Life Insurance Doesn’t Have to be Expensive – A Review of ePROTECT Term Life Plan
As the COVID-19 situation worsens, many Singaporeans have started to add on more insurance coverage in a bid to protect themselves and their loved ones further, with the highest in-demand options being policies with shorter terms and lower premiums.
If you've yet to do the same, take this chance to review your insurance portfolio and ensure that you have enough. Your needs will likely differ based on your profile, but when it comes to life protection, it helps to think about the loved ones or dependents that you'll be leaving behind, and what could be the worst-case financial scenario for them if you are no longer around.
If you're part of the sandwiched generation like I am - with both young children and elderly parents/in-laws to think about - here are some factors that I generally take into account in deciding how much coverage we need:
- (for my spouse) expenses needed to hire a caregiver so he can continue working to provide for the family
- (for parents) their remaining lifespan
- (for children) years remaining until they graduate from university
- loans (thankfully, we only have our mortgage for now, which we've gotten mortgage insurance to protect against)
- future household expenses (groceries, bills, insurance premiums, school fees)
And if you're currently unsure as to how long you can commit to the plan, you can opt for a shorter term period of 5-years renewable. Otherwise, a medium term option (20-years) or up to age 65 is also available.
If you have chosen a policy term of 5 years (renewable), it means the policy will be renewed automatically from the renewal date for another 5 years at the same sum insured, without you having to give any proof of good health.
The renewal premium will be calculated based on the prevailing premium rates at the attained age of the life insured and will stay level throughout the renewed term. Thus, if u want flexibility (or affordability for now), go for 5 years. If you'd rather have certainty, go for 20 years.
Sum Assured (S$)
5-year renewable term plan
$401,000 & above
20-year fixed term plan
$401,000 - $999,000
20-year fixed term plan
Up to $100 Cashback
$1,000,000 & above
If you’re sharp-eyed enough, you may have noticed that the perpetual discount does not apply for plans covering until 65 years old. However, you can still get to enjoy a $100 cashback if you were to purchase during Etiqa’s current promotional period.
Summarizing the benefits of the ePROTECT term life plan, here's what I like about it:
1. Affordable life insurance - whether you need it to cover you and your loved ones for this period (or for a much longer term), to cover you against death, terminal illness or total and permanent disability.
2. Up to 18%* perpetual premium discount.
3. Includes financial assistance benefits for COVID-19 and side effects from the vaccination.
4. Flexible coverage amount and term period to fit your every budget or need.
P.S. I own direct-purchase term life insurance plans myself, which I first used to obtain coverage when I was a broke graduate, and later on to increase my coverage at different life milestones. If you find this strategy similarly useful for your own circumstances, feel free to check out the current promotion for ePROTECT term life plan here.
Disclosure: This is a post written in collaboration with Tiq by Etiqa Insurance.
With ePROTECT term life, you can enjoy up to 18% premium discount* throughout your policy term. Refer your friends and get rewarded too!
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K).
This content is for reference only and is not a contract of insurance. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you.
Protected up to specified limits by SDIC.
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as at 12 June 2021.