Term Life

TIQ Essential Term Life Cover: Affordable Protection for Life's Uncertainties

In today's unpredictable world, securing your family's financial future is more important than ever . But with the rising cost of living, finding affordable life insurance can be challenging. That's where TIQ Essential Term Life Cover comes in. This innovative product from Etiqa Insurance offers comprehensive protection at surprisingly affordable rates . Let's dive deep into what makes this policy stand out and how it can benefit you and your loved ones.

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What is TIQ Essential Term Life Cover?

TIQ Essential Term Life Cover is a flexible term life insurance policy designed to provide substantial coverage at an affordable cost . It offers protection against death and terminal illness, with the option to enhance coverage through various riders. The policy is designed to give you peace of mind, knowing that your loved ones will be financially protected if the unexpected happens.

Key Features That Make TIQ Essential Term Life Cover Unique

Affordable Premiums

Get up to S$1 million coverage for as low as S$0.38 per day . Premiums start from just S$138.70 annually for S$1 million coverage.

Flexible Policy Terms

Choose from 5 years (renewable), 10 years to age 86 (in one-year intervals), or coverage until age 100.

High Coverage Amount

Protection starting from S$401,000 for death or terminal illness .

Guaranteed Renewability

For 5-year term policies, renew up to age 90 without proving good health.

Option to Increase Sum Insured

Increase coverage without health checks upon key life events.

Guaranteed Convertibility

Convert to an endowment or whole life policy without health checks.

Optional Riders for Enhanced Protection

Add critical illness coverage and disability protection.

Why compare TIQ Essential Term Life Cover 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.

Detailed Breakdown of Coverage and Benefits

Basic Coverage

Death Benefit: Pays out the sum assured if the insured passes away during the policy term. Terminal Illness Benefit: Pays out the sum assured if the insured is diagnosed with a terminal illness.

Guaranteed Renewability Benefit

For 5-year term policies, you can renew up to age 90 without proving good health. Premiums will be adjusted based on your age at renewal.

Option to Increase Sum Insured

Increase your coverage without health checks upon key life events such as graduation, marriage, property purchase, childbirth, or tertiary education enrolment.

Guaranteed Convertibility Benefit

Convert your policy to any Singapore dollar-denominated endowment or whole life policy available at the time of conversion, without proving good health.

Optional Riders for Enhanced Protection

Advanced CI Rider

Covers 36 severe-stage critical illnesses. Accelerates the payout of the death benefit from the basic policy.

Early CI Rider

Covers 35 early or intermediate stages and 35 severe-stage critical illnesses. Accelerates the death benefit payout and offers premium waiver upon early or intermediate stage diagnosis.

Extra Disability Care

Accelerates the payout of the death benefit if total and permanent disability occurs before age 86.

Extra Secure Waiver

Waives future premiums up to age 86 or the end of the premium payment term upon diagnosis of any of 37 severe-stage critical illnesses.

How Much Does It Cost?

The cost of TIQ Essential Term Life Cover depends on factors such as your age, gender, smoking status, and the coverage amount you choose. Here's an example for a 40-year-old non-smoking male:

  • S$500,000 coverage for a 5-year renewable term: S$266.10 per year
  • S$500,000 coverage for a 10-year term: S$266.80 per year
  • S$500,000 coverage for a 25-year term: S$980.23 per year

Remember, these are just examples. Your actual premium may differ based on your specific circumstances.

Real-Life Scenarios

Scenario 1: David, age 40, non-smoker

Chooses S$500,000 coverage with a 5-year renewable term and adds Extra Disability Care rider for S$500,000. Annual premium: S$326.10. If David renews his policy after 5 years, he would have paid a total of S$2,961 by age 48. Benefits: High coverage at an affordable rate, option to renew without health checks, and additional protection against total and permanent disability.

Scenario 2: Sarah, age 35, non-smoker

Chooses S$800,000 coverage with a 25-year term and adds Advanced CI rider for S$250,000. Annual premium: S$1,568.36. Total premiums paid by age 60: S$39,209. Benefits: Long-term protection until age 60, additional coverage against critical illnesses, and peace of mind for her family's financial security.

Pros and Cons

Pros

  • Affordable premiums for high coverage

  • Flexible policy terms to suit different needs

  • Option to enhance coverage with riders

  • Guaranteed renewability for 5-year terms

  • Ability to increase coverage without health checks upon key life events

Cons

  • No cash value if the policy is terminated early

  • Premiums increase with age at renewal

  • Critical illness coverage requires additional riders

Frequently Asked Questions

Can I change my coverage amount later?

Yes, you can increase your coverage without health checks upon certain life events.

What happens if I can't pay my premiums?

There's usually a grace period. If premiums aren't paid after that, the policy may lapse.

Is there a medical examination required?

It depends on your age and the coverage amount. Your advisor can provide specific details.

Can I cancel the policy if I no longer need it?

Yes, you can cancel at any time, but there's no cash value if you terminate early.

Are the premiums guaranteed to stay the same?

For the basic policy, yes. However, rider premiums may be adjusted.

Conclusion

TIQ Essential Term Life Cover offers a compelling combination of high coverage and affordable premiums . Its flexibility in terms of policy duration and the option to add various riders make it adaptable to different life stages and needs. Whether you're a young professional looking for basic protection or a parent seeking comprehensive coverage for your family, this policy has options to suit your needs.

However, as with any financial decision, it's crucial to consider your specific circumstances, long-term goals, and overall financial plan. While the low premiums are attractive, remember that term life insurance doesn't build cash value. It's primarily designed to provide a death benefit to your beneficiaries.

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