Estate Planning

Safeguard Your Legacy and Loved Ones and with TermLife Solitaire

byJeff Cuellar
  • Mar 08, 2019
  • 5 mins
  • 5.1K views

There’s no better feeling than seeing your hard work pay off — such as advancing your career with an important promotion or starting your own business.  

As you continue to achieve success and reach important milestones like getting married, buying your first home, having kids or expanding a business — it’s important to ensure that your financial masterpiece is well protected. And one of the best ways to do that is with life insurance. 

There are several types of life insurance policies available, but if you’re a business owner or entrepreneur, Income’s TermLife Solitaire policy may provide the protection you need to ensure your financial masterpiece remains intact and preserve your legacy. 
 

What is Term Life Insurance? 


Term life insurance provides you with protection over a fixed period of time, which can range from 10 to 40 years or up to a specified age (e.g. 100 years old), depending on the policy. During the policy term, should death or terminal illness occur, the sum assured will be paid^.   

Unlike other types of life insurance, term life policies do not have an investment or savings component (i.e. cash value). That’s because the purpose of the policy is to ensure your loved ones are provided for and your business interests and financial commitments are taken care of if you are unable to provide the income to meet your obligations. 

^Terms and conditions apply.


 

The Benefits of Income’s TermLife Solitaire Policy


TermLife Solitaire provides high insurance protection against death and terminal illness. It provides a wide coverage term range (up to age 100), with the option to add on riders for extra coverage again TPD (before the anniversary immediately after the insured reaches the age of 70) and enjoy waiver of future premium payments during the rider term. 

Here are several key benefits that Income’s TermLife Solitaire provides: 

  • High Coverage - Stay protected against death and terminal illness with a sum assured1 of $500,000 or more
  • Guaranteed Renewal - Option of renewing your policy to continue your coverage after your policy term expires with guaranteed renewal2 up to a maximum age of 100 (last birthday)
  • Enhanced Coverage Options - Enhance your life insurance coverage with a variety of riders such as Disability Accelerator3, Hospital CashAid4 and several premium waiver options
  • Payment Frequency - Make premium payments monthly, quarterly, bi-annually or annually 

What Makes Income’s TermLife Solitaire Different? 


What sets Income’s TermLife Solitaire different apart from other policies is that it’s well-suited for those who want to safeguard their financial masterpiece — their legacy and their business.  
 

TermLife Solitaire protects your legacy


TermLife Solitaire provides you with peace of mind that in the event you pass on, your family will not have to experience financial hardship. With the policy’s extensive protection of $500,000 or more, you can rest assured that your family’s standard of living will not be affected — your financial obligations such as your mortgage can be paid off, your kids can continue with their education and your spouse won’t have to experience further financial hardship. 

Here’s a simple example of how Income’s TermLife Solitaire would protect a couple that purchased policies for each other: 
 

TermLife Solitaire protects your legacy
 

TermLife Solitaire protects your business interests


TermLife Solitaire provides you with the security of knowing that in the event of your passing, all of hard sweat and labour that you poured into your business will not go to waste. If you own a small business, the policy’s coverage of $500,000 or more in protection can ensure that business debts and expenses are covered — so your business can continue to thrive and serve customers. 

Here’s a simple example of how Income’s TermLife Solitaire would protect a middle-aged business owner: 


 

Ready to Learn More about TermLife Solitaire? 

You will not know if or when life's uncertainties will occur, and it's important to have the right protection in place before any unfortunate events happen.

To learn more about how Income’s TermLife Solitaire policy can help protect your legacy and business interests, check out the brochure here or connect with a financial planner today. 
 

    

Important Notes:

1 If the insured becomes terminally ill or dies during the term of the policy, we will pay the sum assured. The policy will end when we make this payment.

2 We will renew your policy for the same policy term at its prevailing sum assured only if your policy has not ended as a result of a claim during its term and the insured is age 74 (last birthday) and below. However, if the original policy term is not a multiple of five years, or if the original policy term is a multiple of five years but the anniversary immediately after the insured’s 100th birthday falls within the next policy term, we will renew it for a shorter term that is a multiple of five years, as long as the minimum term is 10 years, such that the renewal term will neither go beyond the original policy term, nor the anniversary immediately after the insured’s 100th birthday. We will work out the renewal premium based on the policy’s renewal term, sum assured and the age of the insured at the time the policy is renewed.

3 Disability Accelerator rider pays the sum assured under this rider if the insured becomes totally and permanently disabled (before the anniversary immediately after the insured reaches the age of 70) during the term of the rider. This rider will end after we make this payment. Any payment under this rider will form an accelerated payment and reduce the sum assured of its basic policy and other accelerated riders by the same amount that we pay under this rider.

4 For Hospital CashAid, the premium will be based on the prevailing premium rates as of the insured’s age and sum assured at the anniversary. Please refer to the policy contract for further details.


This article is meant purely for informational purposes and should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income products mentioned are specified in their respective policy contracts. For customised advice to suit your specific needs, consult an Income insurance advisor.

This advertisement has not been reviewed by the Monetary Authority of Singapore. 

Author(s):
Jeff Cuellar writes about personal finance, healthcare, lifestyle, and career issues in Singapore.

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