Term Life

FWD Life Protection: Comprehensive Coverage for Life's Unexpected Turns

In today's unpredictable world, having robust financial protection is more important than ever. Did you know that 1 in 3 Singaporeans is at risk of developing a critical illness in their lifetime? Or that the average cost of treating a critical illness can easily exceed $100,000? These sobering statistics highlight the importance of having comprehensive life and health insurance. If you're looking for a versatile whole life insurance plan that offers both extensive coverage and flexibility, FWD Life Protection might be the solution you've been searching for.

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What is FWD Life Protection?

FWD Life Protection is a participating whole of life insurance plan designed to provide comprehensive financial protection throughout your life . It goes beyond typical life insurance by offering a unique combination of life coverage, critical illness protection, and flexibility to adapt to your changing needs. This plan allows you to face life's uncertainties with confidence, knowing you have a strong financial safety net in place.

Key Features That Set FWD Life Protection Apart

Lifelong Coverage with Protection Booster

Choose your preferred premium payment term: 5, 10, 15, 20, or 25 years . Multiply your coverage by 2x, 3x, or 5x with the Life Protection Booster. Enjoy boosted coverage until your selected minimum protection level (MPL) age of 75 or 85.

Flexible Income Payouts

Convert up to 80% of your policy value into annual income payouts. Start receiving payouts as early as age 55 . Customize your payout term from 10 years up to age 100. Enjoy a guaranteed 10% additional booster on your income payouts.

Comprehensive Rider Benefits

Add critical illness coverage with the FWD Early CI Protection Rider. Boost late-stage critical illness protection with the FWD CI Protection Rider. Ensure premium continuity with the FWD CI Premium Waiver Rider or FWD Payer Premium Waiver Rider.

Unique Benefits for Life's Challenges

Retrenchment Benefit: Premium waiver for 12 months if you're laid off . Premium Deferment Option: Defer premium payments for up to 12 months without interest. Lifestage Purchase Option: Increase coverage at key life milestones without medical underwriting.

Value-Added Services

Free 24/7 teleconsultation with FWD HealthFirst programme. Medicine delivery service. Access to over 600 GP and dental clinics at preferred rates.

Why compare FWD Life Protection with other Term Life options through Whatins?

Traditional Approach

  • Limited term length options from one insurer
  • May push longer terms than needed

Whatins Advantage

  • Compare term lengths across multiple insurers
  • See how different term life insurance periods affect premiums
  • Understand renewal options across insurers
  • See competing term length justifications and determine which one is best for you

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

What Does FWD Life Protection Cover?

Base Plan

Death Benefit: Pays out the higher of the minimum protection level (MPL) or sum insured plus any non-guaranteed bonuses. Terminal Illness Benefit: Advance payout of the death benefit if diagnosed with terminal illness. Total and Permanent Disability Benefit: Payout if you become totally and permanently disabled before age 70.

FWD Early CI Protection Rider

Covers 175 conditions across various stages , including 1 Pre-Early Cancer condition, 43 Early-stage Critical Illnesses, 39 Intermediate-stage Critical Illnesses, 60 Late-stage Critical Illnesses, 15 Special and mental conditions, and 17 Juvenile conditions. Includes Intensive Care Unit (ICU) Benefit and Pre-Early Cancer Benefit.

FWD CI Protection Rider

Covers 60 late-stage critical illness conditions.

FWD CI Premium Waiver Rider

Waives future premiums if diagnosed with a covered critical illness.

FWD Payer Premium Waiver Rider

Waives future premiums if the policy owner dies, becomes totally and permanently disabled, or is diagnosed with a covered critical illness.

How Much Coverage Do You Get?

The coverage amount depends on the sum insured you choose and the multiplier factor you select (2x, 3x, or 5x). For example:

  • If you choose a sum insured of $100,000 with a 5x multiplier, your minimum protection level (MPL) would be $500,000 .
  • This boosted coverage remains in effect until your chosen MPL age (75 or 85), after which it reduces by 10% annually for 5 years.
  • After the reduction period, you still maintain 50% of your boosted coverage for life.

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Real-Life Scenario

Let's look at how FWD Life Protection might work for Andy, a 40-year-old father:

  • Andy buys FWD Life Protection for his newborn son, Dean, with a sum insured of $100,000.
  • He adds the FWD Early CI Protection and FWD CI Protection riders, each with $50,000 sum insured.
  • Andy chooses a 5x multiplier and an MPL age of 85.
  • He pays $2,662 annually for 15 years.

Here's how the plan could benefit Dean throughout his life:

  1. At age 5: Dean is diagnosed with severe Hand, Foot, and Mouth Disease. The policy pays out $10,000 under the Special and Juvenile Benefit.
  1. At age 10: Andy is laid off. The policy waives premiums for 12 months under the Retrenchment Benefit.
  1. At age 20: Dean is diagnosed with bipolar disorder. The policy pays another $10,000 under the Special and Juvenile Benefit.
  1. At age 25: Dean is admitted to ICU due to an unidentified illness. The policy pays $10,000 under the Intensive Care Unit Benefit.
  1. At age 45: Dean is diagnosed with late-stage cancer. The policy pays out the full $500,000 benefit, and the policy terminates.

In total, the policy would have provided $530,000 in benefits over Dean's lifetime.

Pros and Cons

Pros

  • Comprehensive lifetime coverage

  • Flexible premium payment terms

  • Option to boost coverage significantly

  • Wide range of critical illness coverage

  • Unique benefits like retrenchment protection and premium deferment

  • Value-added health services

Cons

  • Premiums may be higher compared to term insurance

  • Complex structure may be difficult for some to understand

  • Non-guaranteed bonuses depend on fund performance

Frequently Asked Questions

Can I change my coverage amount after purchasing the policy?

You can increase your coverage at certain life milestones using the Lifestage Purchase Option without medical underwriting.

What happens if I can't pay my premiums?

You can use the Premium Deferment Option to defer payments for up to 12 months without interest.

Can I get critical illness coverage for my child?

Yes, the FWD Early CI Protection Rider includes coverage for 17 juvenile conditions.

What's not covered by this plan?

Like most insurance policies, there are exclusions. For example, self-inflicted injuries or pre-existing conditions may not be covered.

How do I make a claim?

Contact FWD as soon as possible after the insured event. They will guide you through the claim process.

Conclusion

FWD Life Protection offers a comprehensive and flexible approach to whole life insurance . With its unique combination of lifelong coverage, critical illness protection, and adaptable features, it provides a robust financial safety net that can evolve with your changing needs. The added benefits like retrenchment protection and health services further enhance its value proposition.

However, as with any significant financial decision, it's crucial to carefully consider your personal needs, financial situation, and long-term goals before committing to a policy. While FWD Life Protection offers extensive coverage, it may come at a higher cost compared to simpler term life policies.

Remember, the best insurance plan is one that provides the right balance of coverage and affordability for your specific circumstances. If you're considering FWD Life Protection or any other life insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

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