GoldenStart Whole Life Immediate Annuity Insurance Plan
What is GoldenStart Whole Life Immediate Annuity Insurance Plan?
GoldenStart Whole Life Immediate Annuity Insurance Plan is a long-term participating life insurance product with a savings element, supplemented with an option for advance realization of the terminal bonus in case of designated illnesses, and providing extra annual payments in the event of Severe Dementia1 or Parkinson’s Disease2.
This plan pays guaranteed monthly income for the lifetime of the life insured, starting from the 1st monthiversary. It boosts your potential return through a non-guaranteed terminal bonus3, and provides flexible fund arrangements when needed, supporting you to enjoy your retirement the way you want.
How does it work?
Start with a single premium and receive fixed, guaranteed monthly income for life, starting from the 1st monthiversary. You may receive it in cash payout, or leave it on deposit to accumulate interest4. The plan also provides flexible access to funds including realization option; and with comprehensive policy services5 — helping you manage income and liquidity with confidence.
Who is it for?
- Individuals who are pre-retirees or already retired, and are looking to build a stable lifelong income
- Those who value financial independence and do not wish to rely entirely on family after retirement or if health issues arise
- Those seeking a balance between stable income, growth potential and financial flexibility
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).
Why should you get this plan?
This website shall be read in conjunction with the relevant product brochure. You should not purchase any product solely on the basis of this promotional offer. Please 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
GoldenStart Whole Life Immediate Annuity Insurance Plan is a long-term participating life insurance product with a savings element, supplemented with an option for advance realization of the terminal bonus in case of designated illnesses, and providing extra annual payments in the event of Severe Dementia or Parkinson’s Disease. It is provided and underwritten by Manulife. The above provides only general information on this product for your reference only. 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
- Severe Dementia means progressive deterioration or loss of cognitive function, as evidenced by clinical evaluation, a Mini-Mental State Examination (MMSE) score of less than 10, a Montreal Cognitive Assessment (MoCA) score of less than 5, and/or other accepted clinically acceptable standardized questionnaires or tests arising from a severe stage of dementia in the locality of treatment, resulting in a significant reduction in mental and social functioning such that the life insured requires continuous care and supervision in the activities of daily living by another person. The diagnosis must be supported by imaging evidence (such as computerized tomography (CT), magnetic resonance imaging (MRI), or positron emission tomography (PET) scans) and must be clinically confirmed by a geriatrician, neurologist, or psychiatrist.
- Parkinson’s Disease means a slowly progressive degenerative disorder of the central nervous system caused by the loss of pigment‑containing neurons in the brain. A diagnosis must be made unequivocally by a Specialist Medical Practitioner who is a neurologist, and the condition must meet all of the following criteria:
(a) It cannot be controlled with medication;
(b) It shows signs of progressive impairment; and
(c) There is a permanent inability to perform, without assistance, any 3 of the 6 activities of daily living (as defined under the ‘Whole Care Benefit’ provision).
Only idiopathic Parkinson’s Disease is covered. Drug induced or toxic causes of Parkinsonism are excluded. - The terminal bonus is not guaranteed. We will review and adjust the terminal bonus at least once a month, but we may do so more often. Please see the section titled ‘The main risks affecting the non-guaranteed terminal bonus, the accumulation interest rate of the guaranteed monthly income, the realized terminal bonus and the annual payment of the By Your Side Benefit’ under ‘Other product disclosures’ in product brochure.
- The accumulation interest rate for building up the guaranteed monthly income, realized terminal bonus and the annual payment of the By Your Side Benefit, left with us is not guaranteed and we may change it from time to time. Please see the section titled ‘The main risks affecting the non-guaranteed terminal bonus, the accumulation interest rate of the guaranteed monthly income, the realized terminal bonus and the annual payment of the By Your Side Benefit’ under ‘Other product disclosures’ in product brochure.
- This is an administrative arrangement and is not part of the product features. Such application is subject to our prevailing administrative rules and conditions which shall be determined and modified by us from time to time without prior notice.
- There may be a delay in making payment when you cash in your policy or exercise the realization option or the Whole Care Benefit, especially during periods when the market is experiencing significant rises and falls in value. The actual amount of the terminal bonus that you can get will only be determined after your request has been processed. Under certain circumstances, for example, if the request is not received by us before our prevailing cut-off time or is not in our prescribed format, such amount can be lower or higher than the amount of the terminal bonus tentatively indicated to you at the time you submit the request. Please check with Manulife for the prevailing operational rules and the latest amount of the terminal bonus under your policy before exercising the realization option or the Whole Care Benefit. The accumulation interest rate for building up the realized terminal bonus left with us is not guaranteed and we may change it from time to time. Please see the section titled ‘The main risks affecting the non-guaranteed terminal bonus, the accumulation interest rate of the guaranteed monthly income, the realized terminal bonus and the annual payment of the By Your Side Benefit’ under ‘Other product disclosures’ in product brochure.
- You can exercise the realization option within 31 days from the Realization Anniversary (that is, the 3rd policy anniversary or every anniversary thereafter). To exercise the realization option, you must submit a written application in a prescribed format required by us. Once submitted, the application for exercising such option cannot be withdrawn and no realized terminal bonus will be allowed to be reversed. Exercising the realization option will reduce any future terminal bonus.
- Exercising the Whole Care Benefit may significantly reduce any future terminal bonus. For the avoidance of doubt, the realized percentage of the terminal bonus under the Whole Care Benefit will not count into the aggregate realization percentage under the realization option. Please see the ‘Whole Care Benefit Provision’ for the definition of the designated illnesses, and the terms and conditions for the Whole Care Benefit.
- There is a limit of USD50,000 per policy year per life insured across all policies issued by us that offer the same or similar benefit. Please see the policy provisions for the circumstances under which we will/will not pay the By Your Side Benefit.
- There is a limit of USD62,500 per life insured across all policies issued by us that offer the same or similar benefit.
- The Love In Time Benefit, the By Your Side Benefit, the accidental death benefit and/or the death benefit will be payable after deducting any outstanding debt. Outstanding debt refers to indebtedness to us against the policy, and it includes but is not limited to any outstanding policy loan amount and interest accrued to date.
- The payable amount of the accidental death benefit is subject to the maximum total amount of USD125,000, less the aggregate amount of the same or similar benefits paid under all insurance policies covering the same life insured and issued by us. Please see the policy provisions for the circumstances under which we will/will not pay the accidental death benefit.
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