Endowment

Singlife MyLifeIncome III: Your Gateway to Lifelong Passive Income

Have you ever dreamed of having a steady stream of income that keeps flowing even when you're not actively working? That's the power of passive income, and it's exactly what Singlife MyLifeIncome III aims to provide. In a world where the average life expectancy in Singapore is 84.8 years , having a reliable source of lifelong income can make a significant difference in your golden years. Let's dive deep into what MyLifeIncome III offers and how it can benefit you.

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What is Singlife MyLifeIncome III?

Singlife MyLifeIncome III is a savings plan designed to provide you with yearly payouts for as long as you live . Think of it as creating your own personal pension plan. It's not just about saving money; it's about ensuring you have a consistent income stream that lasts your entire lifetime.

Key Features That Make MyLifeIncome III Stand Out

Guaranteed Lifetime Income Stream

You'll receive a payout every year, as long as your policy is active. Each payout consists of two parts: a) Guaranteed Cash Benefit: 1.2% of your sum assured, and b) Potential Non-guaranteed Cash Bonus: up to 4.4% of your sum assured. For example, if your sum assured is $100,000, you could receive up to $5,600 annually (5.6% of sum assured).

Increasing Payout with Booster Bonus

After 20 years of receiving income payouts or when you turn 60 (whichever is later), you'll get an additional 0.35% of your sum assured yearly . This Booster Bonus can increase your yearly payout to up to 5.95% of your sum assured.

100% Capital Guarantee

Your principal amount is fully protected from the time your Yearly Income payout starts. If you pay your premiums in one lump sum, you're assured of at least 80% of your premiums from day one.

Flexibility to Suit Your Needs

Choose your preferred premium payment term (1, 3, 5, 10, 15, 20, or 25 years). Select your Accumulation Period (0 to 20 years) to determine when you'll start receiving income. Pay premiums using cash or your Supplementary Retirement Scheme (SRS) funds.

Option to Reinvest for Higher Returns

If you don't need the income immediately, you can reinvest your payouts at a non-guaranteed interest rate. You can withdraw these reinvested amounts later when you need them.

Easy Application with Guaranteed Acceptance

No medical check-ups required. Comes with a payout in case of death or Terminal Illness. Option to add riders for critical illness, total and permanent disability, and more.

Why compare Singlife MyLifeIncome III 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 MyLifeIncome III Works: A Real-Life Example

Let's look at how this plan might work for someone like Patrick:

  • Patrick is 40 years old and wants additional income for family holidays or his child's future university allowance.
  • He chooses a sum assured of $40,000 and opts to pay premiums for 5 years.
  • His annual premium is $14,384, totaling $71,920 over 5 years.
  • He starts receiving Yearly Income immediately after his premium payment term ends.

Here's what Patrick can expect:

  • From age 45 to 64: Yearly Income of $2,240 ($480 guaranteed + $1,760 non-guaranteed)
  • From age 65 onwards: Yearly Income increases to $2,380 with the Booster Bonus
  • If Patrick surrenders the policy at age 99, he could receive an additional $86,145

Total payout received by age 99: $128,100

Important Considerations

Non-guaranteed Benefits

The Cash Bonus and Booster Bonus are not guaranteed and depend on the performance of the participating fund.

Long-term Commitment

This plan is designed for long-term savings. Early termination may result in significant costs.

Premium Payment

Ensure you can commit to the premium payment term you choose.

SRS Funding

If using SRS funds, the policyholder must be the Life Assured, and payouts will be credited back to the SRS account.

Death and Terminal Illness Benefit

The plan provides coverage in these events, with specific conditions applied.

Pros and Cons

Pros

  • Lifelong income stream

  • Guaranteed acceptance without medical check-ups

  • Flexibility in premium payment and income start date

  • Potential for increasing payouts with Booster Bonus

  • Option to reinvest payouts for higher returns

Cons

  • Long-term commitment required

  • Non-guaranteed portions of payouts depend on fund performance

  • Early surrender may result in losses

Who Is MyLifeIncome III Suitable For?

This plan could be ideal for:

  1. Those planning for retirement and wanting a guaranteed income stream
  1. Individuals looking to diversify their investment portfolio with a low-risk option
  1. People who want the flexibility to choose when their income payouts start
  1. Those who prefer a savings plan with potential for increasing returns over time

Frequently Asked Questions

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

It's best to check with Singlife about options for changing your plan after purchase.

What happens if I can't continue paying premiums?

The policy may lapse if premiums are not paid. Always ensure you can commit to the chosen payment term.

Are the payouts taxable?

Generally, life insurance payouts are not taxable in Singapore, but it's best to consult a tax advisor for your specific situation.

Can I increase my sum assured later?

Typically, the sum assured is set at the start of the policy. For increased coverage, you might need to consider additional policies.

What's the minimum age to start this plan?

Check with Singlife for the minimum entry age, as it may vary based on the chosen premium payment term.

Conclusion

Singlife MyLifeIncome III offers a unique opportunity to secure a lifelong passive income stream . With its guaranteed payouts, potential for increasing returns, and flexibility in premium payments, it can be a valuable addition to your financial portfolio, especially for retirement planning.

However, as with any financial decision, it's crucial to consider your personal circumstances, long-term goals, and risk tolerance. While the guaranteed portions provide security, remember that a significant part of the potential returns is non-guaranteed and depends on fund performance.

Ready to explore if MyLifeIncome III is right for you? Don't make this decision alone. Get expert insights tailored to your unique financial situation. Sign up now to receive 5 expert opinions on how MyLifeIncome III could fit into your overall financial plan. These professionals will review your specific needs and provide personalized recommendations.

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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 decision for your financial future. Don't leave your lifelong income to chance – get the expert advice you deserve today.

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