Manulife believes preventive care is important as it helps its customers stay healthy and reduces their overall medical expenses. This is reflected in its health and wellness initiatives, including sponsorships such as the Boston Marathon and Terry Fox Run.
Launched last month, Manulife LifeReady is a traditional whole- life solution with flexibility to tailor to customers' needs, such as upgrading cover at certain milestones without a medical check-up.
The milestones include graduation, buying the first home, getting married and having children. The plan also covers critical illnesses.
Customers are given two years to qualify for premium discounts by meeting a set of health targets, including Body Mass Index, blood pressure and cholesterol level. Once they qualify for the premium discount benefit, they can enjoy it for as long as they hold the plan.
Mr Carlos Vazquez, chief product officer at Manulife Singapore, says: ""If our customers hit their health objectives, it's a win-win situation for both customers and Manulife.
"By maintaining good health, customers are not just extending their own lives, but are also being rewarded financially for it."
Manulife LifeReady offers a "5x" multiplier benefit, which means the cover can go up to five times of the initial sum assured.
Assume a male policyholder aged 35 with an initial sum assured of $100,000. He pays a premium of $545 a month or $6,341 a year and he will be covered with a sum insured of $500,000 till age 70.
If he is diagnosed with an early critical illness at 40 and he has the early critical care rider, he will receive a payout of $250,000 to help with his recovery. The plan also offers his child free advanced stage critical illness coverage from 30 days old until the child turns 18 without any medical examination. The critical illness cover is capped at $250,000 per life per condition.
A term life product - ManuProtect Term - offers a "quit smoking" incentive to customers in the form of a premium discount when they quit. To encourage and reward smokers to quit, non-smoker (lower) premium rates for the first three years are offered.
"If customers provide us with evidence that they have stopped smoking within these three years, we will continue to offer them the lower premiums throughout the policy term," says Mr Vazquez.
Another health plan is Manulife Global Medical plan, which has a no-claims premium discount to reward healthy customers.
This is a high-end solution that covers hospital and outpatient medical bills, including maternity and dental expenses. It also offers a personalised health support team that takes away the hassle in arranging medical treatment.