Recently got to know this product but was unable to find any review on it.
Is it expensive or good?
Considering the retrenchment is in droves in semiconductor sector, it's an interesting product to look at.
To be sure, You meant this right?
http://www.dbs.com.sg/ibanking/help/resources/doc/manulife-incomeguard-plus-coi.pdf
"If you are Retrenched and remain unemployed for a minimum period of 30 consecutive days, the Insurer will pay Monthly Benefit for a period of 3 months."
Seeing that most people here advocate having an emergency fund of 6 months, unless the premiums are really cheap I think it's not a top tier 'need' policy. I'm still reading it though!
edit: Without looking at premiums, I personally wouldn't get this. On the retrenchment aspect alone, there are many factors that may make you ineligible for the payout.
"5.3. Exclusions to Retrenchment Benefit
The Retrenchment Benefit will not be payable if:
(i) you were, before the Effective Date, aware that you would be Retrenched; or
(ii) you are self-employed, or an independent contractor or sole proprietor immediately before
being Retrenched; or
(iii) your employer is any of your spouse, your Relation or Relation of your spouse; or
(iv) any of you, your spouse, your Relation or Relation of your spouse, (a) holds a substantial
interest in, or (b) is in a position to exercise control over the appointment and termination of
employees in the company, corporation, limited liability partnership, society, association or
partnership (or such other similar body whether incorporated or unincorporated) which
employs you; or
(v) the Retrenchment arises out of:
a) retirement; or
b) resignation; or
c) termination or suspension due to your own willful or deliberate misconduct or unlawful
behavior; or
d) natural expiry of the employment contract; or
e) leave of absence whether paid or unpaid; or
f) military discharge; or
g) any voluntary forfeiture of income by you.
For the purposes of this Clause 5.3, “substantial interest” means to own 5% or more of the equity
interest in a body corporate."
Also, regardless of CI, TPD, Death etc, total monthly payout is capped at 12 months, and you bear the costs of the medical advisor employed by DBS, "In the case that the Insurer appoints another Medical Examiner to examine you in Singapore or the
evidence presented, any travel, accommodation and other ancillary cost (excluding the cost of
examination by the Medical Examiner appointed by the Insurer) will be borne by the claimant."
The premiums are very cheap, for every $1000SGD of monthly benefits, premiums payable is $6. Insurance renews every month. So if someone wants some sort of cheap protection this may be viable. But I would rather put this extra money into boosting the term plan by another 100k coverage or something unless the objective is to be covered for retrenchment?
