What do you guys think of LifeReady Plus by Manulife? Are the investment options good? In addition, if I know how to invest, would going for Term Life plan more worth than Whole Life plan?

Hello!

As mentioned by several other users, LifeReady Plus is a limited premium participating whole life plan which accumulates cash value. It should be viewed as purely a protection plan and not an investment plan.

Although it does have some investment elements in it, it is still primarily a whole life protection plan.

LifeReady Plus would be valuable in your portfolio if your need includes long term protection for death/TPD/Terminal Illness and add on riders like Early Critical Illness that last for your whole life.

On contrary, term life is a regular premium paying protection plan for a set term. Term life is usually more affordable compared to whole life however, the protection needs do not last for your whole life as compared to a whole life plan. It also does not accumulate cash value as well.

I highly suggest speaking to a qualified financial planner to assist you to find out the best plan for you that suits your needs.

I would get term life first even before considering whole life. Term life helps to replace my income in event of death /perm disability therefore such insurance is good to have till retirement age as there will be no more income to replace.

As for critical illness and ECI, you can get a rider for term plan (escalating premium) that will allow you higher coverage as compared to whole life with CI/ECI rider. The only perk of whole life that I can think of is that you can get to cash out at an older age of 70/80yrs old if nothing happens to you.

Still, it is an opportunity cost as the sum of money used to fund the investment portion of your whole life plan can be better used in places such as robo advisor that has the potential to generate way higher returns.