MCBL offers 100-year insurance coverage

MANILA, Philippines — Manulife China Bank Life Assurance Corp. (MCBL) has launched a life insurance plan that provides coverage until 100 years of age.

The plan called Legacy Secure, which is available to customers of China Bank and China Bank Savings, is payable in five years and 10 years.

It comes in two variants: Legacy Secure Plus designed for active retirees or breadwinners who want to secure the future of their loved ones, and Legacy Secure Prime created for professionals or entrepreneurs at the peak of their careers looking to invest in securing their families before they retire.

At the end of the 10th year and every three years thereafter, Legacy Secure Plus customers will receive a guaranteed cash payout equal to 10 percent of the face amount given.

Meanwhile, Legacy Secure Prime customers will get a guaranteed long-life bonus equal to 50 percent of the face amount, rewarding them for being healthy at age 75 and for keeping the policy active.

Customers of both variants are also eligible to receive non-guaranteed dividends, which can be withdrawn anytime and avail of optional add-on benefits that can be attached to the base plan to cover expenses for hospitalizations, disabilities and accidents.

Legacy Secure provides guaranteed life insurance coverage until 100 years of age. Should the insured live past 100, the policy will provide a lump sum cash benefit that includes accumulated dividends.

“With MCBL’s Legacy Secure, we are enabling Filipinos to enjoy their present moments with their families, while also getting a head start on building a lasting legacy,” said Sandeep Deobhakta, president and CEO of MCBL.

MCBL is the bancassurance partnership between Manulife Philippines and China Bank.

The Legacy Secure plan was developed in response to findings by the 2019 Manulife Investor Sentiment Index (MISI), which revealed that Filipinos only set aside 3.6 months’ worth of personal savings for retirement, the lowest among markets surveyed in Asia.