It's debatable if the fiduciary standard is 'higher' than suitability. But the better question might be, who's holding the bar?
Hong Kong — Manulife (International) Limited has announced the launch of ManuFlex Protector, an RMB-denominated universal life insurance plan, for customers looking for a single financial solution that combines life protection with savings features.
Paul A. Smith, Vice President and Head of Individual Financial Products, said: “We understand that customers’ financial needs change at different life stages. With ManuFlex Protector, they can adjust the protection and savings elements of the plan to tailor to their individual needs in one policy. Flexibility in premium payment and withdrawal also gives customers greater freedom in achieving their financial priorities.”
ManuFlex Protector is designed to help address changes in customers’ financial status. As long as the policy’s surrender value remains positive, customers can reduce, temporarily suspend and then resume premium payments at any time. They can also take withdrawals from the policy’s current surrender value any time after the first policy year, enabling customers to better manage their liquidity needs.
The plan provides customers with whole life protection, plus interest accrued and earned daily. A loyalty bonus will be paid into the policy at the end of every five policy years, starting from the 15th policy anniversary, helping customers to grow their savings.
ManuFlex Protector also offers two death benefit options providing customers and their family with peace of mind and financial security. This product is appealing to mass market customers as they can obtain a face amount as low as RMB 160,000. Besides, customers have an option to make top-up payments to bolster potential returns.
“RMB is becoming an increasingly important investment currency in Hong Kong, and we have seen a growing demand for RMB insurance products,” Smith added. “By introducing ManuFlex Protector, we aim to provide customers life protection coverage with exposure to potential RMB appreciation.”
From now until October 17, 2014, customers who successfully subscribe to the plan will enjoy a guaranteed crediting interest rate of four per cent on total premium paid in the first policy year. A special one-off wealth booster of up to 15 per cent i of the basic premium, excluding top-up payments, will be credited to their policy as an extra financial boost.
* For details about the policy, please refer to the product leaflet and policy provision.
i Subject to terms and conditions
About Manulife (International) Limited
Manulife (International) Limited is a member of the Manulife group of companies.
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for 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 and its subsidiaries were approximately C$637 billion (HK$4,626 billion) as at June 30, 2014. Our group of operates as Manulife 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 can be found on the Internet at manulife.com.