Review – NTUC Income Star Assure

NTUC Income Star Assure, whole life insurance singapore
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NTUC Income’s whole life plan is recently renamed as Star Assure. It’s participating whole life policy is one that does what it is supposed to do. It does have the standard riders and benefits of early stage critical illness (CI) coverage, death and TPD as well as premium waiver riders. It doesn’t have any kid related benefits nor multiple pay for critical illness of early to intermediate to advance stage.

However the killer feature for Income’s Star Assure is the Major Impact Benefit. We will discuss about that to see whether is it really worth it? As we believe the only reason for someone to really get insured under Star Assure is really because of NTUC Income’s branding.

Let’s have a look at what this brings!

NTUC Income Star Assure Product Features and Benefits at a Glance

  • Medical Conditions covered – 121.
  • Multiplier up to 5 times of sum assured.
  • Covers for death, terminal illness and total & permanent disability (TPD until age 70).
  • Premium term of 5, 10, 15, 20, 25 and 30 years or up to age 64.
  • Accidental death – additional of 200% of sum assured, benefit is until age 70.
  • Retrenchment benefit – premiums waived upon retrenchment. No need to pay for premiums for 6 months in the event if you are retrenched and unable to find a job for 3 months in a row

Riders Available to Enhance Your Coverage

Advanced Assure Accelerator

  • Covers 39 advance stage critical illness (CI)

Major Impact Benefit

  • Covers for future unknown diseases or serious infections.
  • This benefit covers you unknown future disease. The recent Covid-19 (started widespraead December 2019) is one such good example.
  • Serious infections are also covered for. This will occur if you undergo surgery and suffers an infection from it and in the event if you need to stay in an intensive care unit (ICU) for at least 5 days or more. Covers only until age 85.

Advanced Restoration Benefit

  • Extra coverage for: Advance stage Cancer, Stroke and Heart Attack of specified severity after an early or intermediate stage CI payout has been claimed.
  • Only one claim can be made under the Advanced Restoration Benefit if you have previously made a successful payout in claiming the early and intermediate stage CI benefit and if your basic policy has not ended.
  • The Advanced Assure Accelerator rider must be attached to the main policy if you want the Early Assure Accelerator rider’s protection.

Early Assure Accelerator

Covers 121 medical condition across early to intermediate to advance stage CI, as well as special and juvenile benefits.

Maximum coverage per payout for early and intermediate stage CI – $350, 000.

Special Benefits

  • Special benefits pays additionally 30% of the Early Assure Accelerator rider’s sum assured.
  • Protects 10 special medical conditions.
  • Before age 85.
  • This does not reduce the basic sum assured, it is additional

Juvenile Benefits

  • Juvenile benefits pays additionally 20% of the Early Assure Accelerator rider’s sum assured.
  • Protects 10 special medical conditions. Including Kawasaki disease and insulin dependent diabetes mellitus.
  • Before age 18.
  • This does not reduce the basic sum assured, it is additional.

What We Don’t Like About This Rider

The Early Assure Accelerator is basically an Early Critical Illness (CI) rider that pays out part of the main sum assured in the event early to intermediate to advance stage were to occur to you.

However, NTUC Income has made it such that the sum assured for this rider/ for Early CI coverage, must be at least $10, 000 less than the main sum assured. This is such that in the event of death, there is a minimal of $10, 000 (then multiply by whichever multiplier the person chooses and until the multiplier ends)

This means that if your basic sum assured is $100, 000, the maximum your early CI coverage can be is at $90, 000. So that in the event of death after you claimed for the early CI, there is still $10, 000 for your loved ones.

Most insurers simply pay the whole $100, 000 and the plan will be terminated.

Early Cancer Waiver

Future premiums will be waived upon diagnosis of early-stage cancer. One of the more helpful rider here.

Dread Disease Premium Waiver

Future premiums will be waived upon diagnosis of advance-stage CI (except for angioplasty and other invasive treatment for coronary artery).

Payor Premium Waiver

Payor’s future premiums for family members will be waived upon death or total permanent disabled (TPD before age 70). Only applicable for 3rd party insured, ie insured must not be the policy holder.

Enhanced Payor Premium Waiver

Payor’s future premiums for family members will be waived upon death or total permanent disabled (TPD before age 70), diagnosed with critical illness (except for angioplasty and other invasive treatment for coronary artery). Only applicable for 3rd party insured, ie insured must not be the policy holder.

How NTUC Income Star Assure Works

ntuc income star assure, whole life plan singapore, early Critical illness singapore
source: NTUC Income

NTUC Income Star Assure Review Conclusion

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.

No obligations, no hidden fees. All advice are of no charges.

 

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