Are you looking for a flexible whole life insurance plan that offers lifelong protection and the potential to build your retirement nest egg? NTUC Income's VivoLife might be the solution you've been searching for. Let's dive deep into what this plan offers and how it can benefit you and your loved ones.
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VivoLife is a whole life insurance plan designed to provide comprehensive protection throughout your lifetime . It stands out for its flexibility, offering three levels of enhanced protection and various premium payment terms. Additionally, it includes unique features like an Early Cancer Waiver rider and the option to convert your policy into an annuity plan for retirement income.
Choose from VivoLife 125, VivoLife 180, or VivoLife 350, offering 125%, 180%, or 350% of the sum assured respectively.
Select from 5, 10, 15, 20, or 25 years, or pay until age 64 or 84.
Up to an additional 200% of the sum assured for accidental death.
Convert your policy into an annuity plan from age 60, with a 5% increase in cash value.
Premiums are waived if you're diagnosed with early-stage cancer.
Up to 6 months of premium waiver if you're involuntarily retrenched.
All plans offer up to an additional 200% of sum assured for accidental death.
Before age 70: 125% of sum assured for death, total and permanent disability (TPD), or dread disease diagnosis. On or after age 70: Sum assured plus bonuses for death or dread disease diagnosis.
Before age 70: 180% of sum assured for death, TPD, or dread disease diagnosis. On or after age 70: Sum assured plus bonuses for death or dread disease diagnosis.
Before age 70: 350% of sum assured for death, TPD, or dread disease diagnosis. On or after age 70: Sum assured plus bonuses for death or dread disease diagnosis.
VivoLife covers 40 dread diseases , including:
You can find the full list of covered diseases in the policy conditions document for each plan type on NTUC Income's website.
Let's consider John, a 30-year-old who signs up for VivoLife 350 with a sum assured of $100,000 and a 15-year premium payment term:
• Death benefit: $350,000
• Total & permanent disability benefit: $350,000
• Dread disease diagnosis benefit: $350,000
This example illustrates how VivoLife can provide substantial protection while also building cash value over time .
This rider waives future premiums if you're diagnosed with early-stage cancer. Key points: 90-day waiting period from the rider's issue date, 30-day survival period from diagnosis date, and for third-party policies, you must include an Enhanced Payor Premium Waiver or Dread Disease Premium Waiver rider.
If you're involuntarily retrenched and unemployed for 3 consecutive months: Up to 6 months of premiums waived for the basic policy, coverage continues during this period, can only be claimed once, and policy must be in force for at least 6 months.
From age 60, you can convert your VivoLife policy into an annuity plan: 5% increase in cash value upon conversion, provides a regular income stream for retirement.
Up to an additional 200% of sum assured if death occurs within 365 days of an accident: Full benefit for insured age 69 or under, not participating in restricted activities, reduced to 60% of sum assured if participating in restricted activities.
Flexible protection levels and premium payment terms
Comprehensive coverage for death, TPD, and dread diseases
Early cancer and retrenchment protection
Option to convert to annuity for retirement income
Additional accidental death benefit
Enhanced protection value only applicable before age 70
Bonuses are not guaranteed and depend on fund performance
Surrender value may be less than total premiums paid if policy is terminated early
VivoLife could be an excellent choice for:
If you're interested in VivoLife:
Remember, it's crucial to speak with a qualified insurance adviser to determine if VivoLife suits your specific needs and financial situation.
You should check with NTUC Income about options for changing your plan after purchase.
NTUC Income will pay 10% of what they would have paid for other dread diseases, up to $25,000. The policy continues with a reduced sum assured.
No, bonus rates are not guaranteed and depend on the future performance of the Life Participating Fund.
The cash value you receive may be substantially less than the premiums you've paid.
Yes, it's protected under the scheme administered by the Singapore Deposit Insurance Corporation (SDIC).
NTUC Income's VivoLife offers a comprehensive and flexible whole life insurance solution . With its three levels of enhanced protection, various premium payment terms, and unique features like the Early Cancer Waiver rider and annuity conversion option, it provides both protection and potential for retirement planning. However, as with any insurance decision, it's crucial to carefully consider your personal needs, financial situation, and long-term goals before committing to a policy.
Remember, the best insurance plan is one that aligns with your specific circumstances and provides you with peace of mind. If you're considering VivoLife or any other whole life insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.
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