Here’s what you get with Mortgage Term.
Cover the outstanding balance of your mortgage loan in the event of death, total and permanent disability (TPD before age 70), or terminal illness.
Choose from a range of loan interest rates from 1% to 7% to ensure your mortgage loan is adequately covered.
Choose to be covered on this plan from 5 to 35 years depending on the number of remaining years for your mortgage loan.
Let us walk you through Mortgage Term.
How Mortgage Term protects you from the unexpected40 years old
Mr Lee is 40 years old with a mortgage loan of $500,000 on his condominium.
He buys a Mortgage Term policy with a sum assured of $500,000 to cover this loan, at a loan interest rate of 3%, for a policy term of 25 years.
He pays a monthly premium of $61 for 23 years only.
During the policy term
The amount of coverage decreases on a yearly basis, along with the mortgage loan amount (as more of the loan will be paid off with each passing year).50 years old
Mr Lee suffers from a stroke that causes him to be totally and permanently disabled.
End of policy
- Payout amount: $360,679
Mortgage Term policy ends with this claim.
The above figures are for illustrative purposes only and are rounded to the nearest dollar.© 2019 Income. All rights reserved.
Need more protection?
Enhance your coverage with riders.
Payor Premium Waiver
(Only applicable if the insured is not the policyholder)
You will not need to make future premium payments for the basic policy that you have bought for a loved one, if you pass away, or are totally and permanently disabled (TPD before age 70) during the term of the rider.
Enhanced Payor Premium Waiver
(Only applicable if the insured is not the policyholder)
You will not need to make future premium payments for the basic policy that you have bought for a loved one, if you pass away, are totally and permanently disabled (TPD before age 70), or are diagnosed with dread disease (except for angioplasty and other invasive treatment for coronary artery) during the term of the rider.
Dread Disease Premium Waiver
You will not need to make future premium payments for your basic policy if you are diagnosed with dread disease (except for angioplasty and other invasive treatment for coronary artery) during the term of the rider.
You will receive the sum assured for this rider in the event of death, total and permanent disability (TPD before age 70), terminal illness or diagnosis of dread disease (except for angioplasty and other invasive treatment for coronary artery) during the term of the rider.
Your policy toolkit.
Eligibility and payment frequency
The coverage period should not exceed age 84 (last birthday) of the insured.
You only need to pay premiums until 2 years before the end of your selected policy term. You can make your payments monthly, quarterly, half-yearly or yearly.
- You can find the list of specified dread diseases and their definitions in their respective policy contracts. We will not pay this benefit if the insured is diagnosed with the disease within 90 days from the date we issue the rider, include or increase any benefit, or reinstate the rider (whichever is latest) for major cancer, heart attack of specified severity and coronary artery by-pass surgery, angioplasty and other invasive treatment for coronary artery or other serious coronary artery disease. For angioplasty and other invasive treatment for coronary artery, we will pay 10% of the rider sum assured, subject to a maximum amount of $25,000. The benefit for angioplasty and other invasive treatment for coronary artery will end once we make this payment, and the sum assured of the rider will be reduced accordingly after the payment. For Dread Disease Premium Waiver and Enhanced Payor Premium Waiver, the premium waiver benefits do not apply for angioplasty and other invasive treatment for coronary artery.
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.
This is for general information only. You can find the usual terms and conditions of this plan in the policy conditions. All our products are developed to benefit our customers but not all may be suitable for your specific needs. If you are unsure if this plan is 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. This policy does not have any cash value.
This policy is 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 or visit the GIA/LIA or SDIC web-sites (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.
Information is correct as at 29 May 2023.
Apply for Mortgage Term.
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