The Manulife LifeReady Plan gets you everything you need in coverage and is possibly (in my opinion) the best Whole Life plan there currently.
Whole Life plan gives permanent coverage to your child
It's a great peace of mind to have bought permanent insurance for your child.
As young as possible just in case any health conditions or major sicknesses take place.
You can use the Manulife LifeReady plan to get Early critical illness coverage for your child.
The early critical illness definition is very comprehensive.
If you want to reduce premiums, one way is to design the plan with a 5x the multiplier on the sum assured. I've suggested this frequently to my private clients.
What this means is if you cover for $30k sum assured on your child, the total claims payout will be stretched to $150k if claims happen before the age of 70.
From my research, this premium rate is amongst the best currently.
If possible, go for the Manulife LifeReady 10 plan.
LifeReady 10 means you complete premiums in 10years.
The other options are LifeReady 15, LifeReady 20 and LifeReady 25.
I strongly recommend to complete premium as early as possible. And you get the most savings by doing so.
You will be surprised. Premiums for infants/toddlers are really cheap.
It can be less than $150/m AND for only 10years. $147.05/m for a less than 1year old infant.
Consider this option vs a term plan for your child.
I bought a Whole Life plan on my child too
I use to believe that insurance should only be on me and my wife's life.
We are after all breadwinners and insurance should be bought only to replace income.
But I got to know about sick children.
The cost involved, the sacrifices involved ... by the whole family.
It is just a simple realisation that nobody is immune. Not any child.
That's why I'm recommending coverage to your child.
I bought mine through AVIVA more than 2years ago.
This Manulife LifeReady plan is newer and more competitive in my opinion. We could have a private discussion.
A Whole Life plan can be an asset to you
A plan that generates more value over time.... you can see it as an asset.
And providing permanent coverage for your child.
Something that you can pass to your child FOC when he/she grows up.
Last updated on March 13th, 2019 at 05:06 pm