Whole Life

NTUC Income VivoLife: Comprehensive Whole Life Insurance for Your Peace of Mind

Are you looking for a flexible whole life insurance plan that offers lifelong protection and the potential to build your retirement nest egg? NTUC Income's VivoLife might be the solution you've been searching for. Let's dive deep into what this plan offers and how it can benefit you and your loved ones.

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What is NTUC Income VivoLife?

VivoLife is a whole life insurance plan designed to provide comprehensive protection throughout your lifetime . It stands out for its flexibility, offering three levels of enhanced protection and various premium payment terms. Additionally, it includes unique features like an Early Cancer Waiver rider and the option to convert your policy into an annuity plan for retirement income.

Key Features That Make VivoLife Stand Out

Three Levels of Enhanced Protection

Choose from VivoLife 125, VivoLife 180, or VivoLife 350, offering 125%, 180%, or 350% of the sum assured respectively.

Flexible Premium Payment Terms

Select from 5, 10, 15, 20, or 25 years, or pay until age 64 or 84.

Accidental Death Benefit

Up to an additional 200% of the sum assured for accidental death.

Annuity Conversion Option

Convert your policy into an annuity plan from age 60, with a 5% increase in cash value.

Early Cancer Waiver Rider

Premiums are waived if you're diagnosed with early-stage cancer.

Retrenchment Benefit

Up to 6 months of premium waiver if you're involuntarily retrenched.

Detailed Breakdown of VivoLife's Coverage

All plans offer up to an additional 200% of sum assured for accidental death.

VivoLife 125

Before age 70: 125% of sum assured for death, total and permanent disability (TPD), or dread disease diagnosis. On or after age 70: Sum assured plus bonuses for death or dread disease diagnosis.

VivoLife 180

Before age 70: 180% of sum assured for death, TPD, or dread disease diagnosis. On or after age 70: Sum assured plus bonuses for death or dread disease diagnosis.

VivoLife 350

Before age 70: 350% of sum assured for death, TPD, or dread disease diagnosis. On or after age 70: Sum assured plus bonuses for death or dread disease diagnosis.

Dread Disease Coverage

VivoLife covers 40 dread diseases , including:

  • Heart attack
  • Stroke
  • Major cancers
  • Kidney failure

You can find the full list of covered diseases in the policy conditions document for each plan type on NTUC Income's website.

How VivoLife Works: A Real-Life Example

Let's consider John, a 30-year-old who signs up for VivoLife 350 with a sum assured of $100,000 and a 15-year premium payment term:

  • Annual premium: $4,131
  • Total premiums paid over 15 years: $61,965
  • Enhanced protection value before age 70:

• Death benefit: $350,000

• Total & permanent disability benefit: $350,000

• Dread disease diagnosis benefit: $350,000

  • Projected cash value at age 65: $97,012
  • Projected yield at age 65: 1.61% per annum

This example illustrates how VivoLife can provide substantial protection while also building cash value over time .

Why Compare Income vivolife with other Whole Life Options through Whatins?

Traditional Approach

  • Limited comparison of growth projections
  • Single company's whole life performance history
  • May oversimplify cash value benefits

Whatins Advantage

  • Compare whole life cash value projections across insurers
  • See different whole life dividend histories
  • Understand various whole life premium payment options
  • Compare guaranteed vs non-guaranteed values

Unique Benefits of VivoLife

Early Cancer Waiver Rider

This rider waives future premiums if you're diagnosed with early-stage cancer. Key points: 90-day waiting period from the rider's issue date, 30-day survival period from diagnosis date, and for third-party policies, you must include an Enhanced Payor Premium Waiver or Dread Disease Premium Waiver rider.

Retrenchment Benefit

If you're involuntarily retrenched and unemployed for 3 consecutive months: Up to 6 months of premiums waived for the basic policy, coverage continues during this period, can only be claimed once, and policy must be in force for at least 6 months.

Annuity Conversion Option

From age 60, you can convert your VivoLife policy into an annuity plan: 5% increase in cash value upon conversion, provides a regular income stream for retirement.

Accidental Death Benefit

Up to an additional 200% of sum assured if death occurs within 365 days of an accident: Full benefit for insured age 69 or under, not participating in restricted activities, reduced to 60% of sum assured if participating in restricted activities.

Pros and Cons of VivoLife

Pros

  • Flexible protection levels and premium payment terms

  • Comprehensive coverage for death, TPD, and dread diseases

  • Early cancer and retrenchment protection

  • Option to convert to annuity for retirement income

  • Additional accidental death benefit

Cons

  • Enhanced protection value only applicable before age 70

  • Bonuses are not guaranteed and depend on fund performance

  • Surrender value may be less than total premiums paid if policy is terminated early

Who Should Consider VivoLife?

VivoLife could be an excellent choice for:

  1. Young adults looking for comprehensive, long-term protection
  1. Individuals who want flexibility in their insurance coverage
  1. Those concerned about cancer risk and seeking early-stage protection
  1. People planning for both protection and retirement income

How to Get Started with VivoLife

If you're interested in VivoLife:

  1. Sign up to learn more about NTUC Income VivoLife as well as comparable products
  1. Call NTUC Income at 6788 5515
  1. Visit www.income.com.sg for more information

Remember, it's crucial to speak with a qualified insurance adviser to determine if VivoLife suits your specific needs and financial situation.

Frequently Asked Questions

Can I change my protection level after purchasing the policy?

You should check with NTUC Income about options for changing your plan after purchase.

What happens if I'm diagnosed with angioplasty and other invasive treatment for coronary artery?

NTUC Income will pay 10% of what they would have paid for other dread diseases, up to $25,000. The policy continues with a reduced sum assured.

Are the bonuses guaranteed?

No, bonus rates are not guaranteed and depend on the future performance of the Life Participating Fund.

What happens if I cancel my policy early?

The cash value you receive may be substantially less than the premiums you've paid.

Is this policy protected under the Policy Owners' Protection Scheme?

Yes, it's protected under the scheme administered by the Singapore Deposit Insurance Corporation (SDIC).

Conclusion

NTUC Income's VivoLife offers a comprehensive and flexible whole life insurance solution . With its three levels of enhanced protection, various premium payment terms, and unique features like the Early Cancer Waiver rider and annuity conversion option, it provides both protection and potential for retirement planning. However, as with any insurance decision, it's crucial to carefully consider your personal needs, financial situation, and long-term goals before committing to a policy.

Remember, the best insurance plan is one that aligns with your specific circumstances and provides you with peace of mind. If you're considering VivoLife or any other whole life insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

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