Whole life insurance provides lifelong protection and financial security for your loved ones. The Singlife Whole Life product offers a comprehensive solution that combines protection, savings, and flexibility. With its unique structure of Base Cover and Additional Cover, this plan allows you to customize your coverage to meet your changing needs throughout life. Whether you're looking for lifetime protection, wealth accumulation, or both, Singlife Whole Life aims to provide a versatile insurance solution tailored to your financial goals.
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Singlife Whole Life offers a range of coverage options and benefits to protect you and your family. From lifelong protection against death and terminal illness to additional coverage during your prime years, this plan is designed to provide comprehensive financial security. Let's explore the key features and benefits of Singlife Whole Life.
The Base Cover provides protection against death and Terminal Illness for your entire lifetime. The Death Benefit pays out the Base Sum Assured, any accumulated Reversionary Bonus, and any Terminal Bonus, less any amounts owing.
Your policy accumulates guaranteed cash value from the start of the third policy year, as long as premiums are paid up-to-date. This provides a savings component alongside your protection coverage.
Enjoy potential growth through non-guaranteed Reversionary Bonuses (declared annually) and Terminal Bonuses. These bonuses depend on the performance of Singlife's Participating Fund and can enhance your policy's value over time.
If diagnosed with a Terminal Illness, you'll receive an advance payment of the Death Benefit. This provides financial support when you need it most, helping to cover medical expenses or other needs.
Choose Additional Cover of 100%, 200%, 300%, or 400% of your Base Sum Assured, lasting up to age 65, 70, or 75. This feature ensures higher protection during your working years when financial responsibilities are typically greatest.
Singlife Whole Life not only provides protection but also offers potential for wealth accumulation through its investment and savings components. The policy participates in Singlife's Participating Fund, which aims to provide stable returns over the long term. Let's examine the key aspects of the investment and savings features.
The Participating Fund follows a balanced investment strategy. As of December 31, 2022, the fund's asset allocation was 67% in fixed income, 18% in equities, 13% in property, and 2% in other assets.
The fund's 10-year geometric mean return from 2013-2022 was 2.37%. While past performance doesn't guarantee future results, this gives an indication of the fund's long-term performance.
Your policy's cash value grows over time. For example, a 30-year-old with a S$100,000 Base Sum Assured could see their cash value grow to S$158,335 by age 85, assuming no claims and no income payouts.
| Age | What suggestion covers | Premium |
|---|---|---|
| 26, Female making $5,091.667 a month | Not elaborated | $173 annual |
| 25, Female making $3,400 a month | government: annual limit $600,000 ward Up to Govt hospital A ward private: annual limit $1,200,000 ward Up to Private hospital A ward | $221.05 annual |
| 45, Female making $12,500 a month | aci $750,000 death tpd $1,000,000 eci $250,000 | $13,649.5 annual |
| 33, Female making $5,100 a month | Not elaborated | $292.71 annual |
| 27, Female making $3,000 a month | co-payment $0.1 deductibles policy year limit $1,500,000 rider: cdl treatment: multiplier $10 unit MSHL / mth co-payment: non panel non panel additional $2,000 panel $0.1 panel cap $3,000 non cdl treatment: amount $15,000 co-payment $0.2 premium $268 | $217.01 annual |
Singlife Whole Life offers a range of optional riders to enhance your protection and tailor the policy to your specific needs. These riders can provide additional coverage for critical illnesses, disability, and more. Let's explore the key riders available with this policy.
The Total and Permanent Disability Advance Cover IV rider provides coverage for disabilities that are total and permanent. The payout is an advancement of the Death Benefit.
The Critical Illness Advance Cover V rider offers a lump-sum payout if you're diagnosed with any of the covered advanced-stage critical illnesses. This payout is an advancement of the Death Benefit.
With the Early Critical Illness Advance Cover V, you extend your critical illness coverage to 59 late-stage and 72 intermediate and early-stage CIs. It also includes coverage for benign tumors in 22 specified organs.
Various premium waiver riders are available, including Critical Illness Premium Waiver II and Payer Premium Waiver. These waive premium payments if you or the policy payer is diagnosed with a critical illness, faces death, or total permanent disability.
Singlife Whole Life provides flexibility through policy loan and surrender options. These features allow you to access the cash value of your policy if needed, whether for emergencies or other financial goals. Understanding these options is crucial for making informed decisions about your policy.
You can request a policy loan of up to 90% of the cash surrender value, less any amounts owed to Singlife. The minimum loan amount and interest rate are subject to Singlife's terms and conditions.
Your policy acquires a cash value from the third policy year onwards. The surrender value includes both guaranteed and non-guaranteed components. For example, a policy with a S$100,000 Base Sum Assured could have a surrender value of S$137,343 at age 75.
Singlife's participating fund has shown steady growth over the past decade. Its 10-year geometric mean return of 2.37% (2013-2022) is competitive within the industry, though past performance doesn't guarantee future results.
Filing a claim with Singlife is designed to be straightforward and efficient. To initiate a claim, policyholders can contact their Financial Adviser Representative or visit Singlife's website at https://singlife.com/en/make-a-claim/ for detailed claim procedures. It's important to note that Singlife will only process claims once they have received the full premium payment. For any queries or assistance, customers can reach out to Singlife's customer service team via phone at (65) 6827 9933 or through their website. Singlife is committed to providing prompt and helpful support to ensure a smooth claims process for their policyholders.
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Singlife Whole Life can be an excellent choice for individuals seeking lifelong protection combined with potential wealth accumulation. It's particularly suitable for those who want flexibility in their coverage, such as young professionals planning for the future, parents looking to secure their family's financial well-being, or individuals nearing retirement who want to leave a legacy. The plan's customizable features and optional riders allow it to adapt to changing life circumstances, making it a versatile solution for long-term financial planning.
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