Heirloom is a universal life policy with flexible premium payments that helps protect and grow HNWIs’ assets. Beyond death benefit protection, it provides cash value accumulation potential to help HNWIs meet their wealth transfer and estate planning needs. HNWIs will have the ability to customise their premium payments by choosing when to make a premium payment and how much to pay (within certain limits), and also the ability to choose the death benefit option that best suits their needs. Besides these benefits and flexibilities, the universal life policy provides six underwriting risk classes, ranging from super-preferred non-smoker class to standard smoker class, so that HNWIs can benefit from lower policy charges should they qualify for preferential risk classes.
Heirloom’s key features:
Strong Cash Value Accumulation with Crediting RatesThe current crediting rate is at 4.1 percent per annum. With a minimum guaranteed interest crediting rate of 2.5 percent per annum, customers’ policy values are further protected in a low interest rate environment.
Short Period for Face Amount ChargesFace Amount charges are payable only in the first 10 policy years, thereafter customers benefit from having more of their premium payments invested for cash value accumulation.
Quit Smoking Incentive (QSI)Manulife Singapore is the first insurer to introduce this feature, which is unique to universal life policies underwritten in Singapore. QSI aims to promote a healthier lifestyle. This feature provides smokers with Standard Non-Smoker policy charges for the first three years. With satisfactory evidence that the policyholder has quit smoking for at least 12 consecutive months by the end of this period, the client’s risk class and policy charges will be permanently changed to those of a standard non-smoker.
Manulife Singapore’s other products serving the HNW market include:
- Solitaire, a S$ single premium whole life plan aimed at helping the mass affluent in creating their legacies. Featuring a multiplier factor applicable to the face amount, Solitaire offers coverage of up to 200% of the chosen face amount.
- mEase, a critical illness plan that covers 30 critical illnesses, including major cancers, with a coverage of up to S$2 million,3 the highest amount payable in the industry for similar coverage. mEase allows you to enjoy a lifestyle without compromise while protecting your income at the same time.
- ManuTerm, a term plan that comes with Preferred Premium rates where non-smoking customers in excellent health can enjoy Preferred Premium rates for the insured sum of S$1 million and above.
- Manulife Income Series – Singapore Fund, a recent wealth management solution launched in April, is the first fund for an investment-linked plan (ILP) in the Singapore market to provide a regular monthly income catering to retirement needs and other financial objectives.
Manulife Singapore has a dedicated concierge service to cater specifically for the HNW market. Heirloom is distributed by selected International Brokers, Bank Partners and Manulife Financial Planners.
