i bought a Whole Life product from Manulife only this year. Products are quite good...but manulife always give people the impression that they excel in retirement planning as their products are designed to be more for retirement purpose...

For e.g. their 3G plan.

Manulife will be coming up with their own unit trust investment funds. They will be marketed purely as a unit trust fund, not an ILP investment fund.

Which means to say that manulife will be competing with fundsupermart and other unit trust portals.
But from what I read is that they will only offer funds that are in local context first...E.g. Sg Bond fund, Sg Equity fund, etc..

Someone please correct me if i am wrong.

My friend told me their wholelife plan has lots of exclusions, i only remember one which is the clause whereby the policyholder cannot commit suicide even after 1 year. Haha, only remember that clause when i was comparing around with the rest.

The SRP plan is too complicated for the layman to understand. Most of them will have to rely on their FA's recommendation.

after listening to the FA's recommendation, can post it here for 2 reasons:

1) to share with everyone how does the plan works
2) for everyone to judge and give comments about the product

hehe

Hi qwerty,

I will only serve to confuse everyone if I try to explain in writing here how it works!

But a good analogy would be that this is like a kind of ILP annuity product.

mortality charges gets more expensive as time progress?

There's no mortality charges for annuity. The earlier a person dies, the better it is for the insurer.
The premiums are used to purchase unit trusts, and your payouts will be dependent to the performance of the units. With a lower cap protection.

hmm....then what's the point of getting an anuity plan if it benefit the insurer more than the policyholder?

Wouldn't it be better that consumers purchase the unit trusts themselves?

An annuity insures the policyholder from longevity by providing him with regular income. Outliving his resources.

Different agents like to use different sales pitch to promote their company.
GE says they are 100 yr old, but Manulife sponsoring olympic. AXA is huge worldwide too, and AVIVA in UK, not forgetting AIG/AIA (minus their billions of write downs).

I feel that regardless of the company size, we should focus more on the products.

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MSN: Kelvintcw@hotmail.com

hmmm....i think it should be the interest of the consumer first, followed by the type of products that suit him, and after that, look for a company that provides the best deal for that type of product?? (e.g. AXA for term plan, NTUC Income for Shield plan, Manulife for retirement, etc...)

That's just my own personal view of insurance companies and the type of products that they are more well-known for...please do not quote me...haha

haha...in her view, you are a rich person and she might think of getting more commission out from you!

well, i do personally have bad experiences with P*. I think most, if not all, are only after sales, neither one of them i came across was sincere in helping clients with their finances.
As a result, i do not own a single policy from P*. However, that time i have a friend who was with P* and she was trying to get a sale from me. She invited me to a free seminar organised by her company. Since it was free, i just attend it...but when she was trying to do product selling, i just gave her all the false information about me...and she said she will contact me again...but i kept rejecting her call...haha

yes, i know i am a bad person.

When advisors asked me how much i saved or invest every month, i always give them an amount which is significantly smaller than what is my actual investment amount every month. I mean, if they are able to map out a plan with a tight budget, then a bigger budget should not be a problem. After listening to their plan, i would do the evaluation myself and if viable, then i would probably implement it myself...hahaha..
but so far, not a single advisor is able to provide me with a viable plan.

So far I have made equal number of trips to Prudential and AIA (if you guys know what I mean)
:)

Another trip coming up, cos if you can believe it, a $500 a month ILP :(

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MSN: Kelvintcw@hotmail.com

you are doing these trips on behalf of your clients or ?

If you ask me, manulife's choice cover offers very competitive rates at the moment, it is based on the yearly and renewable rates and therefore it gets more expensive when the insured gets older. However, I did a computation, even with increasing rates, a young person 20 to 30 years old will still pay lower premiums than a level term premium policy. However the is no convertibility option to this policy. Premium rates are not so competitive for older people.

I have made a comparision, with among, great eastern, manulife, axa, ntuc, tm asialife, Manulife's Manuterm (Renewable and Convertible) policy is the lowest and the only one that offers convertibility option.

If you ask me, manulife SRP USD is better than the SGD policy. And if you have to choose SGD policy you are better off taking up NTUC's annuity.

in respect to bad agents, I am afraid they exists, but I think it is our responsibility to do the due dilligence before committing to any products. If you ask me ILP has its advantages over buying term and investing ther rest when it comes to payor benefits, waiver of premiums etc. you cannot disregard ILP totally. It is true that there are high cost involve and it affect investment returns, however ILP's should be treated as a protection tool rather than an investment tool. If you have invesment needs and protection needs that is competing for the same dollar, than a ILP maybe a suitable option.

If you are say a 25 years old who bought an ILP say 5 years ago, today your policy has accumulated $5000, you can literally stop paying for your policy for 10 years while enjoying the same coverage during this time, so ILP has its advantages. ( There is more to this but I shall not explain further, but take my word for it)

I have a manulife agent as my close friend and as mentioned above premiums increases according to age with the same coverage. Why not consider the other way round, reducing coverage corresponding to reducing premium according to age as ones requirement reduces according to age. Exact details is rather lengthy which i will not bore people with the niti gritti stuff.
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.

are you referring to reducing term policy?

Choice cover can sort of work like a decreasing term policy. you reduce your sum assured when you see fit.
Other kinds of decreasing term policy decreases the sum assured at specific intervals and specific rates. You cannot "control" how much to decrease, once you choose the rate at the beginning of the policy it is fixed.

This may be not so suitable for some people. For example a young man wants to be covered for 10 years of income replacement upon diagnosis of a critical illness. He chooses 10 years because he thinks that a person would likely die within 10 years of a critical condition.

At 21,30 or 40, he still needs 10 years of protection. Protection needs did not decrease throughout the times. In fact it may have increased due to inflation and increase medical costs.

Decreasing term must be applied carefully. Also choice cover and decreasing term policy does not have a convertinility option. This is important as it "protects" insurability.

just curious, not talking about manulife's choice cover, but for all decreasing term policy, are there any policies available in the market that caters to inflation?

meaning to say that although it is a decreasing term policy, it still takes inflation into consideration?

Decreasing term policies decreases at a fixed rate at the pointof purchase, you can choose for it to decrease at 8% instead of 5% when you take 3 % inflation into consideration. (interest rate 5% will be "increased" by 3% inflation)

This statement of mine can trigger a whole series of arguments and theories so I please take what I mention here with a pinch of salt as there is really no easy answer to your question.

I would like to hear about the Manulife 3 Generation policy. Has anybody bought it so far and what are the advantages and disadvantages. can it be trusted?

thank you.

Hi Dollars,

Looks like nobody's got aquainted with this product yet, have you bought it and can share with us? Is it a new product, I haven't heard of it yet...

i can help with 3G =)

hi guys,
i'm new here. nice to meet everyone!!

xOxO

hi jiayan, welcome to qotion and hope you enjoy your stay here~

hihi =)
the manulife 3 generation plan is a whole life savings plan. It is a Whole Life Plan but the premium is payable for 10 years and the yearly cash coupons will be payable on the 11th year onwards till the day the life insured is no longer around. this is indeed an expensive plan. but it would be good for young kids to be the life insured as compared to a working adult.

I only know they are big in other country. In S'pore, they are 1 of the smaller Insurance company. How big they are in other country got nothing to do in S'pore. If the Insurance company not doing well, they still have to close shop and hand over to another Insurance company.