Income Star Term Protect: Affordable Protection for Life's Uncertainties

Did you know that the average working adult in Singapore has a mortality protection gap of S$169,673 and a Critical Illness protection gap of S$256,826 ? These startling figures from the Life Insurance Association Singapore (LIA) highlight the importance of adequate insurance coverage. Moreover, while Singaporeans are living longer (with an average life expectancy of 83.1 years), the average healthy life expectancy is only 73.9 years. This means many of us might spend about 10 years in poor health or dealing with injuries .

With these facts in mind, let's explore how Income Star Term Protect can help bridge these protection gaps and provide peace of mind without breaking the bank.

Income Star Term Protect is a basic term life insurance plan designed to offer high coverage at affordable premiums . It's a pure protection plan with no cash value, which means your premiums go entirely towards providing insurance coverage. This approach allows for higher coverage amounts at lower premium rates compared to plans that include a savings component.

Let's look at an example to understand how this plan can provide high coverage at affordable premiums:

Mr. Tan, a 30-year-old non-smoker, signs up for Star Term Protect with a sum assured of $250,000 for a 20-year term. He also adds the Hospital CashAid rider with a sum assured of $100. His yearly premiums are:

• Star Term Protect: $240/year

• Hospital CashAid rider: $195/year

At age 49, Mr. Tan suffers a massive stroke that results in total and permanent disability. He's hospitalized for 65 days, including 5 days in the ICU. Here's how his coverage helps:

1. Payout from Star Term Protect: $250,000

2. Payouts from Hospital CashAid rider:

• Hospital Cash Benefit: $6,500 ($100 x 65 days)

• Additional ICU Benefit: $1,000 ($100 x 2 x 5 days)

• Major Impact Benefit: $1,000 ($100 x 10)

• Recovery Benefit: $100

Total payout: $258,600

Mr. Tan paid a total of $8,494 in premiums over 19 years and received a payout of $258,600 - demonstrating the high coverage-to-premium ratio of this plan.

Income Star Term Protect offers a flexible and affordable way to secure high insurance coverage , helping to bridge the protection gap many Singaporeans face. Its pure protection focus allows for lower premiums, while the option to add riders provides comprehensive coverage tailored to your needs. However, as with any financial decision, it's crucial to carefully consider your personal circumstances and long-term goals.

Remember, the best insurance plan is one that fits your specific needs and budget. Before making a decision, it's wise to consult with a financial advisor who can provide a detailed analysis of your situation and help you choose the most suitable coverage.

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