Manulife Singapore’s ManuSignature Series Offers Financial Solutions for HNWIs
Manulife (Singapore) Pte. Ltd. has launched the ManuSignature Series, which is designed to cater to the unique financial needs of high net worth individuals (HNWIs). The Series offers a choice of solutions to help HNWIs meet their personal and business needs, such as family protection, estate creation, wealth preservation and distribution, and business succession planning. The HNWI market in Asia-Pacific has grown rapidly and shows little sign of slowing down. According to the 2014 Asia-Pacific Wealth Report1, the number of HNWIs2 in the region reached 4.3 million in 2013, rising 43 percent from 2009. Total wealth of HNWIs in 2013 was US$14.2 trillion. Asia-Pacific is also expected to overtake North America as the largest HNWI market in the near future, according to the report. In Singapore alone, there were 105,000 HNWIs in 2013, up 30 percent from 2009. “As Singapore continues to gain prominence as a hub for HNWIs, we are likely to see a corresponding increase in demand for wealth management and protection solutions tailored to this segment,” said Naveed Irshad, President and Chief Executive Officer of Manulife Singapore. “Manulife is committed to developing innovative products that deliver real value to our clients. We understand the top financial priorities of HNWIs and have designed the ManuSignature Series with their specific needs in mind.”
There are currently three products in the ManuSignature Series serving HNWIs: Heirloom (I) The newly enhanced Heirloom (I) is designed to support HNWIs with their legacy planning and wealth transfer needs. It is a flexible premium US dollar-denominated universal life plan that provides high death benefit protection and strong cash value accumulation potential. One notable enhancement for Heirloom (I) is the simplification of its application requirements, which enables some clients to obtain coverage without the need for medical examinations. There have also been some underwriting changes, which will expand the pool of clients who can qualify for preferential risk classes with lower premiums. Another unique feature is Manulife‟s Quit Smoking Incentive (QSI), which offers smokers non-smoker rates for the first three policy years. Those who provide satisfactory evidence that they have quit smoking after this period can continue to enjoy the lower charges.
ManuSignature Term ManuSignature Term helps HNWIs boost their protection coverage at minimal cost, with a high sum insured of S$1 million and above in the event of death and terminal illness. There is also the option to add on supplementary benefits for critical illness protection. Non-smokers in excellent health can enjoy preferred premium rates that are lower than the standard rates. ManuSignature One ManuSignature One is a Singapore dollar-denominated single premium whole life insurance plan that offers HNWIs high protection coupled with a high guaranteed cash value. It features a Minimum Protection Benefit (MPB) factor to guarantee coverage up to 300 percent3 of the chosen sum insured. The plan also provides an immediate and guaranteed cash value of 80 percent from day one of the policy, which will continue to grow with the accumulation of non-guaranteed bonuses.
Manulife has also established a dedicated high net worth service, where a specialised team will work closely with distributors to facilitate a smooth and hassle-free application process for HNWI clients.