Introduction
Whole life insurance plays a crucial role in securing your financial future and protecting your loved ones. Income Star Protect Pro (Direct) offers an affordable and comprehensive solution to address life's uncertainties. With coverage against death, terminal illness, and total and permanent disability (TPD), this plan provides lifelong protection starting from just $1.05 a day. As a Direct Purchase Insurance (DPI) product, Income Star Protect Pro allows you to conveniently apply online or at Income branches, making it easier than ever to safeguard your family's financial well-being.
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Coverage and Benefits
Income Star Protect Pro (Direct) offers a range of comprehensive coverage options to protect you and your loved ones. From death benefits to critical illness protection, this plan is designed to provide financial security when you need it most. Let's explore the key features and benefits of this versatile whole life insurance policy.
Death Benefit
Provides financial protection for your beneficiaries. The plan offers a sum assured between $50,000 and $200,000, along with any accumulated bonuses.
Guaranteed Cash Value
Builds cash value over time. The policy accumulates a guaranteed cash value, providing a financial safety net for the future.
Non-Guaranteed Bonuses
Potential for additional returns. The plan may pay out non-guaranteed bonuses, which can increase the overall value of your policy over time.
Terminal Illness Benefit
Coverage for terminal illness. The plan pays out the sum assured and bonuses if you are diagnosed with a terminal illness.
TPD Benefit
Protection against disability. Covers total and permanent disability (TPD) before age 65, paying out the sum assured and bonuses.
Critical Illness Option
Optional dread disease coverage. With the DIRECT Dread Disease Protect Pro rider, you can receive enhanced coverage against dread diseases.
Investment and Savings Components
Income Star Protect Pro (Direct) not only provides essential life coverage but also offers potential for long-term savings growth. The plan's investment strategy aims to balance risk and returns, providing you with an opportunity to build wealth over time. Let's examine the key aspects of the investment and savings components of this policy.
Participating Fund
Invested in Life Participating Fund. Your premiums are pooled with other policyholders' funds, potentially earning returns based on the fund's performance.
Historical Performance
Long-term average returns. While past performance doesn't guarantee future results, the illustration assumes a long-term average return of 4.25% p.a. for the Life Participating Fund.
Cash Value Growth
Illustrated cash value projections. For example, a 35-year-old male with a $100,000 sum assured could see an illustrated cash value of $70,514 at age 65, based on the 4.25% p.a. return assumption.
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Riders
Income Star Protect Pro (Direct) offers an optional rider to enhance your coverage and provide additional financial protection. This rider is designed to complement your base policy and address specific insurance needs. Let's take a closer look at the available rider and its benefits.
Dread Disease Protection
DIRECT Dread Disease Protect Pro rider. Provides coverage against specified dread diseases, with a sum assured equal to the basic policy. Pays out the full sum assured for most covered conditions, except for angioplasty which pays 10% of the sum assured (max $25,000).
Policy Loan and Surrender Options
Income Star Protect Pro (Direct) offers flexibility in accessing your policy's value through loans and surrender options. These features can provide financial support during unexpected circumstances or if your insurance needs change over time. Let's explore the key aspects of policy loans and surrender options available with this plan.
Policy Loan Terms
Access to policy value. While specific details are not provided in the given information, whole life insurance policies typically allow policyholders to borrow against the cash value at competitive interest rates.
Surrender Value
Early termination option. If you cancel your policy prematurely, you may receive a cash value, which could be less than the premiums paid, especially in the early years of the policy.
Market Comparison
Competitive features. As a Direct Purchase Insurance product, Income Star Protect Pro offers affordable premiums and straightforward coverage, making it a cost-effective option compared to some traditional whole life insurance products.
Claims and Customer Service
Filing claims and accessing customer support for Income Star Protect Pro (Direct) is designed to be straightforward and convenient. Policyholders can reach out to Income Insurance through multiple channels, including phone, online, and in-person at their branches. To file a claim, you can visit income.com.sg or call their customer service line at 6788 1777. For general inquiries or assistance, you can use the online enquiry form at income.com.sg/enquiry. Income Insurance is committed to providing prompt and efficient service to ensure a smooth experience for their policyholders during times of need.
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Conclusion
Income Star Protect Pro (Direct) is an excellent choice for individuals seeking affordable, lifelong protection with the convenience of online purchase. This plan is particularly well-suited for young adults starting their financial planning journey, families looking for basic life coverage, and those who prefer a straightforward insurance solution without the need for financial advice. With its combination of death, terminal illness, and TPD coverage, along with the option to add critical illness protection, Income Star Protect Pro (Direct) offers a solid foundation for your insurance portfolio.
and take the first step towards a more secure financial future. Remember, by meeting with advisors, you'll earn entries into our quarterly draw where you could win your insurance premiums paid by Whatins. Don't leave your family's financial security to chance – take action today and make an informed decision about your insurance coverage.
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