Did you know that the average working adult in Singapore has a mortality protection gap of S$170,352 and a Critical Illness protection gap of S$264,586 ? These startling figures from a 2022 Life Insurance Association Singapore (LIA) study highlight the importance of having adequate life insurance coverage. If you're looking for an affordable and comprehensive solution to bridge this gap, DIRECT Star Protect PRO might be the answer you've been searching for.
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DIRECT Star Protect PRO is a whole life insurance plan designed to provide lifetime coverage against death, terminal illness, and total and permanent disability (TPD) . It's a Direct Purchase Insurance (DPI) product, which means you can buy it directly from Income Insurance without going through a financial advisor. This makes it an excellent option for those who already know their insurance needs and want a straightforward, no-frills protection plan.
Pay from as low as S$1.05 a day for comprehensive protection. Choose a sum assured between S$50,000 and S$200,000.
Apply online anytime, anywhere, or visit an Income branch for in-person application.
Choose to pay premiums up to age 69 or 84.
Enhance your coverage with DIRECT Dread Disease Protect Pro.
Enjoy special perks and benefits as an Income policyholder.
Your beneficiaries receive the sum assured plus any bonuses if you pass away.
You receive the sum assured plus any bonuses if diagnosed with a terminal illness.
You receive the sum assured plus any bonuses if you become totally and permanently disabled before age 65.
With the DIRECT Dread Disease Protect Pro rider, you're covered against various critical illnesses.
With DIRECT Star Protect PRO, you can choose a sum assured between S$50,000 and S$200,000 . This flexibility allows you to select a coverage amount that fits your needs and budget. Remember, the rule of thumb for critical illness coverage is approximately 4 times your annual income .
The cost of DIRECT Star Protect PRO depends on several factors, including your age, gender, smoking status, and the sum assured you choose. Here's an example to give you an idea:
A 35-year-old male choosing a sum assured of S$100,000 would pay:
If he adds the DIRECT Dread Disease Protect Pro rider, he would pay an additional S$643 per year .
These premiums are guaranteed for the duration of the policy, giving you peace of mind about future costs.
It's important to note that these figures are not guaranteed and are based on projected investment returns. If the investment return is lower (e.g., 3% p.a.), the payouts would be smaller.
Mr. Lee, age 35, buys DIRECT Star Protect PRO with a sum assured of S$100,000 and adds the DIRECT Dread Disease Protect Pro rider. He pays S$2,328 annually up to age 69. At age 65, Mr. Lee suffers a stroke with permanent neurological deficit. He receives an illustrated payout of S$165,438 (based on a 4.25% p.a. investment return), and his policy ends.
Mr. Lee, age 35, buys DIRECT Star Protect PRO with a sum assured of S$100,000 without the rider. He pays S$1,523 annually up to age 84. At age 65, if Mr. Lee hasn't made any claims, his policy would have an illustrated cash value of S$70,514 (based on a 4.25% p.a. investment return).
Affordable lifetime coverage
Flexible sum assured options
Choice of premium payment terms
Optional critical illness coverage
No medical examination required for most cases
Direct purchase without financial advice fees
Limited to S$200,000 sum assured (maximum for all DPI whole life plans)
No financial advice provided during purchase
May not be suitable for those unsure about their insurance needs
Limited customization options compared to non-DPI plans
Coverage starts immediately once your policy is in force, except for certain dread diseases which have a 90-day waiting period.
You can't increase the sum assured of an existing policy, but you can apply for additional policies up to the DPI limit.
Your policy may lapse, or you might be able to convert it to a paid-up policy with reduced benefits.
No, bonuses are not guaranteed and depend on the performance of Income's participating fund.
Yes, but the surrender value may be less than the total premiums paid, especially in the early years.
DIRECT Star Protect PRO offers an affordable and straightforward way to secure lifetime protection against death, terminal illness, and total and permanent disability. Its simplicity and direct purchase model make it an attractive option for those who understand their insurance needs and want a no-frills solution.
However, it's crucial to remember that while DIRECT Star Protect PRO can provide valuable coverage, it may not be suitable for everyone. The lack of financial advice during the purchase process means you need to be confident in your understanding of your insurance needs.
Before making a decision, consider your current financial situation, future goals, and existing insurance coverage. If you're unsure, it might be wise to consult with a qualified insurance advisor who can provide personalized recommendations based on your unique circumstances.
Remember, the best insurance plan is one that provides the right coverage for your needs at a price you can afford. DIRECT Star Protect PRO could be that plan for you, but only you can make that decision.
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Read the complete transcript of our expert discussion about Income Star Protect Pro (Direct). This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Welcome to a deep dive into something uh really relevant for many of you, especially if you're just starting out in your career here in Singapore.
Click above to view the complete podcast transcript (186 sections)
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