Last Updated on by Tree of Wealth
About The New Whole Life Plan
The new China Taiping i-Secure Legacy (ii) is here with new tweaks of multiplier benefit of up to 5 times the coverage with immediate effect through the Guaranteed Benefit1 (GB) feature. This provides coverage equivalent to 2, 3, 4 or 5 times your basic sum assured until you reach the age of 76 or 86. After that, the GB will gradually decrease by 10% each policy year for five years and will stabilize at 50% from the age of 80 or 90, depending on your policy terms.
As the COVID situation shifts into an endemic phase and society becomes more health-conscious, an increasing number of Singaporeans are recognizing the importance of securing protection and insurance coverage. Routine health check-ups and screenings have become more common as a result. Whole life insurance provides comprehensive coverage against death, terminal illness, and total permanent disability (TPD), as well as critical illnesses at all stages, from early to intermediate to advanced. It is a crucial tool for safeguarding oneself against unforeseen circumstances and ensuring long-term financial security.
While detecting for critical illnesses (CI) have advancements and we are now able to find out at an early stage, being financially prepared is still vital!
Singaporeans may be living longer but are living in poor health. While there is a higher chance of survival with the advancement in medication and medical technology, being financially prepared and protected is still the most important.
Have you ever considered the impact a major critical illness could have on your ability to earn? Regardless of whether the illness is in its early, intermediate, or advanced stages, it is crucial to prepare for the possibility of a step-down role or even the inability to work, which can result in a loss of income.
Adequate protection against critical illness is necessary to safeguard your income during the recovery period, which typically lasts 5 to 8 years before the person is able to adjust and gradually return to their normal routine before the critical illness occurred. Don’t leave your financial security to chance – consider critical illness coverage to ensure that you and your loved ones are protected in the event of unexpected health challenges.
You can read more here: 2017 Protection Gap Study – Singapore
With healthcare costs and loss of income being a major factor of consideration, Whole Life plans protects your income in the event of critical illnesses as well as liabilities and expenses should death, terminal illness or total permanent disability (TPD) occur. Having sufficient and adequate coverage should therefore be from a holistic view that stems not just whole life plan, but healthcare (Medisave and Hospitalisation coverage).
The good news is there are Whole life insurances today that are equipped with comprehensive supplementary benefits that further enhances your coverage that covers for premium waiver, early to advance stage critical illness (CI) benefits and even child and special conditions like diabetic complications.
However, perhaps the biggest 2 features that come out of whole life plans in recent years, are the multiplier and early stage CI coverage rider benefits. And China Taiping’s new i-Secure Legacy is taking these 2 biggest features of all time and doing something good about it: making it more of value, longer and covering even more conditions of the critical illness conditions.
Interested to learn more?
Fill in the form below and we will get back to you!
China Taiping i-Secure Legacy Product Features
Extensive Multiplier Option – **NEW & First in Market**
Higher Age Limit
The multiplier for China Taiping’s i-Secure is until the default age of 76 years old or 86 years old. The premium for the longer multiplier (until age 86) is still very competitive when compared to most insurers multiplier age (which is usually 70 years old or 80 years old).
This multiplier to 86 years old is one of the highest in the market, and China Taiping makes it even longer by having the default option of extending it to Lifetime.
Enjoy 50% Multiplier Benefit After It Ends ***First in Market***
No gimmicks. What is innovative with China Taiping is that they take into considerations that people seeking for whole life protection are generally looking at coverage for the long term, as well as taking consideration that Critical Illness should be more catered to in old age.
However the current market’s multiplier benefit ends at around age 65 to 80. With China Taiping’s i-Secure Legacy, the multiplier declines at a very low rate for 5 years and remains at 50% of the day 1 Guaranteed Benefit minimally for life.
This means that the Guaranteed Benefit (Multiplier feature) will decline by 10% each year for 5 years after it ends at age 76 or age 86. It will remain at 50% from 80 or 90 years old respectively even after the original multiplier had ended, ensuring additional coverage at old age when you need it the most.
Interested to learn more?
Fill in the form below and we will get back to you!
Option of Premium Term
Have the option to choose from 5, 10, 15, 20, 25 years of premium payment term. Few insurers have the 5 year option.
Competitive Premium for the Value
Despite the extensive list of CIs being covered for (161 of them) as well as the Guaranteed Benefit which multiplies you basic sum assured, the premium for China Taiping’s i-Secure Legacy is one of the, if not most competitive in the market across virtually all age group.
Comprehensive CI Coverage
One of the best coverage for CI, China Taiping’s i-Secure Legacy is looking at covering on protection for CI the best they can. Hence, the amount of CI conditions covered for, as well as the premiums, all makes it really comprehensive.
|
Critical Illnesses |
Number of conditions Number of conditions |
|
Early Stage |
42 |
| Intermediate Stage |
40 |
| Advanced Stage |
55 |
Available Riders
Choose to enhance this whole life coverage with premium waiver riders, which waive the premiums in case of the payer’s or their spouse’s death, terminal illness, total and permanent disability, or critical illness. This ensures that your policy will remain in force and continue to provide for you and your loved ones while premiums are waived and paid for by the insurer.
A 2017 Protection gap study commissioned by the Life Insurance Association (LIA) found that Singaporeans are drastically covered for in their critical illness needs, at a low 20%.
Taking that into consideration, China Taiping came up with 2 CI riders for that:
AdvancedCare Rider
Lump sum payment upon diagnosis of Advanced stage CI – whopping 55 of them, including Advance stage cancer, stroke, heart attack, coma, blindness and more.
EarlyCare Rider
Lump sum payment upon diagnosis from Early to Intermediate to Advanced stages of CI. Additionally, it also covers for 12 Juvenile Conditions and 12 Special Conditions.
The purpose for CI coverages/payouts is to replace your income in the event of such CI diagnosis so you don’t have to worry about expenses and incoming incurring costs, so as to enable you to seek the best medical treatment and focus on your path to recovery.
Critical Illness Breakdown
| Critical Illnesses | Number of conditions Number of conditions |
| Early Stage | 42 |
| Intermediate Stage | 40 |
| Advanced Stage | 55 |
| Additional Benefits | Number of conditions |
| Juvenile Conditions | 12 |
| Special Conditions | 12 |
The early critical illness rider covers for a whopping 161 CI conditions across early to intermediate to advance stage CI. This is virtually one of the most comprehensive and most CI coverage in the market and most competitive in terms of premiums.
Interested to learn more?
Fill in the form below and we will get back to you!
Premium Waiver Riders Available:
China Taiping’s i-Secure Legacy has one of the most comprehensive waiver riders available. From waiving off premiums in the event of death, TPD (Total and Permanent Disability) and terminal illness, to diagnosis of critical illness from early to advance stage will also be covered.
The Premium Waiver riders are good because you can select not just on the policy owner’s life to waive the premiums, but you also have the choice to get premium waiver riders for your spouse if you are purchasing the policy for your child, making it a real competitive wholesome comprehensive coverage plan.
Strong Insurer
China Taiping was previously the Tai Ping Insurance Co Ltd Singapore Branch and is in Singapore since 1938. They mainly do general insurance and their business comprises mainly on motor, construction and marine insurance.
They entered the life insurance market in August 2018, regulated by Monetary Authority of Singapore (MAS), becoming one of the 8 composite insurers in Singapore to engage in both life insurance and general insurance.
China Taiping is also owned by China’s fourth largest life insurer, with their parent company being Chinese state-owned and listed on the Hong Kong Stock Exchange since year 2000. Totaling assets are worth 600 billion yuan (S$118.9 billion).
In a nutshell, they are strong and here to stay.
source: Business Times
Interested to learn more?
Fill in the form below and we will get back to you!
How China Taiping i-Secure Legacy (ii) Works
What We Like About The Plan
- Enjoy 50% Multiplier Benefit Even After It Ends – The original multiplier will remain at 50% after the original multiplier had ended, ensuring additional coverage at old age when you need it the most. This is the first in the market for such products.
- Multiplier is extensive until 76 & 86 years old. Premium remains competitive with insurers ending between age 70 to 80.
- Wide range of Multiplier – x1 to x4
- Early Stage CI payouts is up to a high $350, 000 (one of the highest in the market)
- Widest range of CI Coverage – 161 Condition (42 Early Stage, 40 intermediate, 55 Advance Stage, 12 Special & 12Juvenile Conditions)
- Wide range of waiver riders, very good for parents
- Competitive Premium considering one of the longest multiplier and huge range of CIs covered (161!)
- Partial withdrawal/surrender is allowed, subject to minimum basic sum assured.
Interested to learn more?
Fill in the form below and we will get back to you!
What We Don’t Like About The Plan
- Minimum sum assured amount starts at $75, 000. Not the lowest in the market.
- No option to convert the cash value into monthly/annual payouts.
About China Taiping
China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS) is a leading composite insurer in Singapore (initially from Tai Ping Insurance co Ltd Singapore Branch ) and has been serving its customers for up to eighty years now, since 1938.
It has a financial strength rating of “A” (excellent) and a long term issuer credit rating of “A” by the A.M. Best. CTPIS is wholly-owned by China Taiping Insurance Holdings Company Limited, which was listed on the Hong Kong Stock Exchange in 2000, making it the first Chinese-funded insurer listed overseas. The brand continues to gain international recognition, having been listed in the “Global Fortune 500 Companies” in 2018.
China Taiping i-Secure Legacy In-Depth Review Conclusion
We firmly believe this is one of the best, if not the best Whole Life Insurance Coverage plan currently in the market. As always, we will continue to update and compare the most competitive plan.
As with all whole life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many whole life insurance plans in the market with many strong Insurers. Which one suits you the most?
To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
Check out our Best Whole Life Plans Singapore – The Ultimate Guide!
No obligations, no hidden fees. All advice are of no charges.
