When it comes to a new brand, there’s always some level of mistrust. How good can you be when your mettle hasn’t been tested on the open market?
We get it; that’s why we’d like to share the following facts about Singapore Life.
We are Singapore’s Newest Licensed Life Insurer
Did you know that Singapore hasn’t had a new licensed life insurer in over 40 years? We’re the newest licensed life insurer to enter the market in more than 4 decades (that’s older than most of us in the office!)
As the newest kid on the block, we have our work cut out for us. The challenge: How do we get Singaporeans to pay attention to an oft-overlooked, yet critical component of personal finance? Our answer: By simplifying life insurance and making the buying process as painless as possible through the power of digital technology.
We are the Most Well-funded Insurtech Startup
One of the most important tasks for a start-up is to capture the interest and confidence of investors, so as to raise the necessary funds to properly build the business. Our Series A capital-raising round saw a grand total of US$50 million raised, making us the most well-funded insurtech start-up to date.
We tell you this not to boast that we’re flush with cash, but to emphasise the confidence in our business model. When leading fintech groups and experienced financial services sector investors throw in their lot with us, you can bet our brand has a special sauce worth checking out.
We are Trusted with SG$6.6 billion Worth of Life Insurance Coverage… and Counting
Despite being a start-up barely a year old, we today manage SG$6.6 billion worth of life insurance coverage in the Singapore market. How? Well, shortly after our incorporation, Singapore Life was offered the entirety of Zurich Life Singapore’s local portfolio – worth SG$6 billion in all.
The deal was approved by the Monetary Authority of Singapore (MAS), propelling us to a significantly stronger standing as a newcomer.
But more importantly, the acquisition indicates the faith that MAS and Zurich Life Singapore have in our ability to carry on serving the needs of policyholders.
We are Enrolled in the Policy Owners Protection Scheme
In Singapore, every would-be insurer must undergo rigorous checks and fulfil stringent requirements set by the MAS before they are allowed to sell their products to the general public.
As a licensed life insurer operating in Singapore, we are no exception. This means that every policy you purchase from us is protected by the Policy Owners Protection Scheme (PPF Scheme). In a nutshell, the PPF Scheme guarantees 100% protection of your life policy benefits, up to an aggregate cap of SGD500k for individual life policies.
This means that no matter who you buy from, as long as your insurer is licensed to operate in Singapore, there is no danger of losing your policy benefits or protection should your insurer fail.
We Offer Unparalleled Convenience
From the moment you join us, you’ll enjoy the convenience, speed and transparency of digital technology. Imagine never having to rifle through a pile of dusty papers to look up your coverage, just a few taps on your mobile or tablet is all you need instead.
There’s more. How about customising your life insurance plans and getting an instant quotation for every permutation there is? Or – our favourite – signing up for life insurance online and getting covered in under 20 minutes?
It’s not just so you have something to brag about; we design our life insurance offering for maximum convenience, all so to help make life easier.
We Make Life Insurance Transparent and Easy to Understand
Hands up those of you who have given up on trying to understand a life insurance policy. Now we want you to surf on over to our website and spend a few minutes clicking through our instant quotation portal.
That feeling of relief now blossoming in your chest is what we aim for.
We make life insurance easy to understand, while providing you the options you need to make the best choice. Choose your level of coverage and the duration you want.
Need riders for critical illness and long-term disability? Just add (or remove!) them with a click. And in case you’re worried about the final tally being too high, we provide an itemised breakdown at every step of the way, giving you absolute clarity about what goes into your premiums.
We Have the Flexibility (and Affordability!) to Fit Your Plans
Singapore Life specialises in term life polices which are available in terms as short as 1 year. Why? Because we believe that life insurance should fit our customers’ plans, and not the other way around.
That’s why we do not offer whole life plans that traditionally carry early surrender penalties, front-loading and held-back pay outs – your life insurance policy should provide peace of mind, not increase your anxiety levels.
Another advantage of term life plans (compared to whole life) – your premiums are much lower, as you pay only for protection. This makes it easier for you to get critical life insurance cover without having to worry about expensive premiums.
We Reward You for Staying Healthy
Life insurance is often accused of being reactionary – it only kicks in when something bad happens to you. Which means during ordinary times, life insurance isn’t rewarding.
What a missed opportunity! Not only should life insurance provide the needed protection, it should also reward you for taking steps to stay healthy!
That’s why we reward you through our Stay Active campaign. Every month, as a policyholder, simply take more steps than the average, and receive 5% cashback on your premiums. Not only that, we will also give you 5% cashback for sharing your results on social media – whether you managed to beat the crowd or not.
That’s right, you can get up to 10% cashback on your premiums with Singapore Life!