Manulife launches Manulife Future Shield, a groundbreaking health protection plan featuring key benefits such as lifelong protection until the age of 99, withdrawal benefit, guaranteed policy issuance, and medical check-up waiver.
Malaysians currently face the challenges of health risks associated with longevity as well as inflation.
With lifespan in Malaysia increasing, the need for long-term planning is greater than ever. The average life expectancy in Malaysia is now 77, up from 71 in 1990, as quoted by Macrotrends in its report, Malaysia Life Expectancy 1950-2024.
Millennials (aged 28-43), who now form much of the workforce, are part of the “sandwich generation” balancing financial responsibilities for both their parents and their young ones.
Relying solely on Employee Provident Fund (EPF) has proven ineffective as most Malaysians deplete their EPF life savings within the first 5 years, according to a recent News Straits Times report.
Vibha Coburn, Chief Executive Officer of Manulife Malaysia said, “Manulife Future Shield is an innovative product that addresses our customer’s health protection during their retirement years. The product will also be an additional solution that complements their existing plans.”
Manulife’s Asia Care Survey, conducted in March 2024 that drew responses from 1,038 Malaysians, shows that Malaysians lack confidence in achieving their desired level of long-term savings. The respondents said their long-term financial goals are to be completely debt free (39%), have savings for a rainy day (38%), achieve financial freedom (34%), secure a passive income in retirement (32%), along with enough savings for healthcare needs (28%).
Manulife Future Shield is now available through Manulife’s network of financial advisors.
