSecure also pays a benefit amount.
If your death is classified as an accidental death4 before age 80, there will be an additional payout of 50% of the total premiums you have paid into the plan.
In addition, the plan offers a waiver of future premiums3 if you suffer from Total and Permanent Disability (TPD) during the premium payment term (before the life insured turns age 70) while the plan continues.
This is important. If you do end up with a TPD, you will no longer be in a position to work. This waiver lets you continue to reap the benefits of the plan without having to fork out cash for future premiums.
3. Provide flexibility while growing your wealth
As mentioned earlier, like other endowment plans, Manulife GrowSecure offers insurance protection coverage. But that’s not all — it has a special feature that offers you a higher degree of security.
The plan has a unique “Premium Freeze5” option that lets you put your premium payments on hold in times of need while your policy continues.
4. Enjoy a sign-up promotion
To celebrate the launch of Manulife GrowSecure, Manulife is running an attractive promotion.
Sign up for Manulife GrowSecure now till 22 March 2022 and receive up to 5% discount on your first-year premiums.
What’s more, if you’re one of the first 250 customers to purchase Manulife GrowSecure now till 28 February 2022, you will also receive a pair of free tickets to Manulife Sky Nets – Bouncing, and Manulife Sky Nets – Walking at Jewel Changi Airport.
What we think: Manulife GrowSecure is the insurance plan that supports you through the uncertainties of life
The flexibility that Manulife GrowSecure offers is one of its biggest strengths, especially in this period of uncertainty.
Many of us are hesitant to sign up for endowment plans because of the premium commitment involved — if you can’t pay your premiums for a period of time, your plan might lapse or be terminated.
What’s more, more and more of us are working on a freelance basis (due to retrenchments or burnout) or taking extended breaks from work nowadays for the sake of our mental health. This could cause fluctuations to your monthly income and may exacerbate the worry about being able to meet premium commitments.
As a long-time member of the gig economy myself, I’m very familiar with the uncertainties and fluctuations of my monthly income. Sometimes, it’s not about how much work I can take on, but how much work there is available. If I am sick, I lose income; if I want to take a break, there goes my potential earnings. A client’s company went bust, the job contract ended, or the point person left the role? There goes my rice bowl…
With Manulife GrowSecure, you can simply pause5 your premium payment if anything happens to your income. As this plan is capital guaranteed upon maturity2, you don’t need to fret about ‘losing’ money as long as there is no policy alteration. Sounds reassuring to me!
With attractive benefits such as insurance protection3 and waiver of premium3 in the event of TPD, Manulife GrowSecure gives a little more assurance that our loved ones will be taken care of if anything happens to you.
Start accumulating the wealth you need for your important milestones with the flexibility, protection and financial reassurance of Manulife GrowSecure — the certainty that we need in yet another uncertain year.
Get in touch with Manulife to find out more.
Footnotes
- This is based on premium payment term (5 years), policy term (18 years), at an illustrated rate of returns of 4.25% p.a.. Based on an illustrated investment rate of return of 3.00% p.a., the total potential returns will be 2.23% p.a..
- Not applicable for policies which have been altered.
- Please refer to the Product Summary and Policy Contract for more details.
- If there is a reduction in the sum insured, the total premiums paid to date used for the accidental death benefit calculation will be based on the reduced sum insured from the start of the policy.
- Provided the policy has been in force for 2 policy years with 2 full annual premium payments and subject to approval by Manulife.
Important Notes
Manulife GrowSecure and its supplementary benefits are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy’s surrender value (if any) may be zero or less than the total premiums paid. This material is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors, or visit any DBS/POSB Branch before making a commitment to purchase a policy.
Information is correct as at 11 February 2022.
Brought to you by Manulife Singapore.