Life Assurance
Safeguard your family’s income and lifestyle against financial loss in the event the unexpected occurs. With the right combination of insurance plans, you are assured peace of mind, knowing that your loved ones can maintain their quality of life during or after an unfortunate event.
Life Assurance
Life presents many unforeseen situations and when death strikes unexpectedly, your family could be left in dire straits. Life Insurance provides a guaranteed death benefit to protect your dependents against financial loss upon the demise of the policyholder. Guard your loved ones or beneficiaries with a plan that will provide for them comfortably long after you are gone. The proceeds from the insurance can be used towards a future college education, clearing off debts or any other expenses thus removing the financial burden from your family.
There are 2 main types of life insurance plans:
Whole of Life (Permanent) Insurance
A Whole of Life Insurance provides life-long protection as premiums can be made throughout your lifetime. Upon death or in the event of total and permanent disability, the policy may pay out the greater of the sum insured or if applicable, the value of any underlying investment values.
Term Assurance
A Term Assurance provides protection for a fixed time period. A Term policy may pay out the sum insured upon death within the term.
For a male, age 30, non-smoker with a sum assured of $1,000,000, the typical premium prices could range from $600 to $2,500 per annum depending on the insurance provider.
Critical illness Insurance
Critical Illness Insurance reduces your financial burden when diagnosed with one of the specified critical illnesses or disabilities during the period of coverage. The Critical Illness plan is usually effected on a stand-alone basis or included as an optional benefit (also known as a rider) to a life insurance policy.
The payable sum under a stand-alone Critical Illness plan typically includes a clause known as a Qualifying Period. A qualifying period states that in order to be eligible to receive the sum assured, policyholders must survive for a predetermined length of time, which typically ranges between 7 and 30 days from the date of diagnosis of their specified critical illness.
When a Critical Illness plan is included as a rider on a life insurance policy, the policy normally pays out an accelerated guaranteed lump sum immediately upon diagnosis without the need for a qualifying period.
Since 1st July 2003, the Singapore insurance industry has adopted common definitions for all critical illnesses as defined by the Life Insurance Association (LIA) of Singapore. This means that all Singapore-authorised insurance companies will define each illness covered the same way.
For plans taken out prior to 1st July 2003 or effected in other jurisdictions, reference should always be made to individual policy documents for definitions of the critical illnesses covered.
List of Critical Illnesses (Industry Standard in Singapore)
| Alzheimer’s Disease / Severe Dementia Angioplasty & other Invasive Treatment for Coronary Artery / (Progressive Scleroderma) Aplastic Anaemia Apallic Syndrome Bacterial Meningitis Benign Brain Tumour Blindness (Loss of Sight) Coma Coronary Artery Bypass Surgery Deafness (Loss of Hearing) Encephalitis End Stage Liver Failure |
End Stage Liver Failure End Stage Lung Disease Fulminant Hepatitis Heart Attack Heart Valve Surgery HIV Due to Blood Transfusion & Occupationally Acquired HIV Kidney Failure Loss of Independent Existence Loss of Speech Major Burns Major Cancers Major Head Trauma Major Organ / Bone Marrow Transplan |
Motor Neuron Disease Multiple Sclerosis Muscular Dystrophy Paralysis (Loss of use of Limbs) Parkinson’s Disease Poliomyelitis Primary Pulmonary Hypertension Progressive Scleroderma Other Serious Coronary Artery Diseases Stroke Surgery to Aorta Systemic Lupus Erythematosus with Lupus Nephritis |
