Protection
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Whole Life InsuranceWhole Life Insurance provides life-long protection for the policy holder's dependants. It pays out the death benefit upon the death of the insured.
Whole Life Insurance policies are available in different forms, such as non-participating (“non-par”), participating (“par”), and investment-linked policies (“ILPs”). Whole Life Insurance policies which are investment-linked or participating cost more because in addition to paying for insurance coverage, some of the premiums are invested to build up cash value. The amount of premiums paid throughout the policy may be constant or subject to change. |
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Term InsuranceTerm Insurance provides insurance protection for only a fixed period of time. It pays the sum assured only upon the death of the policy holder or if the policy holder becomes totally and permanently disabled (if this benefit is provided) during this period.
There is no savings or investment feature, so there is no cash value if the policy ends or is terminated prematurely. Term insurance costs less than whole life and endowment insurance policies for the same level of coverage. |
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Endowment InsuranceEndowment Insurance policies are often marketed to help meet a financial goal (paying for children’s education, building up savings, saving for retirement etc.) over a fixed policy term.
But unlike savings deposits, the guaranteed cash value that the policy holder gets back may be less than the sum of the premiums paid. This is because part of the premiums will pay for insurance protection while the rest is invested and subject to investment risk. The insurance protection provided by endowment policies is also usually small. Endowment policies are available in different forms, such as participating (“par”), non-participating (“non-par”) and investment-linked insurance policies (“ILPs”). |
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Health InsuranceMEDICAL EXPENSE INSURANCE
Medical Expense Insurance pays for certain medical expenses incurred because of an accident or illness. These expenses may arise from the following treatments or procedures:
INTEGRATED SHIELD PLAN When combined with MediShield, a Medisave-approved Integrated Shield Plan increases medical expense coverage, while policyholders pay for only one premium. Many Integrated Shield Plans are “as-charged” policies, and do not usually have any sub-limits except for the annual and lifetime limits. Policy holders need to pay for the deductible and co-insurance portions unless riders are bought to cover them. |
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Critical Illness InsuranceSome Critical Illness Insurance policies pay a lump sum either when a critical illness is first diagnosed, or after a surgery that is covered by the policy. The lump sum does not depend upon admission into hospital, or the actual medical expenses.
Other Critical Illness Insurance policies pay a smaller amount for earlier stages of illnesses, or make several payments upon the diagnosis of different insured critical illnesses, subject to the sum insured or policy limits. A critical illness benefit can be sold as a stand-alone plan, or packaged into a life policy. |
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Long-Term Care InsuranceLong-Term Care Insurance pays a fixed amount of benefit each month for long-term nursing treatment. There is usually a minimum entry age imposed, and the maximum entry age is usually in the range of 70-75 years.
Benefits are paid when the policy holder cannot perform certain ‘activities of daily living’ (ADL) on their own. These include, but are not limited to,
The definition of ADL and the minimum number of activities that the policy holder is unable to perform to qualify for the benefits may vary from one policy to another. |
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Disability Income InsuranceDisability Income Insurance pays a fixed amount each month to replace the income lost when a policy holder is unable to work as a result of an accident or illness.
These policies may pay up to 80% of the average monthly salary. They aim to ease financial loss, but does not completely replace the income the policy holder earned before the accident or illness. |
Insurance Premium Efficiency
Protection only works when you have the right plans giving you the coverage you need, yet, many have "over-protected" themselves in some areas, while leaving other areas "under-protected".
Do you have multiple plans protecting you for the same thing?
And are you wide open with other areas?
Do you know how much protection you need?
Let a SingCapital Financial Consultant work with you to create the best protection plan that works for you, so that you get the protection you need.
Do you have multiple plans protecting you for the same thing?
And are you wide open with other areas?
Do you know how much protection you need?
Let a SingCapital Financial Consultant work with you to create the best protection plan that works for you, so that you get the protection you need.