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? - Seedly
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Anonymous

Asked on 17 May 2020

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?

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Sep)

Level 10. Unicorn
Answered on 18 May 2020

These difficult to understand products, rarely are a good alternative to passive ETF investing. take care ...

https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy

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Hi anon,

LifeReady Plus is a whole of life, limited payment plan. If you get it, you will be getting it to give yourself CI/early CI coverage (which are added via riders) for whole of life. It's not mean to be an investment and should not be evaluated as such. Yes, part of the premiums are invested in the participating fund, which is heavily skewed to fixed income to reduce the risk, but you don't have any say in what they invest in.

If you know how to invest, set up an investment account such as POEMS and you can invest already. Insurance and investments should be separated.

LifeReady Plus should really be considered if you have need to get CI/ECI cover for whole of life but don't want to be paying premiums forever. Cost effectiveness wise it would probably be cheaper than a term plan till say, 75/80 with CI/ECI coverage, not foretting that your CI/ECI cover will never cease unlike a term plan. However, you should speak to an independent financial advisor for a more in depth discussion as well as to evalute other similar plans from other insurers before settling on the right plan for yourself.

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Hey there!

LifeReady Plus is a participating whole life plan. What this means is that it provides coverage for death and TPD alongside CI if you add in the CI riders. By a certain age, you will be able to withdraw a cash value to it as your premiums are invested into the participating fund of the insurer. If you are looking for Investment options, you will have to look at an ILP instead.

If you feel that you have the knowledge and skill to invest on your own, you might want to contemplate a Term plan instead since it's usually cheaper. Do note that a term plan does not have a cash value. However, some Term plans can be converted to a Life plan at some point but do check the terms and conditions for that.

Will need to look at what your needs more closely to see if this is something that will help you.

Financial planning is an integral part of life. You can reach me here to find out more.​​​

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Firstly, you need to identify your needs. Thereafter, we can evaluate whether the policy fulfils your needs. As for investment, you may wish to conduct an analysis on its track records, fees, and whether the investment-linked funds are capable to product reasonable net returns in the long run.

In the same way, this will be how we are going to determine whether to choose a term insurance policy or a whole life insurance policy.

Generally, a term insurance policy covers for a pre-defined period that you need it.

More Details:

What is a Term Insurance Policy

On the other hand, a whole life insurance policy covers you for life, alongside with other features, e.g. policy loan.

More Details:

What is a Participating Whole Life Insurance Singapore

Through establishing your needs, we are able to accurately determine which is the right fit for you. This is regardless of your ability to invest on your own.

I share quality content on estate planning and financial planning here.

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