2012 News Releases

Hong Kong - Manulife has launched MyChoice, a first-of-its-kind retirement-savings plan offering critical-illness benefits. Apart from a stable stream of post-working life income, the plan gives customers immediate cash assistance when they are faced with unforeseen medical circumstances.

With the lifespan of Hong Kong people becoming longer, deteriorating health and the medical costs associated with it could be a daunting concern when people reach their retirement years. “Successful retirement planning is not just about maintaining a sustainable retirement income,” said George Chew, Vice President and Head of Individual Financial Products, Manulife (International) Limited.

“One should never underestimate the devastating financial impact that a serious health setback can have on an individual and their family. While we all wish to stay healthy, the truth is that critical illnesses can strike at any time of life. We want to be by our customers’ side when they are in need.”

With this in mind, MyChoice covers three of the most common critical illnesses: cancer, stroke and heart attack. This plan offers advances of 50 percent of future guaranteed income if the insured is diagnosed with any of these after the premium-payment period.

The plan also encourages customers to take an active approach towards their health by the introduction of a Wellness Programme, which offers five free medical check-ups bi-annually in the first 10 years from the first policy anniversary, helping customers to detect and manage worrying health conditions early.

MyChoice provides customers with a flexible choice of premium-payment periods — from five, 10 or 15 years, or up to age 60 or 65. Customers could receive a guaranteed monthly income of either 20 years or up to age 100. A non-guaranteed dividend will be declared annually, which further builds up customers’ retirement reserves.

The plan also has an income-advancement option[1], which offers an advance of up to one-sixth of future guaranteed income in a lump sum at any time during the guaranteed-income period, giving customers flexibility in using and managing their savings.

Chew said: “At Manulife, we provide comprehensive solutions for our customers at every stage in life. If you are young and do not want to lock up your money in a retirement-savings plan, MyChoice gives you access to a lump-sum advance of your guaranteed income, thus providing the flexibility and financial liquidity to fulfill your priorities in life. If you are close to retirement, MyChoice’s premium-payment period can be as short as five years; you could still secure a guaranteed monthly income for up to 20 years.

“MyChoice takes a brand-new approach to retirement savings — it is a plan that combines financial support with health management. And it once again demonstrates our commitment to coming up with forward-thinking solutions to meet customers’ ever-changing needs.” 

About Manulife (International) Limited
Manulife (International) Limited is a member of the Manulife Financial group of companies.

Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$512 billion (HK$3,976 billion) as at March 31, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

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 manulife.com.