Sign In
Subscribe

Singlife Launches Flexible Lifelong Insurance Plan to Combat Challenges Through Every Life Stage

SINGAPORE, 12 November 2024 – Leading homegrown financial services company Singlife launches Singlife Whole Life Choice, a customisable, participating whole life protection plan that offers customers the flexibility to take care of themselves and their loved ones through each life milestone.

The plan includes a Base Cover to provide lifelong protection and an Additional Cover of up to 400% of the base sum assured which lasts to selected ages of 65, 70, 75, 80 or 85. The Additional Cover for the chosen age gradually decreases by 12.5% each year over eight years. This newly introduced step-down feature provides protection for an extended period, aligning with rising life expectancies to offer longer-lasting security for customers.

Key benefits of the new Singlife Whole Life Choice plan:

  1. Unlock bonuses at key life moments: With the plan’s Life Stage Withdrawal Benefit, policyholders can access accumulated reversionary bonuses without any charges at specified life stage events. This unique feature allows customers to make withdrawals during significant life moments, helping to manage expenses or invest in new opportunities as they arise.
  2. Support during retrenchment: The Retrenchment Benefit steps in to ease financial pressure. The plan waives premiums for up to 12 months, ensuring that customers can maintain coverage and peace of mind during difficult times.
  3. Increase coverage at important milestones: As life circumstances evolve, so do coverage needs. The Guaranteed Extra Protection Option allows policyholders to increase their coverage at key milestones, such as buying a property or starting a family, without the need for additional health checks. This ensures that the policy always aligns with one’s current life situation.
  4. Monthly payouts for retirement: To provide ongoing support during retirement, the Income Payout Option converts the policy’s cash value into monthly payouts, payable until one reaches up to age 99. This option ensures that stable income is in place to support the golden years, enabling financial peace of mind long into the future.
  5. Add-ons for greater protection: A range of comprehensive riders for lifetime coverage and to cover policyholders’ premiums waivers in times of needs.

A new supplementary benefit is offered with the launch of Singlife Whole Life Choice – the Early Critical Illness Premium Waiver. It waives future premiums of the policy when the policyholder is diagnosed with any of the covered Early, Intermediate and Severe Stage Critical Illnesses to allow customers to focus on their recovery as their coverage is maintained without further financial strain.

Helen Shen, Group Head of Products, Singlife, said “Whatever life brings, we are dedicated to help our customers walk through key milestones with confidence and peace of mind. Singlife Whole Life Choice offers more than just a safety net. It allows customers to customise coverage from loss of jobs to retirement and every major life change that one may experience. This empowers our customers with a versatile financial tool that ensures their loved ones are taken care of.”

Singlife Whole Life Choice was launched today on 12 November 2024. The existing Singlife Whole Life will be discontinued from 12 December 2024 and will no longer be available for purchase thereafter. Existing Singlife Whole Life policyholders will experience no change to their policy coverage.

Product terms and conditions apply. More information can be found on Singlife’s website at http://www.singlife.com/whole-life-choice.

About Singlife

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time.

Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan’s leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.

Top Stories

Related Articles

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, Coeus Intelligence will share the Data with our associate companies (including event and content sponsors) to promote their products and services. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

            COVID-19
            Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

            Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

            The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

            Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

            Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

            Request Nomination Pack

            Error: Contact form not found.