In today's uncertain world, ensuring your family's financial security is more important than ever. Did you know that unexpected life events can leave families struggling financially? That's where Income Family Protect comes in. This innovative term life insurance policy offers a unique combination of protection and benefits designed to give you peace of mind, no matter what life throws your way.
Find the right coverage in minutes
Use our advanced calculator to get personalized insurance recommendations
Get precise coverage recommendations based on your needs
Receive instant results without lengthy consultations
Get tailored recommendations based on your unique situation
Income Family Protect is a term life insurance policy that provides essential coverage for specified dread diseases, death, total and permanent disability (TPD before age 70), and terminal illness . But it doesn't stop there. This policy goes above and beyond with additional features like the Dependant Booster Benefit and Retrenchment Benefit, making it a comprehensive solution for families seeking financial protection.
Enjoy coverage for 10 years at a time with the option to renew up to age 74 (last birthday) without further underwriting.
Choose between $50,000 or $100,000 sum assured to fit your budget.
Get up to an additional 100% of sum assured with 25% extra payout per surviving dependant (spouse, children under 21, parents, or parents-in-law).
Receive monthly payouts of up to $1,000 for up to 3 months if you're retrenched, helping you stay afloat during job transitions.
Get a refund of 20% of all net premiums paid at the end of the policy term.
No medical check-up required for most applicants.
| Age | What suggestion covers | Premium |
|---|---|---|
| 26, Female making $7,000 a month | basic sum assured $46,000 | $18 |
Specified dread diseases
Death
Total and permanent disability (TPD before age 70)
Terminal illness
Additional 25% of sum assured per surviving dependant, up to 100% extra payout, boosting total coverage to 200% of sum assured.
1% of sum assured paid monthly for up to 3 months, with a maximum of $1,000 per month (based on $100,000 sum assured).
20% refund of all net premiums paid at the end of the policy term.
You can choose between two sum assured options: $50,000 or $100,000 . Remember, with the Dependant Booster Benefit, your total payout could be up to double your chosen sum assured.
The premium for Income Family Protect varies based on factors like your age, smoking status, and chosen sum assured. For example:
A 40-year-old non-smoker choosing a sum assured of $100,000 would pay an annual premium of $519 for the first 10-year term.
It's important to note that premiums may increase upon renewal. In the example provided, the same policyholder's premium increased to $1,212 annually when renewing at age 50.
You can renew your policy every 10 years up to age 74 without additional underwriting, as long as you haven't made certain types of claims.
This feature provides a financial cushion if you lose your job, helping you maintain coverage during challenging times.
The 20% premium refund at the end of the policy term is a unique feature that rewards you for staying protected.
Most applicants can get coverage without a medical check-up, making the process quick and hassle-free.
As an Income policyholder, you'll have access to a range of exclusive benefits and offers.
Let's look at how Income Family Protect might work in a real-life situation:
Meet Mr. Tan, a 40-year-old non-smoker and sole breadwinner. He signs up for Income Family Protect with a $100,000 sum assured, paying $519 annually.
At age 46, Mr. Tan is retrenched. He receives:
At age 50, Mr. Tan renews his policy, now paying $1,212 annually.
At age 59, Mr. Tan suffers a stroke resulting in total and permanent disability. He has four surviving dependants (wife, two children, and mother-in-law). He receives:
This example illustrates how Income Family Protect can provide crucial financial support during various life challenges.
Comprehensive coverage for various life events
Unique Dependant Booster and Retrenchment Benefits
Cashback feature returns 20% of net premiums
Guaranteed renewability up to age 74
Easy application with no medical check-up for most
Limited sum assured options ($50,000 or $100,000)
Premiums likely to increase significantly upon renewal
10-year term might be short for some long-term planning needs
The policy doesn't mention this option. It's best to choose the right coverage from the start.
There's a 90-day waiting period for certain conditions. Claims made within this period won't be paid.
You can only claim once per policy term, and not for the same retrenchment event.
The policy doesn't specify, but typically, there's a grace period before the policy lapses.
Yes, as long as you keep the policy until the end of the term.
Income Family Protect offers a unique combination of life insurance coverage and additional benefits tailored for families. Its Dependant Booster Benefit provides extra protection for those with multiple dependants, while the Retrenchment Benefit offers a financial cushion during job transitions. The Cashback Benefit adds an attractive savings element to the policy.
However, it's important to consider whether the sum assured options are sufficient for your needs and if the 10-year term aligns with your long-term financial planning. The potential for significant premium increases upon renewal should also be factored into your decision.
Remember, the best insurance policy is one that fits your specific needs and circumstances. While Income Family Protect offers several attractive features, it's always wise to compare multiple options and consult with a financial advisor before making a decision.
Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on term life insurance options. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your family's needs. Don't leave your family's financial security to chance – get the expert advice you deserve today .
or
By filling this out, you agree to allow us to contact you about insurance related information.
