Manulife Singapore has rolled out a new product that hopes to ensure a higher level of protection over high net worth individuals' wealth upon demise.

Heritage, a US currency denominated Universal Life policy, is a life insurance contract that allows HNWIs to consolidate their assets by protecting the real value of their portfolio after death.

According to the company release, the product is tailored for the HNWI who would normally have a minimum of $5 million in assets and and wish to have the security of wealth preservation, legacy enhancement and timely liquidity for wealth distribution.

Among its features are flexible premium payments, cash value enhancement options for clients who want to use the product as collateral for a loan, death benefit options, and a no-lapse guarantee for coverage. Notable elements include the Quit Smoking Incentive and the Age 100 Advantage, which extends benefits beyond the centenarian mark.

"With individual wealth continuing to grow, we feel that this is the perfect opportunity to introduce Heritage. We are confident that this product initiative will build upon our existing strengths and expand our footprint in Singapore," said Annette King, the president and chief executive officer of Manulife Singapore.

Heritage will be distributed by select international brokers, private bankers, retail banks and Manulife Financial planners.