Endowment

Singlife Legacy Income: Securing Your Financial Future Across Generations

Are you looking for a flexible way to secure your financial future and leave a lasting legacy for your loved ones? Singlife Legacy Income might be the solution you've been searching for. This innovative whole life savings insurance plan offers guaranteed payouts and the flexibility to adapt to your changing needs over time . Let's dive deep into what makes this plan unique and how it can benefit you and your family.

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What is Singlife Legacy Income?

Singlife Legacy Income is a whole life savings insurance plan designed to provide you with guaranteed income for a lifetime, capped at 100 years . It's not just about securing your own future; this plan allows you to create a financial legacy that can span generations. With features like early payouts, increasing guaranteed income, and the ability to change the life assured, Singlife Legacy Income offers a level of flexibility rarely seen in traditional insurance products.

Key Features That Set Singlife Legacy Income Apart

Early Payouts

Get your first payout as early as the end of the 13th month (for single premium plans). Other premium payment terms start payouts from the 37th, 61st, or 121st month.

Three Tiers of Income

Your guaranteed income increases over time, split into three tiers. Non-guaranteed cash bonuses add to your potential income.

Flexible Premium Payment Terms

Choose from single premium, 3-year, 5-year, or 10-year payment terms.

Change of Life Assured

Option to change the life assured during the policy term. Allows you to pass the policy benefits to your spouse or children.

Centennial Benefit

Receive 105% of total premiums paid plus non-guaranteed terminal bonus if the life assured reaches the end of the policy term.

Coverage Up to 100 Years

Lifelong coverage capped at 100 policy years, regardless of entry age.

Why compare Singlife Legacy 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

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

How Does Singlife Legacy Income Work?

Guaranteed Income

Your guaranteed income increases over time in three tiers: br>- Years 1-2: 1.00% of sum assured per annumbr>- Years 3-15: 1.28% of sum assured per annumbr>- Year 16 onwards: 1.37% of sum assured per annum

Non-Guaranteed Cash Bonus

On top of your guaranteed income, you receive a non-guaranteed cash bonus. For a single premium plan with a 4.25% p.a. illustrated investment rate of return:br>- Years 1-2: 1.35% of sum assured per annumbr>- Years 3-15: 2.16% of sum assured per annumbr>- Year 16 onwards: 2.38% of sum assured per annum

Total Potential Payout

Combining guaranteed income and non-guaranteed cash bonus, you could potentially receive up to 3.75% of your sum assured per year from year 16 onwards .

Flexibility in Payout Options

You can choose to receive your payouts monthly or reinvest them with Singlife for potential growth.

Change of Life Assured

You can change the life assured up to twice for individual policies and unlimited times for corporate-owned policies, subject to certain conditions.

Centennial Benefit

If the policy reaches the end of its term (100 years) without any claims, you receive 105% of total premiums paid plus any terminal bonus.

Real-Life Examples

Scenario 1: Jason, 40 years old, non-smoker

  • Chooses single premium plan with Sum Assured of S$100,000br>- Pays single premium of S$100,000br>- Guaranteed Income starts from end of 13th monthbr>- At Year 17, total monthly payout increases to S$312 (S$114 guaranteed + S$198 non-guaranteed)br>- Has option to change life assured to spouse or childrenbr>- If policy reaches 100 years, potential Centennial Benefit of S$110,000

Scenario 2: Fanny, 35 years old, non-smoker

  • Chooses 3-year premium term with Sum Assured of S$150,000br>- Pays S$50,000 per year for 3 yearsbr>- Guaranteed Income starts from end of 37th monthbr>- At Year 19, total monthly payout increases to S$452 (S$171 guaranteed + S$281 non-guaranteed)br>- Changes life assured to daughter at Year 20br>- If policy reaches 100 years, potential Centennial Benefit of S$179,998

Pros and Cons

Pros

  • Guaranteed lifetime income with potential for growth

  • Flexibility to change life assured

  • Early payout options

  • Potential for legacy planning across generations

  • Additional coverage for death and terminal illness

  • No medical check-up required

Cons

  • Non-guaranteed portions of payout depend on fund performance

  • Early termination may result in significant losses

  • Centennial Benefit only paid if policy reaches 100 years without claims

Who Is Singlife Legacy Income For?

This plan could be ideal for:

  1. Those looking for a long-term savings plan with guaranteed income
  1. Parents wanting to create a financial legacy for their children
  1. Individuals seeking flexible life insurance with investment components
  1. Those planning for retirement with a desire for lifetime income

Frequently Asked Questions

Can I withdraw my accumulated payouts at any time?

Yes, you can withdraw your reinvested payouts at any time.

What happens if I need to surrender the policy early?

Early surrender may result in significant losses . The surrender value may be less than the total premiums paid.

Can I change the payout frequency?

Check with Singlife about options to change payout frequency after the policy starts.

Is there a maximum entry age?

While there's no stated maximum entry age, remember that the policy is capped at 100 years.

How are the non-guaranteed bonuses determined?

Non-guaranteed bonuses depend on the performance of Singlife's participating fund and are not guaranteed.

Conclusion

Singlife Legacy Income offers a unique combination of guaranteed lifetime income, flexibility in legacy planning, and potential for growth . Its ability to adapt to your changing needs over time makes it an attractive option for those looking to secure their financial future and leave a lasting legacy for their loved ones.

However, as with any long-term financial commitment, it's crucial to carefully consider your personal financial goals, risk tolerance, and overall financial plan before making a decision. The non-guaranteed portions of the payouts and the long-term nature of the policy are important factors to keep in mind.

Ready to explore if Singlife Legacy Income is the right fit for your financial future? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on how Singlife Legacy Income could fit into your financial plan. These professionals will review your specific needs 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 how this plan could work for you and ensure you're making the best choice for your financial future. Don't leave your legacy to chance – get the expert advice you deserve today.

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