Term Life Insurance policies in Singapore cover you in the event of permanent disabilities or death. What are some of the aspects covered in life term insurance policies offered in Singapore?
• Lump sum payout
• Ability to Cancel or reduce payout sum at any time.
Term Life insurance plans offer expats in Singapore a financial safety net for their families in case the unforeseen should happen. A Term Life insurance plan gives you the flexibility to select the term duration and amount of coverage (i.e.: $5m for 20 Years), and can be amended or modified during as you progress through the different phases during your stay in Singapore and all through your life. For expats in Singapore, this can provide essential security in times of uncertainty and transitional periods.
Unsure about your coverage when it comes to term life insurance? Call our team in Singapore to have a discussion.
Term Life insurance premiums are generally paid monthly or annually, in return for a guaranteed lump sum payout in the event that death or terminal illness occurs within the contract term in Singapore. There is the added flexibility of increasing protection against a critical illness and/or a permanent disability to complement the term life cover. This can be done by purchasing an added extra or a ‘rider’ that is in addition to your current Term Life Insurance plan in Singapore.
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Term Life Insurance policies in Singapore do not accumulate any cash value and are classified as a pure protection tool. This means that there is no surrender value to the policy, allowing for premiums to be highly affordable. You can also purchase expat-based Term Life Insurance plans that will follow you into your next overseas posting as well.
It is generally advised that these plans are purchased when young. This ensures lower premiums for life. Give our team in Singapore a call today to discuss this further.
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