Endowment

Singlife Flexi Retirement II: Your Customizable Path to a Secure Retirement

Are you worried about having enough savings for your retirement? You're not alone. Recent studies show that Singaporeans need at least S$566,640 to feel financially free in retirement , yet only 4 in 10 have started planning. Whether you're just beginning your career or nearing retirement age, it's never too early or too late to start securing your financial future. That's where Singlife Flexi Retirement II comes in.

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What is Singlife Flexi Retirement II?

Singlife Flexi Retirement II is a flexible, customizable retirement savings insurance plan designed to provide you with a steady stream of income during your golden years. This plan allows you to tailor your retirement strategy to your specific needs and goals, without the need for a health check.

Key Features That Make Singlife Flexi Retirement II Stand Out

Flexibility in Your Retirement Plan

Choose your Guaranteed Monthly Income (GMI), starting from as low as S$300 per month. Decide when to start receiving your monthly income. Select how long you want to receive your monthly income. Pick a premium payment term that fits your lifestyle.

100% Capital Guarantee

Your policy will have cash values of at least the total premiums you've paid at the end of the Accumulation Period.

Potential Bonuses

Lump-sum payout at the end of the Accumulation Period. Monthly Cash Bonus during the income payout period.

Reinvestment Option

If you don't need your retirement income immediately, you can reinvest for higher returns in the future.

Financial Support for Unexpected Events

Premium waiver if you become totally and permanently disabled. Lump sum payout in case of death or Terminal Illness diagnosis.

Option to Change the Life Assured

After the first Policy Year, you can change the Life Assured to yourself or your spouse.

Why compare Singlife Flexi Retirement II 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

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

How Does Singlife Flexi Retirement II Work?

Accumulation Period

This is the time between when you start the policy and when you begin receiving your monthly income. You can choose how long this period lasts based on when you want to start your retirement income.

Income Payout Period

This is when you start receiving your monthly income. You can choose how long this period lasts, from 5 years up to age 120.

Guaranteed Monthly Income (GMI)

This is the fixed amount you'll receive each month during your Income Payout Period. You choose this amount when you start the policy.

Additional Monthly Income

At the end of the Accumulation Period, you may receive a lump-sum bonus. You can choose to convert this into additional monthly income.

Monthly Cash Bonus

This is a potential extra amount you might receive each month during your Income Payout Period. It's not guaranteed and depends on the performance of the participating fund.

Real-Life Example

Let's look at how this might work for Nicole, a 50-year-old non-smoker:

  • She chooses a Guaranteed Monthly Income of S$1,200
  • Her Accumulation Period is 10 years
  • She'll receive income from age 65 to 85
  • She pays an annual premium of S$41,451.05 for 5 years

At age 65, Nicole starts receiving:

  • Guaranteed Monthly Income: S$1,200
  • Additional Monthly Income: S$223 (from converted bonus)
  • Monthly Cash Bonus: S$397

Total Monthly Income: S$1,820

By the end of her policy term at age 85, Nicole will have received a total of S$436,800, which is 210% of her total premiums paid!

Enhancing Your Protection: Singlife Care Income Plus Cover

For added peace of mind, you can enhance your Singlife Flexi Retirement II with the Singlife Care Income Plus Cover rider. This provides:

  1. Additional Income for Disability: If you're unable to perform 2-3 out of 6 Activities of Daily Living (ADLs), you'll receive an extra monthly payout.
  1. Senior Special Benefit: Receive a lump sum of up to S$15,000 if diagnosed with certain senior conditions like major fractures or severe rheumatoid arthritis.
  1. Fast Forward Option: Choose to receive your Care Income Benefit as a lump sum upon first diagnosis of Partial Disability.

How Much Does It Cost?

The cost of Singlife Flexi Retirement II depends on several factors:

  • Your age
  • The Guaranteed Monthly Income you choose
  • Your Accumulation Period
  • Your Income Payout Period
  • Your premium payment term

For example, a 30-year-old non-smoker choosing a Guaranteed Monthly Income of S$800, with a 20-year premium payment term, might pay an annual premium of S$6,199.05.

Pros and Cons

Pros

  • Highly customizable to fit your specific retirement needs

  • 100% capital guarantee at the end of the Accumulation Period

  • Potential for additional bonuses

  • Option to reinvest payouts for higher returns

  • Financial protection against disability and critical illness

  • No health check required

Cons

  • Bonuses are not guaranteed and depend on fund performance

  • Early termination may result in significant losses

  • May not be suitable for those seeking high-risk, high-return investments

Frequently Asked Questions

Can I change my plan after I've started?

Yes, you have the flexibility to change certain aspects of your plan, such as the income payout duration, before you start receiving your monthly income.

What happens if I need the money before my Income Payout Period starts?

You can surrender your policy, but you may receive less than the total premiums paid, especially in the early years of the policy.

Can I use my Supplementary Retirement Scheme (SRS) funds for this plan?

Yes, but only for single premium policies where the policyholder is also the Life Assured.

What happens if I'm diagnosed with a Terminal Illness?

You'll receive a lump sum payout, which can help cover medical expenses and provide for your loved ones.

How is this different from a regular savings account?

Unlike a savings account, this plan provides insurance coverage and potential bonuses, along with a structured payout system for your retirement years.

Conclusion

Singlife Flexi Retirement II offers a unique combination of flexibility, security, and potential growth for your retirement savings. Its customizable nature allows you to tailor the plan to your specific needs and retirement goals. Whether you're looking to start early or planning for the near future, this plan can adapt to your circumstances.

However, as with any financial decision, it's important to carefully consider your personal needs, risk tolerance, and long-term goals. While Singlife Flexi Retirement II offers many attractive features, it's a long-term commitment that requires careful consideration.

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