Whole Life

DIRECT Star Protect PRO: Affordable Lifetime Protection for Life's Uncertainties

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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What is DIRECT Star Protect PRO?

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.

Key Features That Make DIRECT Star Protect PRO Stand Out

Lifetime Coverage at Affordable Rates

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.

Hassle-free Application

Apply online anytime, anywhere, or visit an Income branch for in-person application.

Flexible Premium Terms

Choose to pay premiums up to age 69 or 84.

Optional Dread Disease Rider

Enhance your coverage with DIRECT Dread Disease Protect Pro.

Exclusive Treats for Policyholders

Enjoy special perks and benefits as an Income policyholder.

Why compare Income Star Protect Pro (Direct) with other Whole Life options through Whatins?

Traditional Approach

  • Limited comparison of growth projections
  • Single company's whole life performance history
  • May oversimplify cash value benefits

Whatins Advantage

  • Compare whole life cash value projections across insurers
  • See different whole life dividend histories
  • Understand various whole life premium payment options
  • Compare guaranteed vs non-guaranteed values

What Does DIRECT Star Protect PRO Cover?

Death Benefit

Your beneficiaries receive the sum assured plus any bonuses if you pass away.

Terminal Illness Benefit

You receive the sum assured plus any bonuses if diagnosed with a terminal illness.

Total and Permanent Disability (TPD) Benefit

You receive the sum assured plus any bonuses if you become totally and permanently disabled before age 65.

Optional Dread Disease Coverage

With the DIRECT Dread Disease Protect Pro rider, you're covered against various critical illnesses.

How Much Coverage Can You Get?

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 .

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How Much Does It Cost?

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:

  • S$1,685 per year if paying premiums up to age 69
  • S$1,523 per year if paying premiums up to age 84

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.

Real-Life Scenarios

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.

Scenario 1: With Dread Disease Rider

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.

Scenario 2: Without Dread Disease Rider

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).

Pros and Cons of DIRECT Star Protect PRO

Pros

  • 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

Cons

  • 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

Frequently Asked Questions

Is there a waiting period for coverage?

Coverage starts immediately once your policy is in force, except for certain dread diseases which have a 90-day waiting period.

Can I increase my coverage later?

You can't increase the sum assured of an existing policy, but you can apply for additional policies up to the DPI limit.

What happens if I stop paying premiums?

Your policy may lapse, or you might be able to convert it to a paid-up policy with reduced benefits.

Are the bonuses guaranteed?

No, bonuses are not guaranteed and depend on the performance of Income's participating fund.

Can I surrender the policy for cash?

Yes, but the surrender value may be less than the total premiums paid, especially in the early years.

Conclusion

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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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your needs. Don't leave your financial future to chance – get the expert advice you deserve today.