Manulife ReadyProtect: 2022 Review | What We Think

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Manulife ReadyProtect Review

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manulife readyprotect review

Table of Contents

Manulife’s ReadyProtect is a non-participating, personal accident insurance that safeguards you and your loved ones financially against unexpected death, illness, diseases and accidents.

Entry Age 

The policy insures individuals from as young as 15 days old to 65 years old. You will be entitled to coverage under core benefits till 99 years old and medical expenses till 75 years old.

Product Features

Premium Payment Terms & Options

Premiums payable start as low as $2 weekly. The following tables contain the annual premium rates payable for each occupation class.

Annual Premium Rates for Class 1 & 2 Occupations Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
15 days to 55 years old Core Benefits $96 $173 $288 $468 $924
Income Support Benefit (Optional) $42 $72 $122 $222 $380
Hospital Cash Benefit (Optional) $20 $35 $55 $95 $150
Child Care Benefit (Optional) $108 $198 Not Available
56 to 65 years old  Core Benefits $144 $260 $432 $702 $1386
Income Support Benefit (Optional) $63 $108 $183 $333 $570
Hospital Cash Benefit (Optional) $30 $53 $83 $143 $225
Annual Premium Rates for Class 3 Occupations Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
15 days to 55 years old Core Benefits $164 $295 $490 $796 $1,571
Income Support Benefit (Optional) $72 $123 $208 $378 $646
Hospital Cash Benefit (Optional) $34 $60 $94 $162 $255
56 to 65 years old  Core Benefits $144 $260 $432 $702 $1,386
Income Support Benefit (Optional) $63 $108 $183 $333 $579
Hospital Cash Benefit (Optional) $30 $53 $83 $143 $225
Annual Premium Rates for Class 4 Occupations Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
15 days to 55 years old Core Benefits $212 $381 $634 $1,030 $2,033
Income Support Benefit (Optional) $93 $159 $269 $489 $836
Hospital Cash Benefit (Optional) $44 $77 $121 $209 $330
56 to 65 years old  Core Benefits $317 $572 $951 $1,545 $3,050
Income Support Benefit (Optional) $139 $238 $403 $733 $1,254
Hospital Cash Benefit (Optional) $66 $117 $183 $315 $495

(Classification details of Manulife’s occupational class are not available online or in the product summary)

You will enjoy a 10% discount on all your ReadyProtect policies if you purchase more than 2 ReadyProtect policies for your household (yourself included).

The following sample premium illustrates the premium payable and coverage for a family of 3.

Family Coverage (Daily Premium: $2.50)
Male 

(35 Years Old)

Female 

(35 Years Old)

Child 

(5 Years Old)

Core Benefit Advantage

  • One-time Payout: $200K
Head Start

  • One-time Payout: $125K
Optional Benefit Income Support Benefit

  • Disability Support Allowance: $200K over a span of 10 years
  • Home Modification Reimbursement: $10K maximum
Child Care Benefit:

  • $100K over a span of 10 years
Total Payout $430.8K $430.8K $225K

Core Benefits

Accidental Death and Dismemberment (ADD) Benefit

The ADD Benefit covers you till 99 years old. In the event of an unexpected death, an ADD Benefit payout ranging from $50K to $1M will be reimbursed.

Double Payout

The ADD Benefit reimbursed will be doubled in the following scenarios:

  1. When accidental death or dismemberment occurs in public transportation.
  2. When the child insured experiences accidental or dismemberment;
    • Within or outside school premises on a school day or during school activities
    • As the child travels between home and school or the location of school activity

 

Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
ADD $50K $100K $200K $500K $1M
Double payout for ADD occurred in public transportation or during a school activity $100K $200K $400K $1M $2M
Schedule of Indemnity

Should you encounter any of the below events within 52 weeks from the accident date, Manulife will reimburse the corresponding percentages of the face amount.

Only one payout per accident will be issued. Should the insured experience more than one injury, the highest benefit of the two injuries will be paid.

The maximum payout of your ADD Benefit is capped at 150% of the face amount. With every subsequent claim, Manulife will deduct prior payouts issued.

Once the maximum payout is reached, all benefits besides the Child Disability Support Allowance (see “Child Care Benefit” under “Optional Benefits”) will cease.

Event Percentage of Face Amount
Loss of life 100%
Permanent total loss of sight of:

  • Two eyes
  • One eye
 

150%

100%

Loss of, or the permanent total loss of use of

  • Two limbs
  • One limb
  • One limb and the permanent total loss of sight of one eye
 

150%

125%

150%

Permanent total loss of speech and hearing 150%
Permanent total loss of hearing of

  • Two ears
  • One ear
 

75%

25%

Permanent total loss of speech 50%
Permanent total loss of the lens of one eye 50%
Loss of, or the permanent total loss of use of

  • Four fingers and thumb of one hand
  • Four fingers of one hand
 

70%

40%

Loss of, or the permanent total loss of use of, one thumb

  • Two phalanges per hand
  • One phalanx per hand
 

30%

15%

Loss of, or the permanent total loss of use of, fingers

  • Three phalanges per hand
  • Two phalanges per hand
  • One phalanx per hand
 

10%

7.5%

5%

Loss of, or the permanent total loss of use of, toes

  • All toes of one foot
  • Great toe – two phalanges
  • Great toe – one phalanx
  • Each toe other than the great toe
 

15%

5%

3%

1%

Fractured leg or patella with established non-union 10%
Shortening of leg by at least 5cm 7.5%
Third-degree burns

  • Head – equal to or greater than 2% but less than 5%
  • Head – equal to or greater than 5% but less than 8%
  • Head – equal to or greater than 8%
  • Body – equal to or greater than 10% but less than 15%
  • Body – equal to or greater than 15% but less than 20%
  • Body – equal to or greater than 20%
 

50%

75%

100%

50%

75%

100%

Medical Expenses Benefit

The Medical Expenses Benefit covers you till 75 years old. You may claim medical expenses for accidents, TCM treatment, chiropractic treatment, ambulance fees, and mobility aids that have been incurred within 52 weeks from the date of the accident.

Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
Medical expenses incurred per accident Accidental Medical Reimbursement (AMR) Up to $1K Up to $2K Up to $3K Up to $4K Up to $10K
AMR occurred while overseas Up to $2K Up to $4K Up to $6K Up to $8K Up to $2K
TCM or Chiropractic treatment  Up to $250 Up to $500 Up to $750 Up to $1K Up to $1.5K
Ambulance fees (capped at $200 per accident) and mobility aids  Up to $700 Up to $1.2K Up to $1.2K Up to $2.2K Up to $3.2K

Infectious Disease Coverage

Manulife’s ReadyProtect insures you against 21 types of infectious diseases, namely the following:

Viral Infection
  1. Avian Influenza (“bird flu”) due to Influenza A viral strains H5N1, H9N2, or H7N7
  2. Hand, Foot, and Mouth Disease (HMFD)
  3. Measles
  4. Middle East Respiratory Syndrome Coronavirus (MERS-CoV)
  5. Mumps
  6. Nipah Viral Encephalitis
  7. Rabies
  8. Rubella
  9. Severe Acute Respiratory Syndrome (SARS)
Degenerative Neurological Disease
  1. Variant Creutzfeldt-Jakob Disease (vCJD) (“Mad Cow Disease”)
Bacterial Infection
  1. Anthrax Infection
  2. Legionnaires’ Disease
  3. Melioidosis
  4. Plague
  5. Pulmonary Tuberculosis
Mosquito-Borne Infection
  1. Chikungunya Fever
  2. Dengue Fever
  3. Dengue Haemorrhagic Fever
  4. Japanese Viral Encephalitis
  5. Malaria
  6. Yellow Fever
  7. Zika Virus

Optional Benefits

Income Support Benefit

The Income Support Benefit covers you till 75 years old. The table below indicates the payouts you are entitled to under the Income Support Benefit.

Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
Weekly income for Temporary Total Disablement* (per accident, for a maximum of 104 weeks) $50 $100 $200 $350 $500
Weekly income for Temporary Partial Disablement** (per accident, for a maximum of 104 weeks) $12.50 $25 $50 $87.50 $125
Disability support allowance

(per lifetime, paid over 10 years)

$50K $100K $200K $500K $1M
Home modification

(per lifetime)

Up to $5K Up to $5K Up to $10K Up to $15K Up to $20K

Manulife classifies disablements into 2 types:

*Temporary Total Disablement: 

  • Disability occurred within 90 days from the accident date
  • The insured is unable to execute all job duties due to the accident or
  • Does not have a job at the time of the accident and cannot executive 3 or more Activities of Daily Living

 

**Temporary Partial Disablement: 

  • Disability occurred within 90 days from the accident date
  • The insured cannot execute at least 1 of his job duties due to the accident
  • Cannot perform at least 1 Activity of Daily Living

 

Hospital Benefit

The Hospital Benefit covers you till 99 years old. It gives you a daily hospitalisation cash benefit for a maximum of 365 days per accident.

This payout is doubled should you be admitted into the ICU, for a maximum of 30 days.

Expenses incurred for fractures, broken bones and reconstructive surgery are also claimable under the Hospital Benefit.

Core Benefit
Head Start  Accelerate  Advantage  Ultimate  Signature
Daily hospitalisation cash 

(per accident, up to 365 days)

$50 $100 $150 $300 $500
Daily hospitalisation cash upon admission to ICU

(per accident, up to 30 days)

$100 $200 $300 $600 $1000
Fractures and broken bones^ (per policy year) Up to $5K Up to $5K Up to $10K Up to $15K Up to $20K
Reconstructive surgery (cosmetic surgery or skin transplant)

(per accident)

Up to $5K Up to $10K Up to $10K Up to $15K Up to $20K

^Schedule of Injuries for Fractures and Broken Bones:

manulife readyprotect broken bones

Child Care Benefit

The Child Care Benefit is only available under the “Head Start” or “Accelerate” scheme. For your child to receive coverage under this benefit, he must be 16 years old or below.

He will be covered till age 25.

Where an accident has resulted in the death of the policyholder before 75 years old, a payor waiver benefit will be put in force.

This maintains all future premiums payable and optional benefits at the same value till the child of the life insured turns 25 years old.

The Child Care Benefit alleviates your child’s education expenses by providing a one-time payout.

An Accidental Medical Reimbursement (AMR) Booster is also offered.

It increases the cap on claims for AMR and doubles the payout for accidents occurring overseas.

Lastly, the child support allowance will be paid over a span of 10 years.

Core Benefit
Head Start  Accelerate 
Payor waiver benefit Yes Yes
Education assurance fund $50K $100K
Accidental Medical Reimbursement (AMR) Booster Up to $1K Up to $2K
AMR Booster while overseas Up to $2K Up to $4K
Child disability support

allowance (per lifetime)

$100K $200K

My Take on Manulife ReadyProtect

Upon viewing the policy’s features and coverage, the 3 prominent features of the Manulife ReadyProtect are flexibility, double reimbursements for accidents that occurred overseas, and the Child Care Benefit.

With 5 base plans of varying coverage to choose from, Manulife’s ReadyProtect is a versatile policy that can be customised to suit all profiles.

From the fresh graduate who is looking for basic coverage that goes easy on his pocket to the executive who desires to be covered extensively, the insured may select the plan that best suits his desired coverage level and income level.

The Manulife ReadyProtect also safeguards you against accidents, reimbursing you with payouts that are twice the amount of payouts for accidents that have taken place locally.

If you would like to insure your child against the unexpected, the Manulife ReadyProtect’s Child Care Benefit offers the necessary payouts that alleviate the education and medical expenses of your child.

The Payor Waiver Benefit prevents the inflation of premium payable, ensuring affordability.

As all of us have varying preferences and priorities, the personal accident plan that suits others might not be the ideal plan for you.

Still deliberating which personal accident policy is best for you and your loved ones?

Speak to trusted a financial advisor today.

They will provide you with an unbiased analysis of the available policies so that you may find the choice plan for your needs.

References:

https://www.manulife.com.sg/en/solutions/health/accident/manulife-ready-protect.html

https://www.manulife.com.sg/content/dam/insurance/sg/solutions/our-solutions/health/accident/manulife_readyprotect_english.pdf

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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