Singlife Elite Term II
4/5
CATEGORY
Life Insurance
TYPE
Term Life Insurance (Level Premium)
COVERS
Death and Terminal Illness (TI)
OPTIONAL ADD-ON RIDERS
Total & Permanent Disability (TPD), Critical Illness (CI), Early CI, Multipay CI and CI premium waiver
Available Policy Term
5-year or 10-year renewable or up till age 99
Overview
One of the personal term plans with the best value
Premium is level (fixed and does not increase with age) throughout the coverage period
Highly customisable coverage duration (up to age 99), for main plan and riders
For Whom
Suitable For
Standard (healthy) lives, children, adults, people looking to accumulate wealth
Not Suitable For
People with pre-existing conditions, retirees
For What Purpose?
Income replacement for dependants or self in case of:
Death/TPD/TI
Lump sum payout to your dependants to support their living expenses in case of your death/TPD.
Early or late-stage CI (rider)
Lump sum payout to you to support ongoing living expenses during recuperation period when diagnosed with an early and/or late-stage CI.
Pros & Cons
Pros
- Good value with perpetual premium discounts for the entire policy duration on sum assured amounts exceeding $500,000, $1 million, and $2 million
- Has the option to increase your sum assured without health underwriting when key life-stage events occur such as marriage or having a newborn
- (Limited Pay) Flexible option to pay limited premiums only for 5 or 10 years and get covered till age 65
Cons
- The plan's coverage duration cannot be extended once the policy term begins, except for plans on a 5 or 10-year renewable basis, subject to premium increase upon renewal
Things to Note
- Coverage and premiums for death, TPD, and TI are fixed and guaranteed throughout the policy term
- CI riders have fixed but non-guaranteed premiums, and the insurer may adjust future premiums for CI coverage
Written by: Anton Tan, CFP®
Last updated: 16 December, 2024
Disclaimer: This publication has not been reviewed by the Monetary Authority of Singapore. The information contained herein does not have any regard to the specific investment objective(s), financial situation or particular needs of any individual. Buying insurance is a long-term commitment and should be based on your unique needs and the suitability of the products. It is advisable to seek advice from a financial adviser to assess your needs and guide you on the features and details of the products before making any financial decisions. The coverage, benefits, premiums, and terms of insurance policies may vary depending on individual circumstances and insurance providers. Individuals are encouraged to review their own insurance needs and policies and seek advice tailored to their specific situation. While every reasonable care is taken to ensure the accuracy of the information provided, no responsibility can be accepted for any loss or inconvenience caused by any error or omission.