How to enjoy life's pursuits and preserve wealth for future generations - The Straits Times

As American human rights activist Malcolm X once said, “The future belongs to those who prepare for it today”.

If the past 22 months have taught the world anything, it is that no one can predict or control the future. While it is impossible to know what the future holds, you can certainly prepare and plan for it – for yourself now, and your future generations.

With Singaporeans living longer and healthier, the amount of funds required to support the golden years will increase. Singapore topped the world in life expectancy levels in 2020 with an expected lifespan at birth of 83.9 years.

For many Singaporeans, CPF savings – and its annuity schemes – form the bedrock of their retirement plans. But Singaporeans tend to overlook other ways to enhance their financial standing and retirement planning.

Take, for example, an insurance savings plan that complements investment portfolios and retirement plans.

As inflation fears mount, keeping money in the bank is no longer ideal since inflation rates that outpace the low interest rates erode the value of these savings over time. Investing in financial markets has also become a lot trickier.

These factors make whole-life insurance savings plans that protect against life’s curveballs, while providing a lifetime stream of monthly income, a suitable option to one’s financial and retirement plan.

Whole-life saving plans have another unrivalled advantage: to help provide for the financial well-being of future generations.

Manulife IncomeGen, the newest addition to Manulife’s comprehensive suite of insurance solutions, is a versatile whole-life insurance savings plan that stands out in the market as it provides you with a monthly lifestyle allowance up to age 120 for you and your loved ones to enjoy.

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Growing your wealth and enjoying life’s pursuits

After a short period of premium payments of three years, Manulife IncomeGen pays a monthly lifestyle allowance1 from the end of the 49th policy month – up to age 120.

Gifting to loved ones and the next generation

One of Manulife IncomeGen’s unique features is the Change of Life Insured2 option, which allows your loved one to be the new life insured of the policy. Together, the Change of Life Insured option and assignment of policy mean that you can pass your policy down to your children and even onto their next generation in its entirety.

The sooner families begin planning for their wealth accumulation, the better prepared they will be to ensure the sustainability of their wealth for future generations.

Protecting against life’s uncertainties

More than two years into the pandemic, Singaporeans remain focused on their health and financial well-being.

According to the results of the latest Manulife Asia Care Survey3, among the 58 per cent looking to purchase new insurance plans in the next 12 months, endowment/savings insurance (20 per cent), hospitalisation cover (16 per cent) wealth/investment-linked insurance (16 per cent), and health (16 per cent) topped the list in Singapore.

With Manulife IncomeGen, the life insured will be covered for death and terminal illness up to age 120. In the event of accidental death of the life insured before age 80, there is an additional payout of 50 per cent of total premiums paid to-date. If the life insured suffers total and permanent disability during premium term, all future premiums will be waived to help maintain his or her financial goals.

A highly flexible insurance savings plan, Manulife IncomeGen will not only complement your current lifestyle but also allow you to lay the groundwork for a sound financial foundation for whatever the future may bring.