Spectrum Universal Life Insurance Plan
What is Spectrum Universal Life Insurance Plan?
Spectrum Universal Life Insurance Plan is designed to provide whole-life protection and opportunities for wealth accumulation. With flexible premium payment options, it helps you adapt as your priorities evolve, while offering growth potential through the Growth Account and stability through the Fixed Account. Policy services@ are also available to help you preserve your wealth and plan for future generations.
@These are administrative arrangements and are not part of the product features. Applications for these services are subject to our prevailing administrative rules which shall be determined and modified by us from time to time without prior notice. The acceptance of the application is at our sole and absolute discretion. Please refer to the relevant policy service leaflet for details on your rights and the restrictions applicable to these services.
The content of this website does not contain the full terms of the policy(ies), and the full terms can be found in the corresponding policy document(s).
How does it work?
The plan combines growth potential with stability and whole-life protection. The Growth Account offers growth potential through crediting interest1, subject to the applicable Segment Floor Rate and Segment Cap Rate2, while the Fixed Account earns daily interest through the Fixed Account Crediting Interest Rate1, which is subject to a guaranteed minimum crediting rate of 2% p.a., providing greater stability.
The plan also includes safeguards to help protect your policy value. The Segment Floor Rate ensures the Segment Crediting Interest Rate will not fall below 0%, for the Growth Account. While the Minimum Surrender Value provides a floor on your surrender value, regardless of your allocation between the Fixed Account and Growth Account. You may also choose the Automatic Premium Spread (“APS”) option to spread your allocation into the Growth Sub-account over a period of up to 12 consecutive months, instead of allocating the whole amount at once.
As your priorities evolve, you can apply to reallocate3 your account value between the Growth Account and Fixed Account after one year from the policy issue date, giving you flexibility to adjust the balance between potential growth and stability over time.
Who may consider this plan?
- Individuals looking for long-term life protection together with wealth accumulation opportunities.
- Those seeking a balance between growth potential and stability as part of their long-term financial planning.
Other features
Flexible whole-life protection for you
Enjoy lifelong protection with flexible premium payment options designed to support your changing needs. You can also make additional premium payments4 or convert your plan to another designated plan5, giving you the flexibility to adapt as your priorities evolve.
This website shall be read in conjunction with the relevant product brochure. You may download the product brochure from this page or ask your Manulife insurance advisor for a copy of the product brochure which will give you more details about the product including the ‘Important Information’ showing the product risks.
Before making a purchase, you should read the policy provisions for the exact terms and conditions that apply to this product. You can ask us for a copy.
Important Note
Spectrum Universal Life Insurance Plan is a universal life insurance product designed to provide lifelong protection and opportunities for wealth accumulation. It is provided and underwritten by Manulife. The above provides only general information on this product and does not contain the full terms of the policy. Please download the product brochure now or ask your Insurance/Financial Advisor for a copy which will give you more details about this product including the “Other product disclosures” showing the product risks.
Remarks
- We will determine and declare the applicable crediting interest rate from time to time at our sole discretion. The Segment Crediting Interest Rate is subject to the applicable Segment Floor Rate and Segment Cap Rate. The crediting interest for each matured Segment is equal to the Adjusted Segment Balance as at the applicable Segment Maturity Date, multiplied by the related crediting interest rate as determined by the Company.
- The Segment Cap Rate can be changed from time to time at our sole discretion, subject to the minimum cap rate of 3%, and is affected by interest rate environment, market outlook, and long-term financial sustainability.
- Account reallocation is subject to the following terms and the Company’s approval:
(a) account reallocation is not allowed if this policy is in the grace period; and
(b) if a new account reallocation request is submitted while a previously approved account reallocation is still being progressed, the new request will only be processed after the existing account reallocation has been fully completed. - Additional premium payments are subject to the Policy Provisions, applicable premium limits and our prevailing rules. Any premium amount not accepted under the policy will be refunded without interest. Except for the planned premium stated in the proposal, all premium payments are subject to our approval. The maximum premium limit is subject to issue age and notional amount and will be determined by Manulife from time to time.
- Starting from the 10th policy anniversary, you may apply to convert your policy to a designated plan without providing further evidence of insurability of the life insured, subject to our approval and applicable terms and conditions. This option is only available if the age of life insured at the time of application is below 75 and this policy is issued without any case-based exclusion or additional rating. Premium of the new plan shall be based on the Company’s applicable premium rates in effect, life insured’s age on the date of conversion, residency code and the risk classification to which the life insured belongs to under this policy. Upon the approval by the Company of the conversion request, the new plan shall be issued. This policy shall be terminated on the date of such approval and the Net Surrender Value as at the date of such approval will be payable. This conversion option may only be exercised once under this Policy. Once this conversion option has been exercised and becomes effective is irrevocable.
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