Income Family Protect: Comprehensive Coverage for Your Loved Ones

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.

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.

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.

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:

• $1,000 per month for 3 months (total $3,000) from the Retrenchment Benefit

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:

• $100,000 (basic sum assured)

• $100,000 (Dependant Booster Benefit: 4 dependants x 25% of sum assured)

• Total payout: $200,000

This example illustrates how Income Family Protect can provide crucial financial support during various life challenges.

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.

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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 .