Aimed at helping the mass affluent create their legacies
Manulife Singapore has launched Solitaire, a single premium whole-life plan aimed at helping the mass affluent create their legacies.
According to Manulife, the Solitaire intends to address concerns of Untimely liquidation, which occurs after an unexpected death in a family that leads to urgent liquidation of assets under such circumstances, assets are at risk of being sold below their market value; and Complex estate that may include businesses, properties and even non-financial assets where it becomes difficult to evaluate equitable distribution among family members.
The company said that the Solitaire offers coverage of up to 200% of the chosen face amount. This multiplier factor corresponds to the entry age of the life insured and is fixed throughout the duration of the policy once it is set at inception. The same multiplier factor applies to optional coverage for Terminal Illness and Total & Permanent Disability until age 65.
Darren Thomson, president and CEO of Manulife Singapore, said: “Wealth protection and wealth distribution stand out as key financial needs for the mass affluent. Insurance is an efficient tool to safeguard wealth and it can seamlessly transfer wealth to assigned beneficiaries without affecting the harmony among family members.
“Insurance provides an excellent vehicle that addresses the need for liquidity because upon death, benefits will be paid directly to the assigned beneficiaries. Not only will this allow the family to avoid the stress and concern of having to sell assets below their true value, they will also enjoy the choice of retaining the assets to which they may have an emotional attachment.”
Manulife’s Solitaire is available through Manulife Financial Planners, Financial Advisor Firms, all branches of Citibank and United Overseas Bank.