Manulife STAR Protector
Manulife Star Protector has been launched since 18 January 2011.
It is a whole life insurance plan that has a minimum protection benefit (MPB) till age 65. This MPB multiplier on the basic sum assured is as high as 2.50X (i.e. a 100k basic sum assured provides 250k of coverage). Insured events include death, terminal illness and TPD. A critical illness rider is available.
Premiums are on limited term basis, subject to only 10, 15 or 20 years.
In addition, there is an Accidental Death Benefit which pays out additional 50% of the MPB if death by accident occurs between age 12 -65. This means one could potentially provide up to 3.75X of coverage for his beneficiaries.
There is ongoing promotion. For clients who purchase a Star Protector Plan between now till 11 March, they will enjoy Takashimaya Shopping Vouchers compliments from Manulife. Policies must be issued by 31 March 2011.
Annual Premium
|
Takashimaya Vouchers Worth
|
S$1,200 - S$2,399.99
|
S$80
|
S$2,400 and above
|
S$150
|
Because this plan is strikingly similar to Tokio Marine Life’s tm Legacy Plus, I thought a comparison is relevant and suitable.
Based on the multiplier, Manulife does have an edge if one seeks priority on protection.
Entry Age (ANB)
|
TM Legacy Plus
|
Entry Age (ALB)
|
Manulife Star Protector
| |
1 - 24
|
2.50
|
0 - 25
|
2.50
| |
25 - 29
|
2.00
|
26 - 30
|
2.50
| |
30 - 34
|
1.80
|
31 - 35
|
2.25
| |
35 - 39
|
1.65
|
36 - 40
|
2.00
| |
40 - 44
|
1.50
|
41 - 45
|
1.75
| |
45 - 49
|
1.40
|
46 - 50
|
1.45
| |
50 - 60
|
1.25
|
51 - 55
|
1.25
|
A comparison here is made on a 32 year old Male Non-smoker taking a 20 year limited premium term. Insured events are on Death/TPD/TI/CI.
Plan Feature
|
TM Legacy Plus
|
Manulife Star Protector
|
CI cover
|
Dread Disease Accelerator rider
|
Critical Care Enhancer Rider
|
Basic Sum Assured
|
$100,000
|
$100,000
|
MPB factor
|
1.80 x
|
2.25 x
|
Premium pa
|
$2,838
|
$3,494
|
Coverage per premium dollar(MPB/PV total outlay)
|
$3.88
|
$3.94
|
Cash Value @62 ALB (guaranteed)
|
$54,600
|
$44,800
|
Cash Value @62 ALB (3.75% projection)
|
$68,238
(yield +0.90%pa)
|
$65,651
(yield -0.30%pa)
|
Cash Value @62 ALB (5.25% projection)
|
$87,786
(yield +2.11%pa)
|
$101,580
(yield +1.81%pa)
|
Reversionary Bonus (per $1k sum assured)
|
$10 compounded at 1% pa
|
$16.50 compounded at 1.65% pa
|
However, from a cash value perspective, the focus on protection makes the sacrifice on yield (especially if the Accidental death benefit is considered).
