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Review – Singlife Flexi Retirement

Review - Singlife Flexi Retirement

Last Updated on by Tree of Wealth

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MyRetirementChoice III has since been renamed to Singlife Flexi Retirement in August 2022.

The Singlife Flexi Retirement is a flexible endowment retirement plan. It comes with limited premium terms and is highly flexible, able to retire at any age coupled with enhancement and new features. It also takes disability into consideration with the Care Income benefit and the Fast Forward benefit.

With no medical underwriting, the Singlife Flexi Retirement also has death and terminal illness protection, waives off premiums in the event of Total and Permanent Disability (TPD) and additional payout should the Life Assured is not able to perform at least 2 of the 6 ADLs (Activities of Daily Living).

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Key Features At a Glance

Key Features Coverage / Options
Choice of the Guaranteed Monthly Income (GMI) for your desired retirement lifestyle Minimum amount of GMI is either S$300 per month or is derived from the minimum annual premium of S$800 for the basic plan, whichever is higher.
Choice of Income Payout Period for the GMI From 5 to 35 years
Choice of premium payment term 5, 10, 15, 20 or 25 years
Choice of retirement age Flexible choice of Retirement Age.

 

How it is calculated:

Retirement age = entry age + premium payment term + Accumulation

Period (and must be 80 Age Next Birthday (ANB) or lower)

 

Accumulation Period is the period from the end of premium payment

term until the Policy Anniversary prior to the first payment of Monthly

Total Income.

Multiple Income Payout

options

  • Receive Guaranteed Monthly Income (GMI) + potential Monthly Cash Bonuses (MCB) during the Income Payout Period
  • Option to receive a lump sum bonus at your chosen retirement age, or convert it into Additional Monthly Income (AMI)
  • Choose to re-invest your monthly retirement income (GMI + MCB + AMI (if any)) at the prevailing non-guaranteed interest rate
Protection against disabilities with the Care Income Benefit Additional Payouts under this benefit if 2 out of 6 Activities of Daily Living (ADL) during Income Payout Period:

 

Unable to perform any 2 out of 6 ADL during the Income Payout Period – 50% of the Guaranteed Monthly Income

 

Unable to perform at least 3 out of 6 ADL during the Income Payout Period – 100% of the Guaranteed Monthly Income

Fast Forward Option Choose to exercise the Care Income Benefit option in one lump sum instead of monthly income if the Life Assured is first diagnosed with Partial Disability during the Income Payout Period and it is the first valid Care Income Benefit claim.
Total and Permanent Disability Premium Waiver No need to pay premiums if you’re Totally and Permanently Disabled
Coverage for Death and Terminal Illness A lump-sum payout will be given in the event of Death or Terminal Illness
Guaranteed acceptance No health underwriting needed
Disability Benefit Waiver of all future premiums if policyholder is unable to do 2 out of 6 activities of daily living during payment

Source: Aviva

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How Care Income Benefit Works

how singlife with aviva care benefit works
source: Singlife with Aviva

If you find yourself incapable of carrying out at least 2 out of 6 Activities of Daily Living (ADLs) while receiving your retirement income, you will be eligible for an extra monthly payment from the Care Income Benefit9. This additional payout is designed to provide you with financial support.

Severity of Partial Disability Monthly Care Income Benefit
Unable to perform any 2 out of 6 ADLs during Income Payout Period 50%
Unable to perform any 3 out of 6 ADLs during Income Payout Period 100%
Percentage (%) of Guaranteed Monthly Income (GMI)

Source: Singlife

To further ensure and protect your Retirement, enhance your cover with these available riders:

EasyTerm

In the event of Death, Terminal Illness or Total and Permanent Disability, a lump-sum cash payout equivalent of up to 5 times the annual premium for your base plan will be paid out to cover living expenses for you or your loved ones.

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Cancer Premium Waiver

Upon diagnosis of Advance Stage Cancer (Cancer Specific), all future premiums will be waived.

Critical Illness Premium Waiver

Upon diagnosis of any of the covered critical illnesses (Advance Stage), all future premiums will be waived, so you won’t have to worry about bills as your health gets back on track.

EasyPayer Premium Waiver

Future premiums will be waived in the event of Death, Terminal Illness or Total and Permanent Disability of the policyholder, so that your loved one’s retirement fund will continue to grow. This is for 3rd party policy holder and life assured planning.

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Payer Critical Illness Premium Waiver

Future premiums will be waived if the policyholder is diagnosed with any of the covered critical illnesses, so that your loved ones’ retirement fund will be secured. This is for 3rd party policy holder and life assured planning.

Read More: Best Retirement Plans Singapore 2022 – The Ultimate Guide

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How Singlife Flexi Retirement works 

Singlife Flexi Retirement
source: Singlife with Aviva

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The Singlife Flexi Retirement is Suitable if You Want:

  • Low risk endowment instrument for guaranteed monthly payout
  • Prefer Guaranteed Monthly Income as well as guarantee on capital of total premiums paid at the end of the selected Accumulation period
  • A steady stream of guaranteed income (coupled with non guaranteed bonuses)
  • Ease of application, no medical underwriting
  • No fluctuation on premiums

 It would however be less suitable if you want:

  • High protection coverage
  • High liquidity
  • High risk and returns
  • High protection for Death, Terminal Illness, TPD, Early to Advance Stage Critical Illness
  • Whole life insurance coverage

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This may not be the best option if you are looking for a good disability payout retirement plan. This is because it has the stringiest disability claim as compared to the other retirement plans from NTUC Income.

It does not also allow you to pay a single premium, which means that it does not have an SRS option.

With this update of the Singlife Flexi Retirement, changes are constant in this endowment landscape. If you are planning on retirement, let us do the homework and help you compare across the different retirement plans in the market to save you time.

Drop us an inquiry below and our professional experienced licensed FA advisor will get in touch with you shortly upon your request.

No obligations. No hidden fees and costs. Just professional advice.

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