Web Content Viewer (JSR 286)



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A contract between you and the insurance company in which you invest a single premium (a lump sum payment) or series of premiums in return for regular payouts in the future. Through an annuity, you can continue to receive a steady stream of income during retirement. Find out more about retirement income.



The person nominated to receive the insurance proceeds in the event a death claim is made under the policy.

Primary Beneficiary: The person designated to receive the death benefit of a life insurance policy upon the death of the life insured. Also referred to as "first beneficiary".

Secondary Beneficiary: If the primary beneficiary dies before the life insured, proceeds from the insurance policy will pass to the secondary beneficiary upon the life insured's death.

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Compensation paid by the insurance company under the terms of the insurance policy. For example, for a life insurance policy, the (death) benefit is the sum paid to a named beneficiary when the life insured passes away. See also death benefit.

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The scope of protection included under an insurance policy. For example: life insurance cover will include living and death benefits; health insurance will include reimbursements for various medical costs depending on the policy.

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Critical Illness

Severe illness or condition, such as cancer, heart attack or stroke, that may be seriously debilitating or terminal for the sufferer. Illnesses covered by critical illness insurance will be listed in the policy document.
Protect your loved ones with our range of critical illness protection.

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Death Benefit

The payment made to a named beneficiary from an annuity or life policy when the life insured passes away.

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The amount of an expense that a policy holder must pay before an insurance company will cover any remaining costs.

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An additional payout made by an insurance company to participating policy holders from time to time. A dividend is not guaranteed and, if given, the amount is determined by the insurance company.

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Items or conditions that are not included under an insurance policy. These will be stated in your policy contract. Consult your financial advisor regarding any exceptions before accepting a policy.

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Guaranteed Cash Value

The minimum amount that a policy is worth on a given date, as stipulated in the policy contract, which the policy holder may receive upon surrendering the policy.

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Guaranteed Income

An amount defined under the terms of the policy, to be paid to the policy holder at regular intervals.

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ILAS (Investment-linked Assurance Scheme)

ILAS products combine life insurance with investment features, offering a life insurance policy that provides death benefits to named beneficiaries while investing a portion of the insurance premiums into a designated investment fund or funds.

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Immediate Family Member

A parent, child or the spouse of the life insured.

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Individual Insurance Policy

An insurance policy that insures the life or health of a named person or persons (some policies may include the named person's immediate family or a second named person).

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Initial Premium

The first payment made by a policy holder under a new insurance policy.

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Termination of an insurance policy due to nonpayment of premiums by the policy holder.

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Level Premium

A premium that remains the same for the length of the premium term.

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Life Insurance Policy

An insurance policy that pays out an agreed sum to a named beneficiary or beneficiaries upon the death of the life insured.

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Life Insured

The person or persons covered by an insurance policy.

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Maturity Date

The date on which the policy term ends. The policy is no longer effective after the maturity date.

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Mutual Fund

An investment whereby money is pooled from multiple investors and invested into securities such as stocks, bonds and other assets. This portfolio of investments is managed by a fund manager and structured in line with the objectives set out in the mutual fund's prospectus.
One of the chief advantages of mutual funds is that they give smaller investors access to professionally managed, diversified portfolios in equities, bonds and other securities.
See our range of professionally managed mutual funds.

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Policy Holder / Policy Owner

The person or business who holds an insurance policy.

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Pre-existing Condition

A physical or mental condition diagnosed before an insurance policy comes into effect. In most cases insurance policies will not cover losses/costs that occur as a result of pre-existing conditions.

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The payment made by a policy holder in exchange for insurance against a specified risk, as agreed in the insurance policy.

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Supplementary Benefit

Additional protection that can be added to an insurance policy and which becomes part of the insurance contract. A supplementary benefit can either expand or limit the benefits payable under the policy.

For example, it may be to supplement a life insurance policy with critical illness cover, expanding the scope of the policy holder's protection. This additional critical illness cover is known as a supplementary benefit on the life insurance policy.

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Term Life Insurance

A type of life insurance that provides death benefit to a named beneficiary if the life insured passes away during the term of the policy.
Find out more about ManuTerm,term coverage that enables you to convert to a whole life insurance policy before the age of 65 without evidence of insurability.

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Professionals within an insurance company that determine and evaluate the degree of risk represented by a proposed life insured.

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The practice of determining and evaluating the degree of risk represented by a proposed life insured.

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Commonly seen on this site or in product leaflets for Manulife policies.
"This policy is an insurance product underwritten by Manulife (International) Limited" means that any rightful claims made under this policy by the policy holder will be covered by Manulife (International) Limited.

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Waiver (of premiums)

A condition where the policy holder no longer needs to pay policy premiums due to a change in circumstance, most commonly if the policy holder becomes unable to work because of accident or injury.
Find out more about Premium Waiver Benefit and how it can add extra security to your life policy.

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Whole Life Insurance

Insurance coverage that extends until the life insured's death, at which point the policy benefit is paid to the named beneficiary/beneficiaries.
Whole life insurance is available for one single premium payment with Whole-in-One Protector.

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