Getting your life insurance out of the way means you can get on with living your life. At Manulife, you’ll find policies with different kinds of coverage and financial benefits. But ultimately, they all ladder up to one thing: protection for your family if anything happens to you.
Life insurance is a financial product that provides a safety net for your family by offering financial protection in case of death, disability, or other unforeseen events. It ensures that your loved ones are financially secure even in your absence.
Life insurance provides financial protection by covering critical expenses such as education costs, retirement savings, and medical expenses in case of unforeseen events like death or disability. It offers financial stability and the ability to meet long-term goals without being affected by unexpected circumstances.
Manulife’s life insurance for protection plans have got you covered, from minor to major incidents, including accidental death. Choose between whole life and term life insurance for the coverage duration you need and get cash value and a range of coverage, in just one policy.
Life insurance plan |
Coverage type |
Key benefits |
ReAct5 |
Yearly Renewable Term (YRT) |
Flexible term coverage with guaranteed renewal options and conversion to a permanent plan. |
Seasons 100 |
Whole Life Insurance |
Lifetime protection with coverage until age 100, offering cash value accumulation and benefit payout. |
Insurance is already a valuable tool for dealing with the financial impact of the various uncertainties in life. Now, it can also serve as a vehicle for accelerating your ability to reach your goals.
Life insurance comes in various types to suit different needs, including term life and whole life insurance. These plans provide coverage for various stages of life to ensure financial stability throughout.
Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) with no cash value. This insurance is more affordable for temporary needs.
Whole life insurance offers lifetime coverage and builds cash value over time, providing long-term financial security, but it comes with higher premiums.
Insurance solutions can be tailor-fit to your various needs, depending on where you are in life. Educational plans, for instance, are for those who want to secure their children’s future amid the continuously rising cost of college education. Retirement plans, on the other hand, are for those who would like to maintain their lifestyle even after retirement. There are health insurance packages that can cover medical bills, whether for unforeseen health problems or for unfortunate accidents, and even critical illness.
Your life insurance plan must align with your financial goals and life stage. Follow these steps to select the right coverage for your needs:
1. Assess your needs
Understand your life stage. Young professionals need affordable coverage, parents should secure their children’s future, and business owners need protection for both family and business.
2. Understand the options
Choose between term life insurance (temporary, cost-effective) or whole life insurance (lifetime coverage with cash value). Young professionals may prefer term life, while parents and business owners might opt for whole life for long-term security.
3. Set a budget
Pick a plan that fits your budget. Young professionals can start with an affordable term life policy, while parents and business owners may need more comprehensive coverage as their responsibilities grow.
4. Compare plans
Review plans based on your life stage. Young professionals can go for flexible, low-cost options, while parents and business owners should focus on coverage for long-term needs and business risks.
5. Review regularly
Life changes, so review your plan often. Young professionals should update as their life changes (e.g., marriage, homeownership), while parents and business owners should adjust as their financial and business needs evolve.
Life insurance costs vary by age, health, coverage amount, and product. Some term life plans from Manulife start from about Php 23 per day, which is roughly Php 690 per month for basic coverage. Actual premiums depend on your profile and chosen coverage.
Typical exclusions (common in life insurance contracts) may include self‑inflicted injuries/suicide within the early policy period, acts of war, and losses due to illegal acts. Exact exclusions depend on your policy’s terms and conditions as stated in the policy contract.
Life insurance policies commonly do not pay for suicide within a specified initial period (often 1–2 years) or deaths resulting from illegal acts committed by the insured. Coverage details and time limits are specified in your policy contract.
Life insurance products that offer living benefits are typically endowment and investment‑linked plans, such as some savings or VUL (Variable Universal Life) plans. These may provide cash value growth and payouts while you are still alive for certain goals or upon plan maturity.
There’s no single answer — it depends on your financial needs, income, dependents, and goals. A common rule of thumb suggested by the insurance industry is to have life insurance coverage equal to 5–7 times your annual gross income to adequately protect your family’s financial needs.
For most families, a whole life insurance plan is often the best choice. It provides lifetime protection and can build cash value over time. This helps ensure long‑term financial security for your loved ones and can support goals like education and legacy planning. Term life can be suitable too if you want affordable coverage for specific financial responsibilities.
The cost of insurance can vary depending on several factors, such as the type of coverage, the level of protection selected, and individual circumstances. Because needs and situations differ from one person to another, insurance costs are best understood by exploring options that align with your personal goals and priorities. For more details, you may speak with a Manulife financial advisor to better understand the options available to you.
Life insurance offers tax advantages such as tax-deferred growth of the policy’s cash value and tax-free death benefits paid to your beneficiaries. In some cases, premiums may also qualify for tax deductions, depending on the specific type of policy and the local tax laws.
Talk to a financial advisor today!