Income Star Term Protect: Affordable Protection for Life's Uncertainties

Did you know that the average working adult in Singapore has a mortality protection gap of S$169,673 and a Critical Illness protection gap of S$256,826 ? These startling figures from the Life Insurance Association Singapore (LIA) highlight the importance of adequate insurance coverage. Moreover, while Singaporeans are living longer (with an average life expectancy of 83.1 years), the average healthy life expectancy is only 73.9 years. This means many of us might spend about 10 years in poor health or dealing with injuries .

With these facts in mind, let's explore how Income Star Term Protect can help bridge these protection gaps and provide peace of mind without breaking the bank.

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What is Income Star Term Protect?

Income Star Term Protect is a basic term life insurance plan designed to offer high coverage at affordable premiums . It's a pure protection plan with no cash value, which means your premiums go entirely towards providing insurance coverage. This approach allows for higher coverage amounts at lower premium rates compared to plans that include a savings component.

Key Features of Income Star Term Protect

Protection for Peace of Mind

Star Term Protect provides coverage in the event of: Death, Terminal Illness (TI), and Total and Permanent Disability (TPD) before the anniversary immediately after the insured reaches age 70.

Guaranteed Renewal

You have the option to renew your policy and extend your coverage after it expires. This renewal is guaranteed, allowing you to stay protected up to a maximum age of 84 (last birthday).

Flexible Coverage Terms

You can choose policy terms of 5, 10, 15, 20, 25, 30, or 35 years. Alternatively, you can opt for coverage up to age 54, 64, or 74 (last birthday).

High Entry Age

You can apply for Star Term Protect as long as you're age 79 (last birthday) or below , making it accessible even later in life.

Option to Enhance Coverage with Additional Riders

You can add various riders to your plan for extra protection, including Essential Protect, Total Protect, Hospital CashAid, and Premium Waiver Riders.

Real premiums suggested for Income Star Term Protect

41, Male making $10,000 a month

Coverage:

death

$50,000

critical illness

$300,000

terminal illness

$50,000

early critical illness

$300,000

total and permanent disability

$50,000

Premium:

$3,930.05

23, Female making $2,600 a month

Coverage:

death tpd

$1,300,000

critical illness

$156,000

early critical illness

Premium:

$650.75

23, Male making $2,500 a month

Coverage:

TPD

$100,000

death

$100,000

critical illness

$100,000

terminal illness

$100,000

early critical illness

$100,000

Premium:

$652.25

26, Male making $3,333.333 a month

Coverage:

death

$200,000

critical illness

$200,000

terminal illness

$200,000

early critical illness

$100,000

total and permanent disability

$200,000

Premium:

$1,300.1

31, Male making $8,333.333 a month

Coverage:

income protection

5 to 10 years of income

careshield life supplement

Premium:

Not provided

Age	What suggestion covers	Premium
41, Male making $10,000 a month	death $50,000 critical illness $300,000 terminal illness $50,000 early critical illness $300,000 total and permanent disability $50,000	$3,930.05 Read More
23, Female making $2,600 a month	death tpd $1,300,000 critical illness $156,000 early critical illness $0	$650.75 Read More
23, Male making $2,500 a month	TPD $100,000 death $100,000 critical illness $100,000 terminal illness $100,000 early critical illness $100,000	$652.25 Read More
26, Male making $3,333.333 a month	death $200,000 critical illness $200,000 terminal illness $200,000 early critical illness $100,000 total and permanent disability $200,000	$1,300.1 Read More
31, Male making $8,333.333 a month	income protection 5 to 10 years of income careshield life supplement	Not provided Read More

Get your own quotes →

How Income Star Term Protect Works

Let's look at an example to understand how this plan can provide high coverage at affordable premiums:

Mr. Tan, a 30-year-old non-smoker, signs up for Star Term Protect with a sum assured of $250,000 for a 20-year term. He also adds the Hospital CashAid rider with a sum assured of $100. His yearly premiums are:

Star Term Protect: $240/year

Hospital CashAid rider: $195/year

At age 49, Mr. Tan suffers a massive stroke that results in total and permanent disability. He's hospitalized for 65 days, including 5 days in the ICU. Here's how his coverage helps:

Payout from Star Term Protect: $250,000

Payouts from Hospital CashAid rider:

Hospital Cash Benefit: $6,500 ($100 x 65 days)

Additional ICU Benefit: $1,000 ($100 x 2 x 5 days)

Major Impact Benefit: $1,000 ($100 x 10)

Recovery Benefit: $100

Total payout: $258,600

Mr. Tan paid a total of $8,494 in premiums over 19 years and received a payout of $258,600 - demonstrating the high coverage-to-premium ratio of this plan.

Optional Riders for Comprehensive Coverage

Hospital CashAid Rider

Provides daily hospital cash benefit, double benefit for ICU stays, Major Impact Benefit, Recovery Benefit, and Guaranteed Insurability Option.

Essential Protect Rider

Covers death, TPD, terminal illness, and advanced stage dread diseases.

Total Protect Rider

Covers early, intermediate, and advanced stage dread diseases. Includes an Advanced Restoration Benefit.

Premium Waiver Riders

Various options to waive future premiums in case of death, TPD, terminal illness, or dread disease diagnosis.

Advantages of Income Star Term Protect

Affordable Premiums: Get high coverage at lower costs compared to whole life plans
Flexibility: Choose your coverage term to match your needs
Comprehensive Protection: Option to add riders for more extensive coverage
Guaranteed Renewability: Extend your coverage without new health assessments
High Entry Age: Available even for older individuals (up to age 79)

Why Compare Income Star Term Protect 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

Considerations

No Cash Value: This is a pure protection plan with no savings component
Increasing Premiums: Premiums may increase at renewal as you age
Limited TPD Coverage: TPD coverage only applies before age 70
Waiting Periods: Some benefits have waiting periods (e.g., 30 days for hospital benefits, 90 days for certain dread diseases)

Frequently Asked Questions

Can I change my coverage amount or term after purchasing?

You may be able to adjust your coverage at renewal, but it's best to choose the right coverage from the start.

What happens if I miss a premium payment?

There's typically a grace period, but your policy may lapse if premiums aren't paid.

Can I convert this term plan to a whole life plan later?

This option isn't mentioned in the brochure. Check with an Income advisor for conversion options.

Are premiums guaranteed to stay the same?

No, premium rates are not guaranteed and may be reviewed periodically.

How does the Advanced Restoration Benefit work?

If you claim for an early or intermediate stage dread disease under the Total Protect rider, you get additional coverage after 24 months.

Conclusion

Income Star Term Protect offers a flexible and affordable way to secure high insurance coverage , helping to bridge the protection gap many Singaporeans face. Its pure protection focus allows for lower premiums, while the option to add riders provides comprehensive coverage tailored to your needs. However, as with any financial decision, it's crucial to carefully consider your personal circumstances and long-term goals.

Remember, the best insurance plan is one that fits your specific needs and budget. Before making a decision, it's wise to consult with a financial advisor who can provide a detailed analysis of your situation and help you choose the most suitable coverage.

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