In today's uncertain world, having a reliable safety net is more important than ever. Did you know that according to recent studies, 1 in 3 Singaporeans are underinsured? This gap in protection can leave families vulnerable in times of need. If you're looking for a flexible, lifelong protection plan that grows with you, Singlife Whole Life might be the solution you've been searching for.
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Singlife Whole Life is a customizable, lifelong protection plan designed to provide financial security for you and your loved ones. It offers not just protection against death and terminal illness, but also the potential for cash value accumulation and additional coverage during crucial life stages. This plan is unique in its flexibility, allowing you to tailor your coverage as your life circumstances change.
Covers death and terminal illness for your entire life. Accumulates cash value from the third policy year onwards.
Choose your Base Sum Assured and premium payment term. Option to add Additional Cover of 100%, 200%, 300%, or 400% of Base Sum Assured.
Guaranteed Extra Protection Option allows you to increase coverage at key life events without additional health checks.
Waiver of interest charges on premiums for up to one year if you lose your job.
Convert your policy's cash value into monthly payouts up to age 99.
Add-on riders for enhanced protection against critical illness and disability.
| Age | What suggestion covers | Premium |
|---|---|---|
| 32, Female making $5,100 a month | tpd sum assured till 70 $200,000 tpd sum assured after 70 $50,000 death sum assured till 70 $200,000 death sum assured after 70 $50,000 early ci sum assured till 70 $100,000 early ci sum assured after 70 $25,000 advance ci sum assured till 70 $100,000 advance ci sum assured after 70 $25,000 | $185.6 |
| 34, Female making $10,000 a month | TPD $300,000 death $300,000 critical illness $300,000 early critical illness $150,000 | $321.6 |
| 44, Female making $12,500 a month | $100,000 | |
| 26, Female making $3,000 a month | death tpd: after 70 $100,000 until 70 $500,000 cash value $43,277 critical illness: after 70 $40,000 until 70 $200,000 | $2,555.25 |
| 35, Female making $16,666.667 a month | death $200,000 critical illness $100,000 | $6,000 |
Provides lifelong protection against death and terminal illness. Accumulates guaranteed and non-guaranteed cash value.
Offers extra protection of 100% to 400% of the Base Sum Assured. Lasts up to age 65, 70, or 75, depending on your choice.
Total and Permanent Disability Advance Cover IV, Critical Illness Advance Cover V, Early Critical Illness Advance Cover V.
Let's look at a real-life example to understand how this plan functions:
Meet Amy, a 30-year-old non-smoker living in Singapore. She wants lifetime protection while growing her savings. Here's how her Singlife Whole Life plan might look:
Base Plan:
Added Riders:
With this setup, Amy enjoys comprehensive coverage. For instance, if she's diagnosed with early thyroid cancer, she could receive a payout of S$265,171. After this payout, her coverage would be reduced, but she'd still maintain significant protection.
Cash Value Growth:
If Amy makes no claims and doesn't opt for the Income Payout Option, her policy's cash value could grow to S$158,335 by age 85.
The cost of Singlife Whole Life depends on various factors, including:
In Amy's case, her annual premium is S$2,698.50, payable until age 65. However, your premium could be different based on your specific circumstances and choices.
Increase your coverage at key life events without additional health checks. Events include marriage, divorce, widowhood, having a child, adopting, enrolling in tertiary education, starting full-time employment after graduation, and purchasing a property.
If you're between 19 and 75 years old and lose your job, Singlife waives interest charges on premiums for up to one year, providing crucial financial relief during challenging times.
From age 65 or after your premium payment term (whichever is later), you can convert your policy's cash value into monthly payouts to supplement your retirement income.
Enhance your protection with riders covering total and permanent disability, critical illness, and early-stage critical illness for additional financial support during health crises.
Lifelong protection against death and terminal illness
Flexible coverage options to suit changing life stages
Potential for cash value accumulation
Option to increase coverage at key life events without health checks
Ability to convert cash value to retirement income
Comprehensive rider options for enhanced protection
Premiums may be higher compared to term insurance
Cash value accumulation starts only from the third policy year
Early termination can be costly
Non-guaranteed bonuses depend on fund performance
Yes, the Guaranteed Extra Protection Option allows you to increase coverage at key life events.
Singlife offers a Waiver of Interest Benefit for up to one year if you lose your job.
Yes, the Income Payout Option allows you to convert your policy's cash value into monthly payouts from age 65 onwards.
No, the Reversionary Bonus and Terminal Bonus are non-guaranteed and depend on the performance of Singlife's Participating Fund.
Base Cover provides lifelong protection, while Additional Cover offers extra protection up to a chosen age (65, 70, or 75).
Singlife Whole Life offers a flexible and comprehensive approach to lifelong protection . Its unique features, such as the ability to increase coverage at key life events and convert cash value to retirement income, make it stand out in the market. However, as with any insurance decision, it's crucial to carefully consider your personal needs, financial situation, and long-term goals.
Remember, the best insurance plan is one that aligns with your specific circumstances and provides peace of mind throughout your life journey. If you're considering Singlife Whole Life or any other whole life insurance plan, it's always wise to consult with a financial adviser who can provide personalized recommendations based on your unique situation.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on whole life insurance plans. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your lifelong journey. Don't leave your financial future to chance – get the expert advice you deserve today.
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Read the complete transcript of our expert discussion about Singlife Whole Life. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
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Compare other whole life options to find the best coverage for your needs
AIA Guaranteed Protect Plus (III) offers an impressive breadth of coverage, safeguarding you against 150 multi-stage critical illnesses. This comprehensive plan goes a step further by allowing you to extend protection to your parents as well, ensuring peace of mind for your entire family. With its extensive coverage and unique family-oriented approach, AIA Guaranteed Protect Plus (III) stands out as a thoughtful and robust insurance solution.
AIA Life Dividends offers a unique approach to life insurance, combining lifetime coverage with the potential for financial growth. Starting from the fifth year, policyholders can enjoy annual dividends, providing an opportunity to secure your family's future while potentially benefiting from your policy during your lifetime. This innovative feature sets AIA Life Dividends apart, offering both protection and the possibility of financial returns.
AXA Life Exentials goes beyond typical life insurance, offering an impressive up to 7x Sum Assured for accidental death. This unique feature provides substantial financial protection for your loved ones in unexpected circumstances. Moreover, AXA Life Exentials extends its care to your parents, allowing you to safeguard not just your immediate family, but also those who raised you.
China Taiping i-Secure Legacy (II) stands out with its extensive coverage for an impressive 161 critical illnesses, offering comprehensive protection for you and your loved ones. What's more, this plan goes the extra mile by allowing you to extend coverage to your parents, ensuring peace of mind for the whole family. Discover how this unique feature can help you safeguard multiple generations under one policy.
FWD Life Income Plus offers a unique combination of life coverage and cash value growth, providing a dual benefit that many policyholders find appealing. This innovative product allows you to protect your loved ones while also building financial value over time. Discover how FWD Life Income Plus could potentially align with your long-term financial and protection goals.
GE Prestige Life Gold offers a remarkable level of protection, with up to 6 times the Sum Assured for accidental death. This unique feature provides an extra layer of security for your loved ones, especially when it comes to safeguarding your parents' future. Beyond this standout benefit, GE Prestige Life Gold has more to offer, making it a comprehensive choice for those seeking robust life insurance coverage.
GE Supreme Great Multiplier offers a unique approach to life insurance that goes beyond the ordinary. With its impressive feature of providing up to 4x death benefit until age 70, it not only secures your future but also allows you to extend protection to your parents. This innovative product redefines family coverage, offering peace of mind across generations.
GREAT Flexi Protect Series 3 offers a remarkable level of protection with its standout feature of up to 300% CI coverage boost. This innovative plan not only secures your future but also extends its benefits to safeguard your parents, providing comprehensive family protection. With such unique offerings, GREAT Flexi Protect Series 3 stands out as a forward-thinking insurance solution designed to meet diverse family needs.
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