manulife - launch of star protector

today, i attended manulife's formal launch of a new product, star protector to the fa channel.

what is manulife star protector?

manulife star protector is a limited premium (payable for 10, 15 or 20 years) whole life participating policy that covers death, accidental death, total and permanent disability and terminal illness. it provides protection with a minimum protection benefit applicable till age 65 years.

minimum protection benefit:

depending on the entry age of the life insured, the mpb is derived using the mpb factor multiplied by the base plan face amount which is applicable up to the day before the policy anniversary immediately following the 65th birthday of the life assured.

minimum protection benefit:

entry age mpb factor

0 to 30 2.50
31 - 35 2.25
36 - 40 2.00
41 - 45 1.75
46 - 50 1.45
51 - 55 1.25

note:
the mpb factor will be reduced to 1.0 if there is any bonus surrender or when the base plan is converted to RPUI (reduced paid-up insurance). once the mpb factor is reduced, it cannot be reinstated.

the following riders can be attached to star protector:

1. critical care enhancer
2. personal accident benefit
3. medicash
4. waiver of premium
a. payor benefit and payer benefit (spouse)
b. critical care payor benefit and ccpb (spouse)
c. critical care waiver
5. keyman replacement option

my comments:

in the comparison charts given, for a male, non-smoker aged 30 years and a male, non-smoker aged 40 years for limited pay options of 10 years, 15 years and 20 years, manulife's star protector with critical care enhancer rider appears to have been competitively priced against the competition in similar class whole life products.