Why Term Life Insurance Makes Sense for SAFRA Members: Protection Without the Complexity
Key Takeaways
- Term life insurance plans offer affordable protection for a fixed period, with no investment element.
- SAFRA membership benefits now go beyond lifestyle perks to include access to essential insurance options.
- SAFRA Essential Term and SAFRA Living Care provide cost-effective life and critical illness coverage designed for simplicity.
- Explore protection plans for NS men, young families, and mid-career professionals.
- A simple plan means fewer decisions and more clarity during life’s important phases.
What Term Life Insurance Offers and Why Simplicity Matters
For many Singaporeans, the need for dependable financial protection is clear. However, the complexity of insurance products can often be a barrier. This is where term life insurance stands out, offering protection for a specified period without any investment component.
Term life plans often provide a payout in the event of death or total and permanent disability during the policy term. With fixed premiums, a defined coverage period, term insurance removes the guesswork.
When comparing whole life vs term life insurance, the latter often provides similar or higher coverage for lower premiums, making it an accessible option for those prioritising protection over investment.
Understanding SAFRA Membership Benefits Beyond Lifestyle Perks
Most people associate SAFRA membership benefits with leisure and lifestyle perks, from gym memberships and movie discounts to dining and retail privileges. While these are well-known, there's more value to be uncovered.
In collaboration with Income Insurance, SAFRA members now have access to exclusive insurance offerings. These include life insurance plans for members’ needs, adding a layer of financial protection to the existing suite of benefits.
This means your SAFRA membership doesn’t just enhance your social life, it can also support your long-term financial protection.
Key Features of SAFRA Essential Term and SAFRA Living Care
As part of the membership benefits, Income Insurance offers two key protection plans: SAFRA Essential Term and SAFRA Living Care. Both are designed with ease and affordability in mind. Here are some key benefits of both plans.
SAFRA Essential Term
- Coverage against death as well as an additional 25% of the sum assured if death is due to an accident.
- Protection against total and permanent disability before age 65 with additional payouts1 in addition to receiving the sum assured.
- Receive a percentage of the sum assured in the event of partial and permanent disability due to an accident2 before age 65.
SAFRA Living Care
- Coverage against death, and total and permanent disability before age 65.
- Protection against 37 critical illnesses3 such as major cancer, heart attack of specified severity and stroke with permanent neurological deficit.
- Receive daily hospital cash benefit for up to 365 days for each period of hospital stay4 in Singapore.
Together, these options reflect a practical extension of SAFRA membership benefits into the realm of essential insurance coverage.
SAFRA members who are seeking affordable financial protection can consider these plans as a straightforward option without complex product structures.
Why Simplicity = Smart Planning
Choosing an insurance plan that suits your needs and goals can be overwhelming. Complex policies, riders, and long-term commitments may be confusing. That’s where term life plans come in, offering an affordable solution to provide financial protection.
This simplicity is not just convenient, it can also be smart planning, especially when juggling family, career, and personal responsibilities.
Protection That Works As Hard As You Do
For SAFRA members navigating multiple priorities, term life insurance offers a practical way to secure their financial future. With plans like SAFRA Essential Term and SAFRA Living Care, protection is made simple and accessible.
Take advantage of your SAFRA membership benefits to explore these options and make a decision that supports your long-term peace of mind.
To learn more and explore these insurance plans in detail, contact us today.
1 We pay a further monthly payout of 1% of the sum assured for the next 24 months or until the insured reaches the age of 65 or until the insured dies, whichever is earliest.
2 Partial and permanent disability must happen within 90 days from the date of the accident.
3 A survival period of 30 days from the date the insured is diagnosed with the critical illness will apply. For major cancer, coronary artery by-pass surgery, heart attack of specified severity, angioplasty and other invasive treatment for coronary artery and other serious coronary artery disease, a waiting period of 90 days from the start date or reinstatement date (if any) of the insured’s cover, whichever is later will apply. For the other remaining critical illnesses, a waiting period of 30 days from the start date or reinstatement date (if any) of the insured’s cover, whichever is later will apply.
4 Each stay in the hospital must be for at least six hours in a row unless the insured’s stay in the hospital is for a surgical operation, or the hospital bills for daily room and board charges. A waiting period of 30 days from the start date or reinstatement date of the insured’s cover, whichever is later will apply.
There are certain conditions whereby the benefits under this plan will not be payable. You can refer to your policy contract for the precise terms, conditions and exclusions of the plan. The policy contract will be issued when your application is accepted.
SAFRA is the master policyholder. You can find the usual terms, conditions and exclusions of SAFRA Essential Term and SAFRA Living Care in the master policy contracts issued to SAFRA. The cover for SAFRA Essential Term and SAFRA Living Care will automatically end upon the termination of the master policies by either Income Insurance or SAFRA. All our products are developed to benefit our customers but not all may be suitable for your specific needs. If you are unsure if these plans are suitable for you, we strongly encourage you to speak to a qualified insurance advisor. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. These plans do not have any cash value.
SAFRA Essential Term and SAFRA Living Care are underwritten and issued by Income Insurance.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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