In today's uncertain world, ensuring your family's financial security is more important than ever. Did you know that 1 in 5 Singaporeans are underinsured , leaving their loved ones vulnerable in case of unexpected events? If you're looking for a straightforward, affordable way to protect your family's future, TIQ ePROTECT Term Life might be the solution you've been searching for.
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TIQ ePROTECT Term Life is a non-participating, regular premium level term policy offered by Etiqa Insurance Pte. Ltd. It's designed to provide financial protection for your loved ones in case of your death, total and permanent disability (TPD), or terminal illness . This plan is all about pure protection - it doesn't have any savings or investment components, which means lower premiums and more coverage for your money .
Choose from 5 years (renewable), 20 years, or coverage up to age 65. Tailor the policy to your specific needs and life stage.
For 5-year terms, renew automatically without proving good health . Renewable up to age 81, ensuring long-term protection.
Premiums stay the same throughout each policy term. Makes budgeting easier and more predictable.
Pay monthly, quarterly, half-yearly, or yearly. Choose the frequency that suits your financial planning.
Protection against death, TPD, and terminal illness . TPD coverage up to $4 million aggregate across all policies.
Pays out the full sum insured if you pass away during the policy term. Includes a potential advance payment of up to $3,000 for funeral expenses.
Pays the full sum insured if you become totally and permanently disabled before age 65 . Covers inability to work or loss of limbs/sight.
Pays out the full sum insured if you're diagnosed with a terminal illness. Terminal illness is defined as a condition likely to lead to death within 12 months.
The amount of coverage (sum insured) is flexible and can be tailored to your needs. However, it's important to note that for TPD coverage, there's a maximum aggregate sum insured of $4 million per insured life across all policies with TPD benefits in Singapore .
The premium for TIQ ePROTECT Term Life depends on several factors:
The good news is that premiums are level and guaranteed throughout each policy term . This means your premiums won't increase during the term you've chosen, making it easier to budget for your protection.
For the 5-year renewable option, while your premium will increase at each renewal (because you're older), it will then stay level for the next 5-year term.
Imagine you're a 35-year-old parent with young children. You could choose a 20-year term to cover your family until your kids are grown. If anything happens to you during this time, your family would receive the full sum insured , helping them maintain their lifestyle and achieve their goals.
As a 45-year-old professional, you might opt for coverage up to age 65 to protect your income until retirement. If you were to become totally and permanently disabled, the policy would pay out, helping replace your lost income.
At 60, you could choose the 5-year renewable option. This gives you the flexibility to reassess your needs every 5 years while guaranteeing you can renew without proving your health status .
Simple, pure protection without complex features
Flexible policy terms to suit different life stages
Guaranteed renewability for 5-year terms
Level premiums for easy budgeting
Comprehensive coverage for death, TPD, and terminal illness
No cash value or savings component
Premiums increase at renewal for 5-year terms
TPD coverage ends at age 65
Some exclusions apply (like suicide in the first 12 months)
You would need to check with Etiqa about options for increasing or decreasing coverage after purchase.
Your policy may lapse if premiums are not paid on time. It's crucial to keep up with payments to maintain coverage .
For the 5-year renewable option, you can renew up to age 81. For other terms, coverage ends at the end of the policy term.
This depends on your age, the sum insured, and your health declaration. Etiqa will advise if any tests are needed.
Etiqa aims to process claims quickly. For death claims, they may offer an advance payment of up to $3,000 for funeral expenses while assessing the full claim.
TIQ ePROTECT Term Life offers a straightforward, flexible way to ensure your loved ones are financially protected if something happens to you. With its pure protection focus, it provides substantial coverage at affordable premiums . The option to choose your policy term and renew guaranteed (for 5-year terms) makes it adaptable to different life stages and changing needs.
However, as with any financial decision, it's important to carefully consider your personal circumstances, long-term goals, and overall financial plan. While TIQ ePROTECT Term Life offers valuable protection, it's just one piece of a comprehensive financial strategy.
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