Manulife

[killer]

In some cases in various companies ( esp older plans), DD ( or critical illness) is not included in the convertion clause. It might be worth to check your BI again even if you are not covered by manulife

 

[lifeafter41]

Saw my annual Manulife statement today $28k surrender value...my yearly premium is $2200 for 18 years liao... see oredi very hot!
Avoid this coy! Always reduce the bonuses and give crap excuses!

I just happen to see this thread TS, it’s just terrible that the value has gone negative so much.

What kind of policy is it??

 

[HWZ1973]

I just happen to see this thread TS, it’s just terrible that the value has gone negative so much.

What kind of policy is it??

Hi, it’s a whole life policy. Plan name is Living Choice.

 

[HWZ1973]

Hi HWZ1973

Reviving this thread as i recently reviewed the cash value of this (crappy) policy from Manulife again. Good that I heed your advice way back in 2016 not to terminate the policy. Appears that Manulife declared a terminal bonus at the recent anniversary (Yr 20) which boosted the cash value abit more. Still a long way from breaking even on the premiums I have paid but well.. that's water under the bridge...

Anyway I'm now looking at the possibility of converting the policy to a paid-up one, as I do not need that much death benefit anymore (dependent self sufficient) and also to put the premiums to better use given the latest BI on the policy does not look promising.

To my horror when I enquire with Manulife I was told that upon conversion, the reduced policy will not pay out for Dreaded Disease (DD) as it is deemed a supplementary benefit. When I looked through the policy documents, only the Benefits Schedule indicates the DD as supplementary benefit - the main plan document and policy application form (filled up by and signed off by the agent) did not spell out DD as a supplementary (note: I have other riders such as TPD and term which are clearly marked as Supplementary Benefit and attached to the main plan doc). It makes me wonder if Manulife made a error with the Schedule! Or worse, a case of mis-selling as the agent had presented it as a Whole life cum DD policy but the truth is otherwise.

Before I take this up further with Manulife, thought I should check with you if my understanding is correct. That the DD cover is part of the Living Choice core plan and NOT a rider?

Hi, yes it’s part of the core plan not a rider.

 

[KeytoFreedom]

Saw my annual Manulife statement today $28k surrender value...my yearly premium is $2200 for 18 years liao... see oredi very hot!
Avoid this coy! Always reduce the bonuses and give crap excuses!

Whole life policies takes many years to breakeven ...ask your agent to show you the schedule where you can see the payout over 20-30years...I'm guessing at around 25 years you'll see the returns rising

Sent from OnePlus ONEPLUS A5010 using GAGT

 

[xuexue12]

Can I bump this thread up?

I'm a total noob, not having a good experience buying Manulife ReadyBuilderII. Are they able to cut the guaranteed return too? thanks in advance

 

[boredboiboi]

Can I bump this thread up?

I'm a total noob, not having a good experience buying Manulife ReadyBuilderII. Are they able to cut the guaranteed return too? thanks in advance

Nope, Guranteed cannot be cut. Only the non declared non guaranteed can be cut. You bought? Regualar premium guaranteed breakeven at year 15, while single premium guaranteed breakeven at year 10

 

[boredboiboi]

Can I bump this thread up?

I'm a total noob, not having a good experience buying Manulife ReadyBuilderII. Are they able to cut the guaranteed return too? thanks in advance

And feel free to bump and ask any question. =)

 

[xuexue12]

Super late response. I didnt buy in the end. Well, interest rates are high currently. Makes no sense to buy it. IMHO