Endowment

Singlife Flexi Life Income II: Your Ticket to Lifelong Financial Freedom

Are you dreaming of a future where you can enjoy a steady income without the daily grind of work? Do you want a financial safety net that not only protects you but also rewards you throughout your lifetime? If so, Singlife Flexi Life Income II might be the solution you've been searching for . Let's dive deep into this innovative insurance savings plan and explore how it can transform your financial future.

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What is Singlife Flexi Life Income II?

Singlife Flexi Life Income II is a unique insurance savings plan that offers you the best of both worlds - financial protection and a steady income stream . It's designed to provide you with yearly payouts, potential bonuses, and a guarantee that you'll get your principal sum back. Think of it as your personal ATM that keeps giving you money year after year, even when you're no longer working.

Key Features That Make Singlife Flexi Life Income II Stand Out

Yearly Cash Payouts

Get paid without working! Look forward to a yearly payout of up to 5.2% of your sum assured, consisting of a guaranteed cash benefit (2.2%) and a cash bonus (up to 3%).

Flexibility in Payout Start Date

Choose when you want to start receiving your yearly income payouts, aligning the plan with your specific financial goals and life stages.

Attractive Guaranteed Returns

Earn guaranteed returns of up to 2.32% per annum , ensuring your money grows steadily over time.

Increasing Payouts Over Time

Your payouts will increase by 0.5% of your sum assured, starting from 20 years after your first income payout or when you turn 60, whichever is later.

100% Capital Guarantee

Your capital is guaranteed by the time your yearly income payouts start, ensuring you'll get back at least the amount you put into the plan.

Additional Coverage

Financial protection against Death and Terminal Illness, without the need for a medical check-up.

How Does Singlife Flexi Life Income II Work?

Let's look at a real-life example to understand how this plan can benefit you:

Meet Patrick, a 40-year-old who wants an additional income source to fund annual family holidays or supplement his child's university allowance in the future. He opts for a S$40,000 sum assured and pays a yearly premium of S$14,384 for 5 years.

Here's how the plan works for Patrick:

  • At age 40: Patrick buys Singlife Flexi Life Income II
  • At age 45: His capital is guaranteed, and he starts receiving yearly income of S$2,080
  • At age 65: Annual Booster Bonus of S$200 starts, increasing his yearly payout to S$2,280
  • At age 99: If Patrick surrenders the policy, he gets an additional S$89,762

By age 99, Patrick's total income payout from the plan would be S$121,400, significantly more than his total premiums paid of S$71,920.

Who is Singlife Flexi Life Income II For?

This plan is ideal for:

  1. People looking for a steady, lifelong income stream
  1. Those who want to supplement their retirement savings
  1. Individuals seeking financial protection with the added benefit of regular payouts
  1. Anyone who wants to ensure they have funds for future expenses like children's education or annual vacations

Pros and Cons of Singlife Flexi Life Income II

Pros

  • Guaranteed yearly income for life

  • Potential for increasing payouts over time

  • 100% capital guarantee

  • Flexibility in premium payment and payout start date

  • Additional coverage for Death and Terminal Illness

  • No medical check-up required

Cons

  • Long-term commitment required to maximize benefits

  • Early termination may result in lower returns

  • Some benefits are non-guaranteed and depend on fund performance

Why Compare Singlife Flexi Life Income with other Endowment Options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

Important Considerations

  1. Premium Payment: The sum of your entry age and preferred premium payment term must not exceed 75 years. You can choose to pay premiums in a single lump sum or over 3, 5, 10, 15, 20, or 25 years.
  1. Accumulation Period: There's a minimum accumulation period depending on your chosen premium payment term. The latest you can start receiving your Yearly Income is at 80 years old.
  1. SRS Funding: If you fund the policy with SRS monies, you must be the Life Assured covered under the policy. Any withdrawn Yearly Income, Booster Bonus, and cash proceeds will be credited back to your SRS account.
  1. Death and Terminal Illness Coverage: The policy provides coverage for these events, with specific conditions and benefit calculations.
  1. Surrender Value: Early policy surrender may result in a lower return than the total premiums paid. The surrender value consists of the Basic Cash Value and Terminal Bonus (if any).

Frequently Asked Questions

Is the cash bonus guaranteed?

No, the cash bonus is not guaranteed and depends on the performance of the Participating Fund.

Can I change my premium payment term after purchasing the policy?

It's best to check with Singlife directly about any potential changes to your policy after purchase.

What happens if I can't continue paying premiums?

The consequences of discontinuing premium payments depend on your policy terms. It's crucial to discuss this with your Financial Adviser Representative.

Can I withdraw my yearly income payouts in a lump sum instead of receiving them annually?

The plan is designed to provide regular yearly payouts. For any variations, you should consult with Singlife.

How is the Booster Bonus calculated?

The Booster Bonus is non-guaranteed and is currently at 0.5% or 0.3% of the Sum Assured, depending on the illustrated investment rate of return.

Conclusion

Singlife Flexi Life Income II offers a unique combination of lifelong income, potential bonuses, and financial protection . It's designed to provide you with peace of mind and financial stability throughout your golden years. However, as with any financial product, it's essential to carefully consider your personal circumstances, financial goals, and risk tolerance before making a decision.

Remember, while the plan offers attractive benefits, it's a long-term commitment. Early termination could result in significant costs and potentially lower returns. It's always wise to seek advice from a financial adviser representative who can provide personalized recommendations based on your specific situation.

Ready to secure your financial future with a steady income stream? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on insurance savings plans like Singlife Flexi Life Income II. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.

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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best plan for your financial future. Don't leave your lifelong income to chance – get the expert advice you deserve today.