Paying for your policy
Automatic Premium Loan / Non-Forfeiture Loan
Automatic Premium Loan (APL) / Non-Forfeiture Loan (NFL)
If your premium is still outstanding after the grace period, an Automatic Premium Loan (APL) will be applied where your overdue premium will be paid for using your policy’s cash value. This will allow your policy to remain in force, ensuring your coverage and benefits.
APL is charged at a 5.5% per annum interest rate that is compounded at your policy’s anniversary.
If the premiums remain unpaid, APL will continue to be applied on the overdue premiums. We recommend you redeem your APL and any accumulated interest as soon as possible to ensure your policy remains in force and retains your policy’s cash value. APL is recommended only as a short-term measure.
How do I redeem my Automatic Premium Loan (APL)?
Must I redeem all my outstanding APL?
What will happen if I do not pay my APL and the interest accumulated?
Reviving A Lapsed Policy (Reinstatement)
It is important that you make your premium payments on time. If your premium is not fully paid within the grace period, your policy will lapse unless it has a sufficient cash value to enable an Automatic Premium Loan (APL). A notification will be sent to you when your policy has lapsed.
To resume the effective coverage of your policy (known as Reinstatement of the Policy):
- Declare your health status by completing the health declaration form:
- For Life policies: Policy Servicing Health Declaration (for Life Products)
- For Health policies: Policy Servicing Health Declaration (for Health Products)
- For Long Term Care policies: Reinstatement for Singlife ElderShield Standard/Singlife ElderShield Plus/Singlife CareShield Standard/Singlife CareShield Plus
- Pay the outstanding premiums together with any accumulated interest (if applicable) and indebtedness (if any).
Reinstatement is subjected to underwriting approval and further requirements, such as medical reports, may be requested as part of the review. If your health status has deteriorated, you may need to pay a higher premium based on the underwriter’s review.
We recommend that you pay your premiums using interbank GIRO as it would automate the premium payment process for you. To get start, submit a GIRO application.
Can I reinstate my policy after the deadline stated in the Lapse Letter?
Riders represent additional benefits that can be added to your existing policy to enhance your coverage. They offer flexibility for you to customize your coverage to meet your specific needs, and can vary according to your existing plan type, term and also additional premiums.
Rider premiums are generally based on:
- The type, sum assured and terms of the rider being added
- Your occupation and age at your next birthday, based on your policy anniversary date on which the new coverage commences
- Assessment and approval by our underwriters
Contact us to learn which type of riders can be added to your policy.
How do I get advice on the type of riders that can be added to my basic policy plan?
How do I obtain a quotation for a rider?
Assigning a Policy
The transfer of all rights under an insurance policy from one party (the assignor) to another (the assignee) is called assignment. You are required to notify us of these changes, although Singlife is not responsible for determining the validity of an assignment.
The most common types of assignment are:
Absolute Assignment (Deed of Assignment), where all rights under the policy are transferred from the assignor to the assignee without any conditions
Collateral Assignment, where all rights under the policy are transferred to the assignee, usually a bank, as collateral or security for a loan granted to the assignor
You can make an Absolute Assignment by contacting us. All parties must be over 18 years of age, of sound mind, and cannot be an undischarged bankrupt
You can make a Collateral Assignment by contacting us or contacting the bank or organisation that will become the assignee of the policy for security or collateral. Some banks and other institutions have their own collateral assignment procedures.
Converting to Paid-Up Policy
Once the policy has acquired cash value, you can choose to stop payment of future premiums by converting the policy to paid-up status. Conversion to reduced paid-up assurance means that you can continue to remain insured for the same policy term but at a reduced sum assured amount.
Contact us for assistance if you wish to determine your Policy's paid up value.
Updating Personal Contact Information
To help us serve you better, please notify us of any changes in your contact information, including your address, email address and phone numbers. This ensures that we can always reach you in a timely manner.
For Life, Health, Savings and Retirement Plans: You can log on to MySinglife to update your address, phone number and email address.
For Singlife & Zurich Plans: You can log in to Singlife Customer Portal to update mobile number, home number, and email address.
If your policy has acquired Cash Value, you can apply for a loan (if applicable) for up to a maximum 90%* of your policy cash value, minus any indebtedness. You will be charged an interest rate of 5.5% per annum on your loan, compounded at your policy anniversary.
The Policy Loan and its interest can be paid by installment.
Contact us to apply for a Policy Loan.
* Please refer to your Policy Contract provision for the maximum percentage of Your Cash Value that is eligible for a Policy Loan.
What are the minimum and maximum Policy Loan amounts I can request?
How quickly can I receive my policy loan amount?
When a Policy Matures
A maturity amount is payable once your policy reaches maturity. We will notify you when your Policy maturity date approaches. After this date, the Policy is considered to have matured and is no longer in force.
How will I know when my policy will mature?
When will I be notified of the maturity of my policy?
What is my policy's projected return at maturity?
Surrendering a Policy
Your policy that has cash value can be surrendered in exchange for its cash surrender value upon cancellation of the policy.
You should consider carefully the surrendering of your policy, as it would mean the loss of protection for you and your family. Replacing your coverage, even if done immediately, might require a higher premium due to your older entry age. A new policy will also take time to build up a cash value over the years.
You might want to take a policy loan instead which still allows you to enjoy your insurance coverage.
When can I surrender my policy?
How do I know the amount of Cash Value acquired by my Policy?
What documents will I need to submit?
Can I surrender part of my policy?
When can I receive the policy proceeds?
What does 'freelook period' mean?
How do I exercise my freelook option?
How do I terminate my policy?
Will my premium be pro-rated if I terminate my policy?
How do I change my payment frequency?
What do I need to take note when changing payment frequency?
Life, Health, Savings & Retirement Plans
How long is the payment grace period?
How do I know that my Policy has lapsed?
When will my premium be deducted from my GIRO account?
When will my credit card deduction be made?
Singlife Account, Singlife Sure Invest, Singlife & Zurich Plans