Singlife Launches Flexible Lifelong Insurance Plan to Combat Challenges Through Every Life Stage

Leading homegrown financial services company Singlife launches Singlife Whole Life Choice, a customisable, participating whole life protection plan that offers customers the flexibility to take care of themselves and their loved ones through each life milestone.

The plan includes a Base Cover to provide lifelong protection and an Additional Cover of up to 400% of the base sum assured which lasts to selected ages of 65, 70, 75, 80 or 85. The Additional Cover for the chosen age gradually decreases by 12.5% each year over eight years. This newly introduced step-down feature provides protection for an extended period, aligning with rising life expectancies to offer longer-lasting security for customers.

Key benefits of the new Singlife Whole Life Choice plan:
 

1. Unlock bonuses at key life moments: With the plan’s Life Stage Withdrawal Benefit, policyholders can access accumulated reversionary bonuses without any charges at specified life stage events. This unique feature allows customers to make withdrawals during significant life moments, helping to manage expenses or invest in new opportunities as they arise.
 

2. Support during retrenchment: The Retrenchment Benefit steps in to ease financial pressure. The plan waives premiums for up to 12 months, ensuring that customers can maintain coverage and peace of mind during difficult time.

3. Increase coverage at important milestones: As life circumstances evolve, so do coverage needs. The Guaranteed Extra Protection Option allows policyholders to increase their coverage at key milestones, such as buying a property or starting a family, without the need for additional health checks. This ensures that the policy always aligns with one’s current life situation.
 

4. Monthly payouts for retirement: To provide ongoing support during retirement, the Income Payout Option converts the policy's cash value into monthly payouts, payable until one reaches up to age 99. This option ensures that stable income is in place to support the golden years, enabling financial peace of mind long into the future.
 

5. Add-ons for greater protection[1]: A range of comprehensive riders for lifetime coverage and to cover policyholders’ premiums waivers in times of needs.  
 

A new supplementary benefit is offered with the launch of Singlife Whole Life Choice – the Early Critical Illness Premium Waiver. It waives future premiums of the policy when the policyholder is diagnosed with any of the covered Early, Intermediate and Severe Stage Critical Illnesses[1] to allow customers to focus on their recovery as their coverage is maintained without further financial strain.
 

Helen Shen, Group Head of Products, Singlife, said “Whatever life brings, we are dedicated to help our customers walk through key milestones with confidence and peace of mind. Singlife Whole Life Choice offers more than just a safety net. It allows customers to customise coverage from loss of jobs to retirement and every major life change that one may experience. This empowers our customers with a versatile financial tool that ensures their loved ones are taken care of.”
 

Singlife Whole Life Choice was launched today on 12 November 2024. The existing Singlife Whole Life will be discontinued from 12 December 2024 and will no longer be available for purchase thereafter. Existing Singlife Whole Life policyholders will experience no change to their policy coverage.
 

Product terms and conditions apply. More information can be found on Singlife’s website at http://www.singlife.com/whole-life-choice.
 

[1] Please refer to the Product Summaries for more details.