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Whole Life

Introduction

Whole life insurance provides lifelong protection and financial security for your loved ones. Income's VivoLife is a comprehensive whole life insurance product that offers flexible payment terms and enhanced protection options. With VivoLife, you can choose from three levels of coverage, enjoy potential cash value growth, and gain peace of mind knowing your family is protected. This innovative policy also includes features like an Early Cancer Waiver rider and the option to convert your policy into an annuity plan, making it a versatile choice for long-term financial planning.

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Coverage and Benefits

VivoLife offers a range of coverage options and benefits to suit your individual needs. From enhanced protection values to accidental death benefits, this policy is designed to provide comprehensive coverage throughout your lifetime. Let's explore the key features of VivoLife's coverage and benefits.

Enhanced Protection Value

Choose from three levels of enhanced protection: 125%, 180%, or 350% of the sum assured. This benefit applies to death, total and permanent disability (TPD), or diagnosis of dread disease before age 70.

Guaranteed Cash Value

VivoLife accumulates cash value over time, providing a financial safety net. The policy's cash value increases by 5% when converted to an annuity plan from age 60 onwards.

Non-Guaranteed Bonuses

Potential for additional returns through non-guaranteed bonuses. Actual benefits may vary based on the future performance of the Life Participating Fund.

Accidental Death Benefit

Up to an additional 200% of the sum assured is paid out for accidental death. This benefit applies if death occurs within 365 days of the accident and the insured is age 69 or under.

TPD Coverage

Provides coverage for total and permanent disability. The benefit amount is the same as the death benefit, based on the chosen enhanced protection level.

Dread Disease Benefit

Covers 40 dread diseases, including heart attack, stroke, major cancers, and kidney failure. The full list of covered diseases and definitions is available in the policy conditions.

Investment and Savings Components

VivoLife combines protection with potential for long-term savings growth. The policy's investment component aims to provide returns while maintaining the security of a life insurance policy. Here's an overview of the investment and savings aspects of VivoLife:

Participating Fund

VivoLife is a participating policy, meaning it's eligible for bonuses based on the performance of Income's Life Participating Fund. The fund is professionally managed to balance growth and stability.

Projected Returns

Illustrations assume a long-term average return of 4.75% per annum. Actual returns may vary based on fund performance and are not guaranteed.

Cash Value Growth

The policy accumulates cash value over time. For example, a 30-year-old with a $100,000 sum assured could see a projected cash value of $97,012 at age 65, with a projected yield of 1.61% p.a.

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Riders

VivoLife offers additional riders to enhance your coverage and provide extra peace of mind. These optional benefits can be added to your policy to customize your protection according to your specific needs. Let's explore the available riders for VivoLife:

Early Cancer Waiver

Waives future premiums if diagnosed with early-stage cancer. A 90-day waiting period and 30-day survival period apply. This rider provides financial relief during a critical time.

Enhanced Payor Premium Waiver

Waives future premiums for third-party policies upon the payor's death, TPD (before age 70), or diagnosis of specified dread diseases. This rider ensures continued coverage for your loved ones.

Dread Disease Premium Waiver

Waives future premiums for third-party policies upon the payor's diagnosis of specified dread diseases. This rider provides financial protection in case of serious illness.

Policy Loan and Surrender Options

VivoLife offers flexibility through policy loan and surrender options, allowing you to access the cash value of your policy if needed. Understanding these options is important for managing your long-term financial strategy. Here's what you need to know about policy loans and surrenders with VivoLife:

Policy Loan Terms

Policy loans allow you to borrow against your policy's cash value. Interest rates and terms are set by Income and may vary. Loans can provide quick access to funds without surrendering the policy.

Surrender Value

The surrender value is the amount you receive if you terminate your policy early. It typically includes the guaranteed cash value plus any accumulated bonuses, minus any outstanding loans or premiums.

Market Comparison

VivoLife's features, such as enhanced protection values and the option to convert to an annuity, may offer advantages over average whole life products. However, individual needs and market conditions should be considered.

Claims and Customer Service

Filing a claim or seeking customer support with Income is designed to be straightforward and efficient. To initiate a claim, policyholders can contact Income's customer service hotline at 6788 5515 or visit their website at www.income.com.sg. The claims process typically involves submitting the necessary documentation, which may include medical reports, death certificates, or other relevant information depending on the type of claim. Income's customer service team is available to guide you through the process and answer any questions you may have about your VivoLife policy. For general inquiries or policy servicing, you can also reach out to your insurance adviser or use Income's online portal for convenient access to your policy information.

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Conclusion

Income's VivoLife whole life insurance policy is well-suited for individuals seeking comprehensive, lifelong protection with flexible options. It may be particularly appealing to those who want the ability to choose their level of coverage, are interested in potential cash value growth, and appreciate the option to convert their policy into an annuity later in life. Young professionals looking for long-term financial security and parents wanting to ensure protection for their families may find VivoLife to be a good fit for their needs.
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