Life Insurance- Universal Life
Universal Life is a life insurance plan underwritten by Manulife (International) Limited (incorporated in Bermuda with limited liability) (“Manulife”). DBS Bank (Hong Kong) Limited (the “Bank“) is acting as a licensed insurance agency of Manulife.
Buying a life insurance policy for a key employee is an added incentive to retain your key talent to stay within the company.
This is usually paired with an employment agreement that allows the employee to partially / fully access the policy’s cash value for retirement or other financial needs at an agreed point in time. In the event of an employee’s death, the policy’s death benefit will be executed according to the employment agreement. Universal Life is underwritten by Manulife.
- Universal Life is a life insurance plan underwritten by Manulife (International) Limited (Incorporated in Bermuda with limited liability) (“Manulife”). DBS Bank (Hong Kong) Limited (the “Bank”) is acting as a licensed insurance agency of Manulife.
- The below is provided to you in the Bank’s capacity as an authorized institution regulated by the Hong Kong Monetary Authority.
- Universal Life (‘the product’) is a long-term life insurance plan with a savings element. Part of the premiums pays for the insurance and related costs. The savings element is reflected in the cash surrender value and may not be guaranteed. The product is aimed at customers who look for a long term life protection and have ability to fulfill the premium requirement. The product will be subject to a surrender charge for surrender in the first 15 policy years. You are advised to prepare enough financial resource for future premium, if applicable.
- Credit Risk - Any premiums you paid would become part of Manulife’s assets and so you will be exposed to Manulife’s credit risk. Manulife’s financial strength may affect its ability to meet the ongoing obligations under the insurance policy.
- Risk from cashing in (surrender) early - If you cash in the policy, the amount Manulife will pay is the Net Cash Surrender Value worked out at the time you cash in the policy. Net Cash Surrender Value equals to Account Value less Surrender Charge, any outstanding Monthly Deductions due and Policy Loan, and Surrender Charge is applicable for cashing in the policy (surrender) in the first 15 policy years. Depending on when you cash in your policy, this may be considerably less than the total premiums you have paid. You should refer to the proposal for the illustrations of the Net Cash Surrender Value Manulife projects.
- This webpage is only a reference. You should not base solely on this website to make decision on applying for the product. The risks disclosed above are not exhaustive and you should refer to the product leaflet, proposal and policy provision for the risk disclosures and exact terms and conditions and if in doubt, seek independent professional advice.
- This webpage is only for use in Hong Kong Special Administrative Region.