Manulife Singapore launches inheritable lifestyle insurance

The product allows you to give loved ones the entirety of the policy.

Manulife Singapore has launched their latest insurance product, Manulife IncomeGen, a short-term premium commitment savings solution that offers Singaporeans a lifetime lifestyle allowance that can be passed onto future generations.

Manulife IncomeGen provides a steady stream of lifestyle allowance of up to life-insured age of 120, with just three years of premium payments.

Under the policy, customers can receive lifetime monthly income from the end of the 49th policy month up to age 120. It also gives a lump sum maturity benefit payout upon policy maturity at age 120.

The payment term is just under three years. Another feature also waves the total and permanent disability during the premium payment term, whilst the coverage continues.

You will also get coverage against death and terminal illness. Additionally, you will also receive an additional payout of 50% of total premiums paid to date in the event of accidental death of the life insured before the age of 80.

What makes this policy different is the Change of Life Insured option which allows a customers’ loved one to take over as the new life-insured. When the Change of Life Insured option and assignment of policy ownership are held together, customers can pass down the policy in its entirety to their loved one and even their next generation.

“We launched Manulife IncomeGen to provide customers with a steady and reliable stream of lifetime allowance for themselves and their loved ones. As a short-term premium commitment plan, we hope to be able to help Singaporeans reap the benefits early so that they can feel secure about their future,” chief customer officer and chief product officer, Darren Thompson, said.