Singlife Elite Term Review
The complete Pros and Cons on Singlife Elite Term
Singlife Elite Term (previously known as Aviva MyProtector – Term Plan II) is a flexible term life plan with a wide range of riders to waive future premiums and cover you against the unexpected.
Rest assured that your needs will not outgrow your means with the option to convert this policy to an endowment or whole life plan when one better fits your needs in the future.
Singlife Elite Term product details
- Non-participating policy – Term policy
- Insurance Coverage
- Be covered against Death or Terminal Illness
- Riders are available to cover you against Total and Permanent Disability, Early Critical Illness, and Critical Illness as well as to waive premiums should any of the above occur
- Policy Term; choose to be covered
- 5, 10 years or 11 years up till 85 years old
- Conversion Privilege
- You can choose to convert this policy to an endowment or whole life plan should your needs change and evolve as time goes on
- Guaranteed Renewal
- Policy terms of 5 or 10 years are automatically renewable, regardless of your health condition
- Perpetual Discount – UPGRADED
- Receive 30% perpetual discount (previously 20%) on premiums for the base plan and its eligible riders when the coverage you choose is higher than or equal to S$500,000.
Read About: 3 things to consider before taking up a new financial product
Features of Singlife Elite Term at a glance
Cash and Cash Withdrawal Benefits
Cash value: No
Cash withdrawal benefits: No
Health and Insurance Coverage
Death: Yes
Total Permanent Disability: Yes
Terminal Illness: Yes
Critical Illness: Yes
Early Critical Illness: Yes
Health and Insurance Coverage Multiplier
Death: No
Total Permanent Disability: No
Terminal Illness: No
Critical Illness: No
Early Critical Illness: No
Optional Add-on Riders
TPD Advance Cover Plus II
CI Advance Cover Plus III
MultiPay Critical Illness Cover IV
Early Critical Illness Cover II
Critical Illness Premium Waiver II
Payer Critical Illness Premium Waiver II
Payer Premiums Waiver Benefit
Additional Features and Benefits
Yes.
For further information and details, refer to Singlife website. Alternatively, fill up the form below and let us advise accordingly.
Policy Illustration for Singlife Elite Term, Mark
Mark, age 30, purchases Singlife Elite Term with Total and Permanent Disability (TPD), Early Critical Illness (ECI), and Critical Illness (CI) riders to provide extensive coverage. Mark pays a yearly premium of S$1,693.95
Mark chooses to be covered for 40 years until age 70. He is covered with S$1,000,000 against Death and TPD, S$100,000 against ECIs, and S$300,000 against CIs.
Mark’s Singlife Elite Term policy terminates when he reaches age 70 with no cash value.
Policy Illustration for Singlife Elite Term, Jenny
Jenny, age 30, purchases Singlife Elite Term with Total and Permanent Disability (TPD), Early Critical Illness (ECI), and Critical Illness (CI) riders to provide extensive coverage. Jenny pays a yearly premium of S$2,918.75
Jenny chooses to be covered for 40 years until age 70. He is covered with S$1,000,000 against Death and TPD, S$100,000 against ECIs, and S$300,000 against CIs.
Jenny’s Singlife Elite Term policy terminates when she reaches age 70 with no cash value.
Singlife Elite Term may be suitable if you are looking for
Singlife Elite Term may potentially be a good fit if the following matters to you:
- High Health and Protection coverage
- High insurance coverage for Death or Terminal Illness
- High insurance coverage for Early Critical Illness, Critical Illness, or Total Permanent Disability with riders
- Premium waiver riders to waive premiums should the unexpected happen
- Lower initial premium compared to other types of insurance policies
- Looking to boost insurance coverage or fill shortfalls in an insurance portfolio
Singlife Elite Term may not suitable if you are looking for
Singlife Elite Term may potentially be a bad fit if the following matters to you:
- Long-term cash accumulation
- Regular cash payout
- A one-time premium commitment with no further cash commitment
- Insurance policy with a surrender value.
Further considerations on Singlife Elite Term
- How is Singlife or Singlife Elite Term and claims based on past track record?
- How does Singlife Elite Term compare with Term policies from other insurance companies?
- Can Singlife Elite Term fulfill my financial, insurance, health, and protection needs?
The above information may not fully highlight all the product details and features of Singlife Elite Term. Talk to us or seek advice from a financial adviser before making any decision about Singlife Elite Term.
Always ensure your long-term financial goals and objectives are aligned with the financial product you are considering taking up.
Read Also: No budget for financial planning?
Is Singlife Elite Term suitable for me?
Contact InterestGuru using the form below. Our panel of licensed financial advisers will advise accordingly, based on your financial profile and protection needs.
All financial reviews and proposals provided are 100% free of charge. There will be no obligation to take up any proposed financial products or services in any way.
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