Manulife RetireReady Plus II Review
The complete Pros and Cons on Manulife RetireReady Plus II
Manulife RetireReady Plus II is a retirement income plan that gives you the certainty of a Guaranteed Monthly Income, flexibility, and 2X Guaranteed Monthly Income should you face Loss of Independence.
Manulife RetireReady Plus II product details
Manulife RetireReady Plus II is featured for Projected Payout benefits in our 3 Best High Income Retirement Plans in Singapore (2023 Edition)
Manulife RetireReady Plus II is featured for Additional disability income benefits in our 3 Best SRS Retirement Plans in Singapore (2023 Edition)
Manulife RetireReady Plus II Rating on InterestGuru.sg: [usr=4.28]
Manulife RetireReady Plus II Popularity on InterestGuru.sg: [usr=4.19]
- Life policy – Annuity
- Choose your desired Guaranteed Monthly Income (GMI);
- Starts at a minimum of $300
- Choose your preferred Premium Payment Term;
- Single Premium, 5, 10, 15, or 20 years
- Choose your selected Retirement Age;
- Age 50, 55, 60, 65, or 70
- Choose your selected Income Payout Period;
- 5, 10, 15, 20 years, or Lifetime
- Single premium and/or 5-year Premium Payment Term cannot choose Income Payout Period of 5 years
- 5, 10, 15, 20 years, or Lifetime
- Non-Guaranteed Bonuses; receive Cash Bonus and
- A) Annual Bonus in lump-sum or
- B) Convert Annual Bonus to Additional Monthly Income
- Retrenchment Payout Benefit
- Receive a lump-sum payout in the event of the life insured’s retrenchment (40% of annual premium)
- Premium Freeze
- In times of emergency, premium payment can be put on hold while your policy stays in force (i.e. retrenchment)
- Disability Benefit
- Receive an additional 50% of the GMI, capped at a maximum of S$2,000 per month per policy (Unable to do 2 of 6 ADLs).
- Receive an additional 100% of the GMI, capped at a maximum of S$4,000 per month per policy (Unable to do 3 of 6 ADLs).
- Freedom to adjust your income payout period according to your changing needs, anytime, up to 2 years before your retirement age.
- Your premiums will be waived if Total and Permanent Disability occurs during your Premium Payment Period
Manulife RetireReady Plus II is an SRS-approved retirement annuity plan.
Features of Manulife RetireReady Plus II at a glance
Cash and Cash Withdrawal Benefits
Cash value: Yes
Cash withdrawal benefits: Yes
Health and Insurance Coverage
Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No
Health and Insurance Coverage Multiplier
Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No
Optional Add-on Riders
N.A
Additional Features and Benefits
Yes.
For further information and details, refer to Manulife website. Alternatively, fill-up the form below and let us advise accordingly.
Read about: How can I accumulate a million dollar (Realistically)
Read about: The Complete Guide to Retirement Planning (2023 Edition) *NEW*
Manulife RetireReady Plus II may be suitable if you are looking for
Manulife RetireReady Plus II may potentially be a good fit if the following matters to you:
- Regular cash payout upon your desired retirement age
- Lump-sum payout upon maturity
- Saving regularly over a period of time
- Insurance options without medical underwriting
- Do not need access to the funds until retirement
- To potentially generate higher financial returns compared to bank accounts
Manulife RetireReady Plus II may not be suitable if you are looking for
Manulife RetireReady Plus II may potentially be a bad fit if the following matters to you:
- Health and Protection coverage
- High insurance coverage for Death or Terminal Illness
- High insurance coverage for Early Critical Illness, Critical Illness or Total Permanent Disability
- A one-time premium commitment with no further cash commitment
- Potentially higher financial returns compared to a pure investment product.
- Insurance policy with a high surrender value in the early years of the policy.
Read about: Why should you choose a shorter premium term on your insurance policies
Further considerations on Manulife RetireReady Plus II
- How is Manulife or Manulife RetireReady Plus II investment returns based on historical performance?
- How does Manulife RetireReady Plus II compare with retirement plans and annuity policies from other insurance companies?
- Can Manulife RetireReady Plus II fulfill my financial, insurance, health, and protection needs?
The above information may not fully highlight all the product details and features on Manulife RetireReady Plus II. Talk to us or seek advice from a financial adviser before making any decision about Manulife RetireReady Plus II.
Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering to take up.
Read about: 3 best Retirement plans and Annuity policies in Singapore (2023 Edition) *Updated*
Where can I compare the payout and benefits of retirement plans and annuity policies?
Your retirement plans are meant to supplement your lifestyle and expenses in your golden years. Ensure your retirement plans matches the financial goal and objective you wish to achieve when you decided to talk a step back in life.
It is too late to regret once you have made your financial commitment. Specific product features, benefits, and payout will differ more than you think across insurance companies.
And even worse, to know you can compare retirement plans and annuity policies here, 100% free of charges on the InterestGuru.sg platform.
Is Manulife RetireReady Plus II suitable for me?
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Additional readings
- The 8 Overall Best Whole Life Insurance Plan in Singapore (2023 Edition)
- The 8 Overall Best Term Life Life Insurance Plan in Singapore (2023 Edition)
