In Singapore, mortgage insurance is a type of insurance that protects the lender in the event that the borrower is unable to make their mortgage payments. This insurance is typically required by…
In today’s unpredictable world, it’s important to make sure that your family is financially secure in the event of an unexpected loss of income. This is where insurance policies like ManuProtect Decreasing come in. ManuProtect Decreasing is a type of term life insurance policy that is specifically designed to provide protection for individuals who have outstanding home loan or mortgage repayments.
In this blog post, we will be discussing the key features of ManuProtect Decreasing, how it works, and its benefits.
ManuProtect Decreasing is a type of term life insurance policy that is designed to provide financial protection to individuals who have an outstanding home loan or mortgage repayments.
It is also known as mortgage protection insurance. This policy is a form of decreasing term insurance which means that the coverage decreases over time, as the outstanding mortgage or loan amount decreases.
If you’re considering mortgage insurance, ManuProtect Decreasing (II) is a plan worth considering. Let’s take a look at an example of how it can help protect you and your loved ones.
Imagine Jerry and his wife Eve, who bought their dream apartment for S$1 million with a S$800,000 mortgage. To safeguard their investment, they purchase a joint-lives insured ManuProtect Decreasing (II) plan with a sum insured of S$800,000, a 25-year policy term, and a selected interest rate of 3%. Their daily premium is only S$21 (around $630 per month).
Unfortunately, in the fifth year of the policy, Jerry is diagnosed with a terminal illness. Fortunately, ManuProtect Decreasing (II) will pay out a lump sum benefit of S$708,202, which Eve can use to pay off their mortgage. After the payout, the policy will cease. As you can see, ManuProtect Decreasing (II) can provide much-needed financial support during a difficult time.
ManuProtect Decreasing (II) is a type of mortgage insurance that offers a range of features to help protect you and your loved ones financially.
Here are some of the key features of this insurance plan:
The premiums for ManuProtect Decreasing are calculated based on the policyholder’s age, gender, health, and smoking status. The premiums for this policy are usually lower than other types of life insurance policies since the coverage amount decreases over time.
The coverage amount is designed to match the outstanding home loan or mortgage repayments. The coverage amount decreases over time as the outstanding loan amount decreases.
The policy term for ManuProtect Decreasing is typically the same as the term of the home loan or mortgage. This means that the policyholder is covered for the duration of the loan or mortgage term.
ManuProtect Decreasing also provides a terminal illness benefit. If the policyholder is diagnosed with a terminal illness and is expected to live for less than 12 months, the policyholder can make a claim and receive the lump sum payment early.
The plan also offers optional benefits such as total and permanent disability benefit.
ManuProtect Decreasing also offers coverage for joint borrowers, where two people are jointly liable for a mortgage. In this case, the policy will provide coverage in the event of the first life insured to die or be diagnosed with a Terminal Illness. This means that if one partner passes away or is diagnosed with a terminal illness, the policy will pay out the benefit to cover the outstanding mortgage balance.
It’s important to note that the policy will terminate once the benefit is paid out. Additionally, the policy may have different premiums based on the age, health, and smoking status of both partners, so it’s important to get a quote that accurately reflects the risk level for both individuals.
Overall, joint-life coverage can be a useful option for couples who want to ensure that their mortgage is fully covered in the event of an unexpected death or terminal illness. By taking the time to understand the terms and conditions of the policy, and comparing different options, you can make an informed decision about whether ManuProtect Decreasing is the right choice for you and your partner.
ManuProtect Decreasing is a life insurance policy that has gained popularity due to its various benefits.
ManuProtect Decreasing provides policyholders with peace of mind, knowing that their family or beneficiaries will be financially secure in the event of their unexpected death or terminal illness diagnosis.
The premiums for ManuProtect Decreasing are usually lower than other types of life insurance policies since the coverage amount decreases over time.
ManuProtect Decreasing offers flexible coverage options that can be tailored to match the outstanding home loan or mortgage repayments.
Premiums paid for ManuProtect Decreasing are tax deductible. Additionally, the lump sum payment received by the policyholder’s family or beneficiaries is usually tax-free
In conclusion, ManuProtect Decreasing is a mortgage insurance product that provides a decreasing level of coverage over time. While it may not be the right fit for everyone, it does offer some unique benefits such as joint lives cover and the ability to customize coverage to match your mortgage balance. However, it’s important to carefully consider the policy’s terms and conditions, as well as any exclusions or limitations, before making a decision.
As with any financial product, it’s always a good idea to compare different options and consult with a professional advisor to ensure that you’re making an informed choice. Ultimately, by doing your research and carefully evaluating your needs, you can make a confident decision about whether ManuProtect Decreasing is the right choice for your mortgage protection needs!
To find the right mortgage insurance policy for your needs, compare your options and speak with our licensed advisor today!