In today's fast-paced world, finding the right balance between protecting your loved ones and growing your wealth can be challenging. If you're at a stage in life where your career is on track and you're thinking about starting a family, you might be looking for a financial solution that offers both security and growth potential. That's where TM FlexiAssurance comes in. Let's dive deep into this innovative product from Tokio Marine Life Insurance Singapore Ltd. and see how it could be the perfect fit for your needs.
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TM FlexiAssurance is a regular premium whole life, investment-linked plan (ILP) that offers insurance coverage terms of up to age 70 or 99. It's designed to provide you with a robust insurance safety net while also giving you the flexibility to manage and potentially grow your savings . This unique combination makes it an attractive option for those looking to secure their future while also building wealth.
TM FlexiAssurance provides coverage against death, Total and Permanent Disability (TPD), and Terminal Illness (TI) of up to 300 times your annual premium . This high coverage amount ensures that your loved ones are well-protected in case of unforeseen circumstances.
One of the standout features of this plan is its No Lapse Guarantee (NLG) privilege . This means that even in severe economic conditions where your policy value might be insufficient to cover monthly fees and charges, your insurance coverage will continue, subject to certain conditions.
Even after making a TPD or TI claim, your policy continues to stay in force with the remaining policy values. This feature allows for potential growth in your savings even after a significant life event .
As a reward for your commitment, TM FlexiAssurance offers additional units to your investment pool every five years . The value of these bonus units is equivalent to 10% of the total regular premium paid during each loyalty bonus period, divided by five years.
The rates for the monthly protection charge are level and non-guaranteed, providing you with more predictability in your long-term financial planning.
This plan offers several flexible features: ad-hoc top-ups, withdrawals, and premium holidays . You can add to your investments, make withdrawals if needed, and take a temporary break from premium commitments after the first two years.
Let's consider an example to better understand how TM FlexiAssurance can work for you:
Meet Keith, a 30-year-old non-smoking male who decides to purchase TM FlexiAssurance with the following details:
Assuming an illustrated investment rate of return of 8% p.a., here's how Keith's policy could potentially grow:
One of the unique features of TM FlexiAssurance is its No Lapse Guarantee Privilege . This feature ensures that your insurance coverage remains in place even if your policy value becomes insufficient to cover the required fees and charges. This can provide significant peace of mind, especially during economic downturns or periods of financial stress.
The Loyalty Bonus is TM FlexiAssurance's way of rewarding you for your commitment. Every five years, you receive additional units in your investment pool . The value of these bonus units is calculated as 10% of the total regular premium paid during each loyalty bonus period, divided by five years. This means your investment grows without you having to pay additional premiums.
Like all investment-linked products, the returns are not guaranteed and depend on the performance of the chosen funds.
Life insurance policies, including TM FlexiAssurance, are designed as long-term commitments. Early termination may result in high costs and the surrender value may be less than the total premiums paid.
Some elements of the policy, such as the rates for monthly protection charges, are non-guaranteed and may change in the future.
As your life circumstances change, it's important to regularly review your policy to ensure it continues to meet your needs.
TM FlexiAssurance offers a unique combination of protection and investment potential , making it an attractive option for those looking to secure their future while also growing their wealth. Its flexible features, high coverage amount, and loyalty bonuses set it apart from many other financial products in the market.
However, as with any financial decision, it's crucial to carefully consider your personal circumstances, financial goals, and risk tolerance before committing to a policy. It's always recommended to seek advice from a qualified financial adviser who can provide personalized recommendations based on your specific situation.
Remember, the best financial plan is one that aligns with your individual needs and goals. TM FlexiAssurance could be a valuable tool in your financial toolkit, helping you achieve the ideal balance between protection and investment growth.
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