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Singlife Elite Term Plan In Depth Review

Singlife Elite Term, Aviva MyProtector Term II Review, term insurance singapore

Last Updated on by Tree of Wealth

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When it comes to Term Insurance, Singlife with Aviva has a very competitive Singlife Elite Term plan which has a variety of riders to make it very comprehensive. Add on to that, you have the flexibility of having a coverage according to the number of years you need (instead of preset). Singlife Aviva also has a well suite of protection and coverage products, ranging from their term insurance to whole life plans, as well as the very comprehensive Multiple Payout Critical Illness Plan (Singlife Multipay Critical Illness Plan) that is one of the most competitive and comprehensive multiple pay out critical illness plan in the market. Not to mention they have one of the most competitive premiums in the market as well.

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Why Do We Need Term Insurance?

Term life insurance plans are designed to provide financial protection for a specified period of time, typically ranging from 5 to 30 years, or until age 70, 80 or even 99. Here are some reasons why you may need a term plan:

  1. To protect your family’s financial future: If you have dependents who rely on your income, a term plan can provide financial protection in the event of your unexpected death, permanent disability as well as early to advance stage of critical illness. The death benefit can help dependents and family members cover immediate expenses like funeral costs and outstanding debts, where as the critical illness coverage provides ongoing support for living expenses for yourself.
  2. To cover outstanding debts: If you have outstanding debts like a mortgage, car loan, or student loan, a term plan can help ensure that those debts are paid off in the event of your death, so that your family doesn’t have to take on that burden.
  3. To supplement employer-provided life insurance: Many employers offer group life insurance as an employee benefit, but the coverage is often limited. A term plan can supplement that coverage to ensure that your family is adequately protected.
  4. To lock in affordable premiums: Term life insurance typically has lower premiums than permanent life insurance, so if you want to get the most coverage for their money, a term plan can be a good option. And because the premiums are fixed for the length of the term, you can lock in an affordable rate for the duration of the policy.

Here in our Singlife Elite Term Plan In Depth review, we dive into the plan and how it can help you with your concerns.

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Product Features and Benefits at a Glance

  • High sum assured at a low premium cost for Death, Total Permanent Disability (TPD), Terminal Illness and Critical illness (CI) of all stages including Early CI and MultiPay CI.
  • Very flexible – Wide range of premium term from a minimum of 5 or 10 for renewable term. Or 11 years onwards up to 85 years old with a year of interval in between (12, 13, 14 years etc..)
  • Guaranteed Renewable Option (GRO) – For 5 and 10 years policy term, GRO renews your policy at the end of every 5 or 10 years automatically. No medical questions or health underwriting needed.
  • At Key Life Events, have the option to increase coverage of your basic protection coverage without the need of medical underwriting nor providing any proof of insurability, guaranteed:
    • Key Life Events:
      • Change of marital status (Marries or divorces)
      • Becomes a parent – newborn or legal adoption
      • Graduates from Tertiary Education
      • Purchases a property
  • Convert the Singlife Lite Term insurance into an Endowment or Whole Life insurance without medical underwriting.
  • Interim Accidental Death Benefit

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Additional Supplementary Benefits (Riders) to Enhance Your Coverage

Life & Critical Illness Protection

  • Total and Permanent Disability (TPD Advance Cover Plus II Rider)
  • Advance Stage Critical Illness (CI Advance Cover Plus III Rider)
  • Early Critical Illness (Early Critical Illness Cover II Rider – Covers from Early To Advance Stage Critical Illness (Single CI Payout))
  • MultiPay Critical Illness (MultiPay Critical Illness Cover IV Rider: Pays out Early to Advance Stage CI multiple times up to 900%)

Premium Waiver Riders (coverage during premium term)

  • Critical Illness Premium Waiver (Critical Illness Premium Waiver II Rider)
  • Payer Critical Illness Premium Waiver (Payer Critical Illness Premium Waiver II Rider)
  • Payer Premium Waiver Benefit (Payer Premium Waiver Benefit Rider)

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Illustration on Premium for Singlife with Aviva Elite Term

Male, Non-smoker, aged 35

 

Policy Term Sum Assured Annual Premium

Singlife Elite Term

35 years $1,500,000 $1,742.10
Total Permanent Disability Rider 35 years $1,500,000

$281.25

Total

$2,023.35

Male, Non-smoker, aged 30

 

Policy Term Sum Assured Annual Premium

Singlife Elite Term

40 years $1,500,000 $1,402.35
Total Permanent Disability Rider 40 years $1,500,000

$183.00

Total

$1,585.35

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Female, Non-smoker, aged 35

 

Policy Term Sum Assured Annual Premium

Singlife Elite Term

35 years $1,500,000

$1,323.30

Total Permanent Disability Rider 35 years $1,500,000

$206.85

Total

$1,530.15

Female Non-smoker, aged 30

Policy Term Sum Assured Annual Premium

Singlife Elite Term

40 years $1,500,000 $1,103.40
Total Permanent Disability Rider 40 years $1,500,000

$139.80

Total

$1,243.20

Source: Singlife with Aviva

How Singlife Elite Term Works

source: Singlife with Aviva

What We Like About the Singlife Elite Term

  • Very affordable and competitive premium pricing in the market.
  • Flexible coverage periods and renewable term.
  • Wide range of comprehensive riders to FULLY customize your coverage.
  • Perhaps the most important reason on Aviva’s term and whole life insurance – Early CI and MultiPay CI riders are available to add on to this term plan.

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Singlife Elite Term​ is suitable for you if you would like:

  • High Payout that covers Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage for a low premium.
  • Multiple Payout for CI across all stages including Early to intermediate to advance stage for a low premium.
  • Comprehensive term insurance that covers you for a specific period of time, increasing the coverage protecting your prime working age when you need it the most.

It would however be less suitable if:

  • You are looking for limited pay premium term and coverage for life.
  • You would like cash value in a protection plan.

Conclusion For Singlife Elite Term In-Depth Review

As with all term life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many term insurance plans in the market with many strong Insurers. Which one suits you the most?

Overall, a term life insurance plan can be a cost-effective way to provide financial protection for loved ones and ensure their future is secure.

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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