2009 News Releases

Singapore– Manulife Singapore today launched Solitaire, a single premium whole-life plan aimed at helping the mass affluent create their legacies.

The mass affluent category, categorised as Singapore residents with over US$60,000 in liquid assets, is expected to grow to 600,000 by the year 2011*. This group seeks to protect their hard earned wealth to pass on to their families or put another way, to create an immediate estate without losing control of their wealth. Manulife’s Solitaire stands poised to answer these needs.

Mr. Darren Thomson, President and CEO of Manulife Singapore said, “Wealth protection and wealth distribution stand out as key financial needs for the mass affluent. Insurance is an efficient tool to safeguard wealth and it can seamlessly transfer wealth to assigned beneficiaries without affecting the harmony among family members.”

Solitaire will address the following key concerns faced by the mass affluent:

• Untimely liquidation – After an unexpected death, a family may find they need to urgently liquidate assets. Under such circumstances, assets are at risk of being sold below their market value.
• Complex estate – Estates may include businesses, properties and even non-financial assets. As such, it becomes difficult to evaluate equitable distribution among family members and this may lead to disputes.

“Insurance provides an excellent vehicle that addresses the need for liquidity because upon death, benefits will be paid directly to the assigned beneficiaries. Not only will this allow the family to avoid the stress and concern of having to sell assets below their true value, they will also enjoy the choice of retaining the assets to which they may have an emotional attachment,” Mr. Thomson continues.

Solitaire is easy to understand and can be customised.  Simply identify the level of coverage, the plan will provide sufficient funds to manage the competing expectations that the family members may have.  

Featuring a multiplier factor applicable to the face amount, Solitaire offers coverage of up to 200 percent of the chosen face amount.  This multiplier factor corresponds to the entry age of the life insured and is fixed throughout the duration of the policy once it is set at inception.  The same multiplier factor applies to optional coverage for Terminal Illness and Total & Permanent Disability to boost the coverage instantly until age 65.  In a scenario where the life insured aged 45 and below effects a face amount of S$500,000 on a policy, Solitaire will pay out no less than S$ 1 million to beneficiaries upon claimable events. 

* Wealth Management in Singapore 2007 by Datamonitor

“In much the same way a solitaire diamond is a special gift from one person to another, Manulife’s Solitaire can transform one's lifelong achievements into a legacy to pass on to loved ones,” said Mr. Thomson.

Manulife’s Solitaire is available through Manulife Financial Planners, Financial Advisor Firms, all branches of Citibank and United Overseas Bank.

About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners.  Funds under management by Manulife Financial and its subsidiaries were Cdn$421 billion (US$362 billion) as at June 30, 2009.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

Media Contact:
Manulife (Singapore) Pte Ltd
Cindy Cheng
Assistant Vice President, Marketing
DID: 6 833 8162
E-mail: cindy_cheng_ac@manulife.com