Singlife’s New Whole Life Plan Provides Up to 400% Additional Cover

Singlife has introduced a new life insurance product, the Singlife Whole Life Choice. It’s designed to offer lifelong and customizable protection, giving policyholders flexible options. The plan provides a base cover along with an additional cover that can go up to 400% of the base sum assured until ages like 65, 70, 75, 80, or 85. This additional cover decreases by 12.5% each year over eight years to match the increasing life expectancies for better security.

Among the key features of the Singlife Whole Life Choice is the Life Stage Withdrawal Benefit. This allows policyholders to access accumulated reversionary bonuses without fees during significant life events. Additionally, there’s a Retrenchment Benefit, which waives premiums for up to 12 months during unemployment. The Guaranteed Extra Protection Option lets policyholders increase coverage at important milestones, such as buying a property or expanding the family, without the need for extra health checks.

For retirement, the Income Payout Option converts the policy’s cash value into monthly payouts until age 99, providing a stable income. Customers can also add riders for more protection, like the new Early Critical Illness Premium Waiver that stops premium payments upon diagnosis of early – to severe – stage critical illnesses. The Singlife Whole Life Choice will replace the current Singlife Whole Life plan, which will stop after 12 December.

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