How often have you passed on something you wanted because you felt guilty to splurge?
As parents, we always put our children before ourselves. Oftentimes, this results in us skimping and missing out on valuable experiences in order to save up for their future. But the here and now is just as important, for when this time passes, there’s no turning back.
The good news is you can enjoy today – seize the now and still plan for your child’s future.
In other words, the right insurance savings plan means benefits for both you and your children.
Yes, you read that right! Read on to find out all about it!
Why the Here and Now is Important
As parents, we are always on the go, we go through the motions of the daily grind. Everything seems the same yet so many changes right before our eyes, only, we are too busy to notice it. That begs the question – why are we so busy? Working hard for our children’s future of course!
“We make sacrifices today for our children to have a better tomorrow,” is a common mantra that Singaporean parents chant. Understandably so, because many of our parents came from a post-war generation, in which there was great instability and they worked hard to provide a better future for their children. That happens to be us, and we end up doing the same as our parents’ mindset inevitably rubs off onto us. We work hard to provide our children for their education and build their armour for the battle of life that lies ahead of them. As such, we end up foregoing several valuable life experiences because we prioritise them as secondary.
These are noble intentions but we must recognise that the world we live in today is different than that of our parents. Consumerism has led to a greater emphasis on the individual and generally, a higher standard of living.
If we are constantly making sacrifices for tomorrow, our children miss out on the best experiences they could possibly enjoy with us today. Lifetime memories from travelling, cuddles, and laughter that comes right from the heart – these are priceless experiences that your children will cherish.
In fact, this is also a form of investment, perhaps just as important as the future you are working so hard for. The more experiences, love, and laughter you fill your children’s tank with today, the more sensitive, caring, empathetic and loving adults they grow into. So do not underestimate the importance of enjoying the here and now with your family!
Enjoying the Present
Some of the best things in life are free, and you can enjoy nature, and simply the company of each other without distractions. But some experiences such as travelling and going out to dine as a family are equally important. If you can afford it, don’t skimp on them. You and your children will treasure these experiences and will reminisce them fondly as part of their childhood. In addition, don’t forget self-care, which is a common blind spot amongst Singaporean parents who often ignore their own needs for the sake of the family. It is equally important for you as an individual to take good care of yourself, and indulge in experiences that are exciting for the better of your physical and mental health. So go for that occasional pamper, else, as you get older, you may look back with regret, wishing you had prioritised yourself more. So live in the moment!
Yes, You Can Have it All!
Here’s the good news – contrary to popular belief, enjoying today does not come at the expense of the future. Turns out, you can have it all! Your present enjoyment and your children’s future are not mutually exclusive. Read that again.
The right insurance savings plan makes it possible for you to have your cake and eat it too. That’s exactly what Manulife’s Ready LifeIncome (III) is here for, and what makes it the right choice!
What Manulife’s Ready LifeIncome (III) is All About
Manulife (Singapore) recently launched a new regular premium whole life insurance savings plan, Ready LifeIncome (III), that provides you with financial stability and a lifetime yearly income1 from the end of policy year five or ten until you are 120 years old.
Ready LifeIncome (III) has a unique feature – the Change of Life Insured2 option, which allows your loved one to be the new life insured of the policy. Together, the Change of Life Insured option and assignment3 of policy mean that you can pass your policy down to your children and even onto their next generation in its entirety.
In the unfortunate event of retrenchment, finances become a huge concern. It can be terrifying to see your savings rapidly declining. As such, Ready LifeIncome (III) offers a retrenchment benefit4 that pays out a lump sum, to ease your financial obligations during this tough period. In addition, it has a feature to waive off future premiums5 in the event of total and permanent disability during premium payment term, or pause6 premiums payment for a year, while still enjoying coverage. You’ll also be covered5 against death and terminal illness until the age of 120. As such, you can indulge in quality time with your loved ones as you safeguard their future and yours with Ready LifeIncome (III).
Ready LifeIncome (III) also offers premium flexibility as there is no one size fits all approach to an insurance savings plan. Depending on your preferences, you can choose between premium payment term of 5 or 10 years. The best part is that taking up a plan is a completely hassle-free experience as it guarantees the acceptance of your application with no health questions asked!
Mums and dads, the future is unpredictable, and no one can totally predict what is to come. As such, we can do our best to prepare for it, but it should never come at the expense of living life to the fullest in the present. With Ready LifeIncome (III), you can have the peace of mind that you are safeguarding your family’s future, without compromising on your quality of life. Ready LifeIncome (III) will be with you and your family every step of the way.
Start today to enjoy up to 15% off7 first-year premium, while safeguarding the future.
Footnotes
¹Lifetime yearly income consists of guaranteed and non-guaranteed yearly income. Guaranteed yearly income is 0.80% of the sum insured. Based on illustrated investment rate of return of 4.25% p.a., non-guaranteed yearly income prior to 25th policy year is 2.00% of the sum insured and 2.20% of the sum insured from 25th policy year onwards. Based on illustrated investment rate of return of 3.00% p.a., non-guaranteed yearly income prior to 25th policy year is 0.90% of the sum insured and 0.99% of the sum insured from 25th policy year onwards.
²After 2 policy years, the Policyowner may request to change the life insured up to 2 times during the policy term. Subject to insurable interest and any other T&Cs. Please refer to Product Summary for more information.
³Transfer of policy ownership via assignment is allowed anytime while the policy is in force. The assignee must be at least 18 years old.
⁴Retrenchment benefit is applicable during the premium payment term or before the policy anniversary immediately after the policy owner’s 65th birthday, whichever is earlier. This benefit is only applicable to individual owned policies where policy owner is aged 64 and below. For 5 years premium payment term, the retrenchment benefit payout will be 50% of annual premium, and for 10 years premium payment term, the retrenchment benefit payout will be 100% of annual premium.
⁵Please refer to the Product Summary and Policy Contract for more details.
⁶Provided the policy has been in force for 2 policy years with 2 full annual premium payments and subject to approval by Manulife.
⁷T&Cs apply.
Important notes
Ready LifeIncome (III) is underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy’s surrender value (if any) may be zero or less than the total premiums paid. This material is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors, or visit any DBS/POSB Branch before making a commitment to purchase a policy.
Information is correct as at 4 July 2022