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LAST UPDATED ON 25/07/2018
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Term or whole life?
We often hear people discussing term or whole life policies, but what’s the difference between the two? Term policies last for a fixed duration, usually a maximum of 40 years, while whole life policies last as long as you can continue paying for them. At the end of a term life policy, there is no surrender value (I.e. you get nothing back at the end of the policy) while In the case of whole life policies, there usually is. Term policies do however, have cheaper premiums than whole life policies.
Should I Get An Investment/ Endowment Insurance Policy?
Although all life insurance exists principally to protect you and your loved ones, most of them have evolved to include other components such as investments, savings and even retirement planning. Finding a policy that grows with you and complements your lifestyle will help optimize your financial planning.
Investment-linked insurance policies (ILPs)
Life insurance policies that use a portion of your premiums to invest into a fund(s) chosen by you while the rest is used for your coverage.
Endowment/ Saving Policies
Life insurance policies that help meet specific long-term savings goals, these policies are often used to save for children’s educations. A portion of your premiums pays for protection while the insurer uses the remainder to invest and get a return.
When we pass on, we often leave behind family members who rely on our financial support. Whatever cover amount you choose should factor this in, including:
Rental/ utility expenses
Living expenses for dependants
Cost of education for children (If any)
Medical expenses (If any dependant presently/ may in the future require such support)
Leaving our loved ones is painful but leaving them with the burden of debt would be much worse. Whatever coverage you choose, take into account the amount of debt you currently have left, whether it’s a home/ car loan and add that to the amount of cover you require.
Many people end up getting over covered or under-covered. Why pay more than you should? Or find out that you have insufficient coverage in times of emergencies. Let our Qualified Licensed Advisors help you with a non-obligatory consultation to determine the right coverage.
Buying a life insurance policy can be initially confusing. This is, after all a choice that you’ll be living with potentially till the end of your life. Thankfully, our experience in the industry allows us to help our clients identify and avoid common mistakes.
Take a look at the list below to learn from our collective experience, and take these points into consideration as you look at taking up your life policy. If you’d like additional advice just contact us. We’re always on hand to help.!
We want to assist you with taking this step by giving you the knowledge, tools and resources to help you make the right policy choice with the least hassle.
We will provide you with as much (or as little) help as you want – whether this means simply giving you access to a suite of valuable tools to help you make an informed decision, or holding your hand and guiding you through each and every step of the life insurance consideration, shortlisting and selection process.
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No, though term insurance and life insurance offer protection against death, their premium structure is fundamentally different, and thus it is not possible to convert term to life insurance.
Although you have no dependants, you can consider buying life insurance as a way to save towards a longer term savings target. You may also use life insurance to protect yourself against critical illness or Total and Permanent Disability (TPD)
Riders are additional options you may choose to take up with your insurance policy that offer additional protection/ benefits on top of what is included in your life insurance policy for an additional premium. Common riders include Critical Illness and Total and Permanent Disability (TPD).
Critical Illness and Total and Permanent Disability cover are typically either included in your life insurance or offered as optional riders in your life insurance policy.
Critical Illness cover protects against the possibility of major illness and triggers a pay out from the policy when the insured is first diagnosed with a critical illness that is covered by his policy.
Total and Permanent Disability cover protects against disability and triggers a pay out from the policy if the conditions of total and permanent disability as defined by your insurer are met.
The premium payable depends on a number of factors such as your percentage of coverage, health status, age, etc.
You are usually allowed to choose your preferred payment frequency: one-time, monthly, quarterly, semi-annually or annually.
A common definition is: the inability to take part in any paid work for the rest of the insured’s life, or total physical loss.
Your insurer may have varying definitions of what a “total physical loss” means. As a general guideline, total physical loss usually refers to:
You will typically need to provide a medical certificate by a registered medical practitioner certifying that the insured is totally and permanently disabled for period of time (usually at least six consecutive months).
Usual exclusions are deliberate acts such as self-inflicted injuries or attempted suicide. Also excluded are unlawful acts, provoked assault, or deliberate exposure to danger, as well as the effects of alcohol or drugs.
No, once the insurance benefit is activated, your policy and all riders will cease immediately and you do not have to pay premiums.