Opting for a life insurance, Singapore can work out to be one of the most important decisions taken by an individual. Immaterial of what your earning is, the future is definitely unpredictable. There are a lot of premature deaths due to serious accidents or illnesses and in cases where you are the only earning member of a family, this option of life insurance is all the more important as this can help in securing the future of your loved-ones . Besides which, a life insurance policy offers multiple benefits.
Reasons for opting for Life Insurance, Singapore:
- Dealing with the Debt:
Opting for the apt life insurance, Singapore in accordance to the specific requirement, the different loans , like the loan on different credit cards, auto loan, home loan and personal loan can be dealt with ease. There is no financial burden on the immediate family.
- Achieving Goals of Long-term:
As the life insurance, Singapore tends to one type of investment; this can be helpful in achieving any goals set on a long term basis, like planning retirement or even buying a home. You also get diverse options for investment with the different policies. There are specific policies tied to investment products that can ensure dividends based on the specific performance. In case you wish to make a choice of a policy which is investment-based you need to ensure you read the policy contract totally or probably, seek the help of a professional. You get a clear idea of the returns and the risks involved with the specific policy.
- Insurance works out cheaper when you are young:
Every youngster does not require an insurance policy. In case you are living with your parents or have created a fund for emergency you can delay in buying life insurance, Singapore. In case you have a loan which is co-signed or even have dependents you need to seriously plan in life insurance policy. The cost of coverage tends to be on the lower side if you are single.
It is advisable to take assistance of a financial planner before you opt for a specific life insurance, Singapore so that you are sure you are opting for the apt one. You have many insurance agents who try to sell different policies without considering your requirement.
- Supplements goals of Retirement:
Life insurance ensures you have a consistent stream of funds on a regular basis even after retirement. You need not make any compromises on your life-style even after you have retired.
- Business Needs:
There are specific life insurance, Singapore which caters to the needs of a business besides catering to the requirements of a family.
- Saving on Tax with Life Insurance:
Most life insurance policies help in saving taxes, immaterial of the choice of plan. The premium paid for a specific life insurance, Singapore is exempted of taxes.
- Apt Tool for Savings:
The money invested in an insurance policy is an investment. This can be termed as a ‘forced investment’ as most do not make any effort to save on a regular basis.
Some Best Life Insurance in Singapore:
As compared to term life insurance, the whole life insurance tend to have a premium on the higher side. Based on specific criteria, listed below are 4 of the apt life insurance, Singapore. The factors taken into consideration are
*Coverage feature which are multiplier.
*Pay term feature which is limited and regular.
*Can add coverage for critical illness at an early stage as a rider with a pay-out of 100% on the diagnosis.
The top 4 with the above factors considered are NTUC VivoAssure, AXA Life treasure, Manulife Life Ready and Aviva My WholeLife Plan. ManuLife Ready works best with the flexibility offered and a premium considered as ‘competitive’. The AXA Life Treasure works best for the accidental death pay-out and multiplier factors the most number. The best life insurance, Singapore for the option of monthly income and the multiplier term which is longest is the Aviva My Whole Life Plan 111. NTUC VivoAssure offers the flexible terms of payment.
- Manulife Life Insurance:
Manulife tends to be one of the most popular as this life insurance; Singapore offers whole life plans which are the most attractive. This has a benefit 1-5x of flexible multiplier. The term of payment ranges from 10 years to a lifetime. The premiums are one of the most competitive ones across many permutations and age categories.
For a limited payment of premium term of 25 years for coverage of 100,000 Early stage critical illness, Death and Disability for someone of 30 years of age, the premium works out $1,200 monthly. This is similar to a term policy till age 70 for the same coverage.
*Manulife has payment term for the premium of 10/15/20/25 and 99 This ensures the flexibility.
*The multiplier benefits of 1, 2, 3, 4 and 5 times.
*Child cover for a child is free for any critical illness in the advanced stage in case you have opted for the critical care rider.
*Cover for critical illness at an early stage includes almost 18 special conditions and 105 medical conditions.
*You are offered a discount on the premium for good health in the initial 2 years. This benefit can be availed in a continuous manner if the health target is achieved for the remaining term of the premium.
- Aviva Life Insurance:
Aviva My Whole Life Plan offers a more competitive package as compared to before. This has different options for the stretch of the multiplier term. Aviva offers the insured a freedom to opt for a multiplier term till the age of 80 right from 65. This benefit works out to be the longest and the most flexible.
Aviva also offer freedom to the insured to make a choice of the single premium term of payment and premium term of payment to 5, 10, 15, 20 and 25. This life insurance, Singapore offers a benefit of monthly income with the option of cash-out at any time after the age of 65. You have the option of adding on the rider of multipay ci.
*You have the option of receiving income on a monthly basis anytime after the age of 65 at a sum assured which has been reduced.
*Benefit of Multiplier of 2x, 3x, 4x, and 5x.
*Waiving of the Premium sans any interest for almost a year in case of loss of a job.
*The Single Premium payment option 5, 10, 15, 20 and 25.
*The multiplier term works out to be the most flexible and the highest with the given option of 65, 70, 75 and 80 .
*The coverage for TDP is for a life-time.
- AXA Life treasure:
With the AXA Life treasure you get riders in a wide range which includes Accidental Death Benefit, Benefit of Multiplier, Benefit of Critical Illness, and other riders which work out optional. This life insurance, Singapore offers multiplier factor which is 7x assured. The benefit of the rider for critical illness applies to 3 major illnesses, Stroke, Heart Attack and Cancer. You can receive an added amount which is equivalent to almost 50% of the assured sum of the rider.
*This life insurance, Singapore has the maximum of the multiplier factor.
*The term of payment for the Premium tends to be 10 to 30 years.
*The sum assured for accidental death is 14x.
*You have the option of insurability which is guaranteed for the additional protection when specific responsibilities of an individual increase.
- NTUC Income:
NTUC income, a life insurance, Singapore, has embarked on a multiplier feature of 100% to 500% normalcy. Critical illness in the advanced stage is an optional rider now. This is different from the NTUC VivoAssure which embeds previously the coverage of advanced stage CI into the specific basic plan. The Premium is now comparable to the Aviva MyWhole Life Plan as this has become competitive.
As compared to the other life insurance, Singapore, NTUC VivoAssure is the only insurance with a lump sum claim of the total 100%.
*The term for the payment of the premium is flexible with the limit being the last birthday at the age of 64 or 5, 10, 15, 20 25, and 30 years.
*Pays 200% of the assured sum besides the death benefit in case of an accidental death.
Factors to be considered for Life insurance:
Before deciding on a specific life insurance, Singapore, there are specific factors to be taken into consideration.
- Number of Life Insurance Policies:
You need to be aware that you have the option of buying as many life insurance policies as you wish. For those who have opted for the whole life insurance might require additional coverage for important events in life, marriage and childbirth are just two of these. You have a choice of getting the coverage increased with the present life insurance, Singapore or opt for a different insurer. The insurers need to be aware of all the different insurance policies you possess.
- Life Insurance timing:
Before buying a specific life insurance, Singapore you need to avoid few things. Avoid making an appointment with the doctor just before you purchase a policy. This can be done once you have purchased the policy. This is due to the fact with any illness diagnosed at that time increases the premium. In the same manner, avoid dangerous situations where there are chances of you getting sick or injured.
- Pay-out is not a guarantee:
Opting for a life insurance, Singapore you need to be aware that pay-outs are not always guaranteed. You need to have a thorough knowledge of these exclusions. One of this is committing suicide within the first 2 years of buying a policy. There are also possibilities of the claim denied if you have participated in an activity considered as ‘risky’. This can be cave exploration r even scuba diving.
- Switching or Cancelling the Life Insurance:
There is a possibility that you prefer some new life insurance, Singapore after you have already bought one. Cancelling the previous policy is not advisable as there are chances that any new medical conditions acquired during that period of time can lead to the new insurance policy working out more expensive as the coverage can get reduced and the premiums will work out higher.
In case of a life term insurance you tend to lose out more as there is no value for cash surrender for the termination of the policy at an earlier date. With whole life insurance, you have to pay a specific fee for termination of the policy.
The best way out is to switch the plan with the same insurer. This can eliminate the need for a new medical check-up and also reduce the amount of paperwork.
Life insurance, Singapore is definitely advisable but only after gaining the required knowledge and information of the life insurance.