Term Life

LUV: Affordable Term Life Insurance for NTUC Members and Their Families

Are you an NTUC member looking for comprehensive protection for yourself and your loved ones ? LUV, a term life insurance plan exclusively designed for NTUC members and their families, might be the solution you've been searching for. Let's dive deep into what LUV offers and why it could be the right choice for you.

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What is LUV?

LUV is a term life insurance plan that provides protection against life's uncertainties at affordable premium rates . It's specifically tailored for NTUC members and their families, offering coverage against death, permanent disability, and critical illnesses.

Key Features of LUV

Affordable Premiums

Rates start as low as $0.70 per day , making comprehensive coverage accessible to a wide range of individuals.

Comprehensive Coverage

Protection against death, coverage for total and permanent disability (TPD before age 65), and optional coverage for 30 critical illnesses.

Loyalty Discounts

Up to 10% discount on premiums for long-term policyholders , encouraging and rewarding customer loyalty.

Additional Payouts

Extra monthly payout of 1% of sum assured for 12 months in case of TPD, helping ease financial burden during challenging times.

Hospital Cash Benefits

Daily benefit of up to $100 for hospital stays, covering up to 365 days per hospital stay in Singapore.

Flexible Plans

Choose between Basic and Deluxe cover, with five different sum assured options to suit various needs and budgets.

Why compare LUV 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

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

Who is LUV For?

LUV is ideal for NTUC members who:

  • Have no basic insurance coverage
  • Want to insure their family members
  • Wish to enhance their existing insurance coverage

Understanding the Coverage Options

Basic Cover

Provides protection against death, total and permanent disability (TPD before age 65), and partial and permanent disability. Sum Assured Options range from $10,000 to $200,000 .

Deluxe Cover

Offers all the benefits of the Basic cover, plus coverage for 30 critical illnesses. Same Sum Assured Options as Basic cover .

Loyalty Discounts

LUV rewards long-term policyholders with premium discounts:

  • 3% discount for 3 to 5 years of coverage
  • 5% discount for 6 to 10 years of coverage
  • 7% discount for 11 to 15 years of coverage
  • 10% discount for more than 15 years of coverage

Additional Benefits

TPD Additional Payout

If you suffer from total and permanent disability before age 65, you'll receive an additional monthly payout of 1% of the sum assured for 12 months.

Hospital Cash Benefit

If you're hospitalized in Singapore, receive up to $100 per day, covering up to 365 days per hospital stay.

Family Coverage Details

  • Your spouse and children can be covered if you (the NTUC member) are covered under the same LUV plan
  • Children must be at least 15 days old and no older than 17 at the time of application
  • Your children's coverage ends when they reach age 25
  • If your covered children become NTUC members before age 25, you can transfer the policy to their names without further underwriting

Important Considerations

Age Limits

You and your spouse can take up the policy until age 64. If you join at or before age 60, coverage lasts until age 70 .

Waiting Periods

Various waiting periods apply for different conditions, ranging from 30 to 90 days.

Premium Rates

Not guaranteed and may be reviewed periodically. Rates increase when the insured enters a higher age band.

No Cash Value

This plan does not have any savings or investment feature.

Why Choose LUV?

  1. Affordability : With premiums starting as low as $0.70 per day, LUV makes comprehensive coverage accessible to many.
  1. Flexibility : Choose between Basic and Deluxe cover, with five sum assured options to fit your needs and budget.
  1. Family Protection : Extend coverage to your spouse and children, ensuring your whole family is protected.
  1. Loyalty Rewards : Enjoy increasing premium discounts the longer you stay with the plan.
  1. Additional Support : Receive extra payouts for TPD and hospital stays, providing financial assistance when you need it most.
  1. Hassle-Free Application : Easy online application process or simple phone application.
  1. Exclusive Benefits : Access to special treats as an Income policyholder.

Conclusion

LUV offers NTUC members and their families an affordable and comprehensive term life insurance solution . With its flexible coverage options, loyalty discounts, and additional benefits, it provides a strong safety net against life's uncertainties. However, as with any insurance decision, it's important to carefully consider your personal needs and financial situation before making a choice.

Remember, while LUV offers valuable protection, it's not a savings or investment product. It's designed purely for insurance protection. If you're unsure if this plan suits your needs, it's recommended to speak with a qualified insurance advisor.

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