Term Life

TIQ ePROTECT Term Life: Comprehensive Protection for Your Loved Ones

In today's uncertain world, ensuring your family's financial security is more important than ever. Did you know that 1 in 5 Singaporeans are underinsured , leaving their loved ones vulnerable in case of unexpected events? If you're looking for a straightforward, affordable way to protect your family's future, TIQ ePROTECT Term Life might be the solution you've been searching for.

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What is TIQ ePROTECT Term Life?

TIQ ePROTECT Term Life is a non-participating, regular premium level term policy offered by Etiqa Insurance Pte. Ltd. It's designed to provide financial protection for your loved ones in case of your death, total and permanent disability (TPD), or terminal illness . This plan is all about pure protection - it doesn't have any savings or investment components, which means lower premiums and more coverage for your money .

Key Features That Make TIQ ePROTECT Term Life Stand Out

Flexible Policy Terms

Choose from 5 years (renewable), 20 years, or coverage up to age 65. Tailor the policy to your specific needs and life stage.

Guaranteed Renewability

For 5-year terms, renew automatically without proving good health . Renewable up to age 81, ensuring long-term protection.

Level Premiums

Premiums stay the same throughout each policy term. Makes budgeting easier and more predictable.

Multiple Payment Options

Pay monthly, quarterly, half-yearly, or yearly. Choose the frequency that suits your financial planning.

Comprehensive Coverage

Protection against death, TPD, and terminal illness . TPD coverage up to $4 million aggregate across all policies.

Why compare TIQ ePROTECT term life with other Term Life options through Whatins?

Traditional Approach

  • Limited term length options from one insurer
  • May push longer terms than needed

Whatins Advantage

  • Compare term lengths across multiple insurers
  • See how different term life insurance periods affect premiums
  • Understand renewal options across insurers
  • See competing term length justifications and determine which one is best for you

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

What Does TIQ ePROTECT Term Life Cover?

Death Benefit

Pays out the full sum insured if you pass away during the policy term. Includes a potential advance payment of up to $3,000 for funeral expenses.

Total and Permanent Disability (TPD) Benefit

Pays the full sum insured if you become totally and permanently disabled before age 65 . Covers inability to work or loss of limbs/sight.

Terminal Illness Benefit

Pays out the full sum insured if you're diagnosed with a terminal illness. Terminal illness is defined as a condition likely to lead to death within 12 months.

How Much Coverage Can You Get?

The amount of coverage (sum insured) is flexible and can be tailored to your needs. However, it's important to note that for TPD coverage, there's a maximum aggregate sum insured of $4 million per insured life across all policies with TPD benefits in Singapore .

How Much Does It Cost?

The premium for TIQ ePROTECT Term Life depends on several factors:

  • Your age
  • The policy term you choose
  • The amount of coverage you want
  • Your health status

The good news is that premiums are level and guaranteed throughout each policy term . This means your premiums won't increase during the term you've chosen, making it easier to budget for your protection.

For the 5-year renewable option, while your premium will increase at each renewal (because you're older), it will then stay level for the next 5-year term.

Real-Life Scenarios

Young Family

Imagine you're a 35-year-old parent with young children. You could choose a 20-year term to cover your family until your kids are grown. If anything happens to you during this time, your family would receive the full sum insured , helping them maintain their lifestyle and achieve their goals.

Career Professional

As a 45-year-old professional, you might opt for coverage up to age 65 to protect your income until retirement. If you were to become totally and permanently disabled, the policy would pay out, helping replace your lost income.

Senior Planning

At 60, you could choose the 5-year renewable option. This gives you the flexibility to reassess your needs every 5 years while guaranteeing you can renew without proving your health status .

Pros and Cons

Pros

  • Simple, pure protection without complex features

  • Flexible policy terms to suit different life stages

  • Guaranteed renewability for 5-year terms

  • Level premiums for easy budgeting

  • Comprehensive coverage for death, TPD, and terminal illness

Cons

  • No cash value or savings component

  • Premiums increase at renewal for 5-year terms

  • TPD coverage ends at age 65

  • Some exclusions apply (like suicide in the first 12 months)

Frequently Asked Questions

Can I change my coverage amount later?

You would need to check with Etiqa about options for increasing or decreasing coverage after purchase.

What happens if I miss a premium payment?

Your policy may lapse if premiums are not paid on time. It's crucial to keep up with payments to maintain coverage .

Is there a maximum age for coverage?

For the 5-year renewable option, you can renew up to age 81. For other terms, coverage ends at the end of the policy term.

Are there any medical tests required?

This depends on your age, the sum insured, and your health declaration. Etiqa will advise if any tests are needed.

How quickly will claims be paid?

Etiqa aims to process claims quickly. For death claims, they may offer an advance payment of up to $3,000 for funeral expenses while assessing the full claim.

Important Considerations

  • Exclusions : Like all insurance policies, there are some situations not covered. These include suicide within the first 12 months, self-inflicted injuries for TPD claims, and certain high-risk activities.
  • Duty of Disclosure : When applying, it's crucial to disclose all relevant information about your health and lifestyle. Failure to do so could result in claims being denied.
  • Policy Owners' Protection Scheme : This policy is protected under the Policy Owners' Protection Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC).

Conclusion

TIQ ePROTECT Term Life offers a straightforward, flexible way to ensure your loved ones are financially protected if something happens to you. With its pure protection focus, it provides substantial coverage at affordable premiums . The option to choose your policy term and renew guaranteed (for 5-year terms) makes it adaptable to different life stages and changing needs.

However, as with any financial decision, it's important to carefully consider your personal circumstances, long-term goals, and overall financial plan. While TIQ ePROTECT Term Life offers valuable protection, it's just one piece of a comprehensive financial strategy.

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