If you are looking to purchase coverage in a fast and effective way, insuring with Singlife might be the answer. Who is SingLife? They are a new homegrown life insurer.
(As of Jan2018)
Singlife term plan for life coverage and CI is now our number 1 choice!
They are offering a perpetual 18% discount for pioneering group of policy holders. This makes it the cheapest coverage for some age groups. DO not always assume that a group coverage like the MINDEF group term coverage is always the cheapest. Besides CI coverage is safer with a personal term plan.
Singlife application is smart
Their policies are applied, completed and stored the digital way which is totally unique. If you are forward thinking, this is the best way to own a policy. Sometimes they can offer you a straight through processing that can be completed within 20min.
A) If you are without health conditions, follow the application steps and your coverage can be offered instantaneous! No need for a processing time lag by most insurer’s underwriting department.
B) If you have certain health conditions, most insurers will take weeks to offer you a decision on loading/exclusion/acceptance. For most conditions, Singlife’s system can give you an instantaneously answer.
How to start
Send us a whatsapp and we will get in touch with you for an online advised-based application. If you are unsure how much coverage you may need, feel free to ask for some preliminary advice. Continue reading the article.
Premium rate guide for a plan with life/TPD/CI
The table reflects the premium rates with a quick glance. Notice that as the sum assured gets larger, the premium gets comparatively cheaper.
Premiums have not reflected the 18% perpetual discount.
How does a online advised-based application for a SingLife plan work with www.theastuteparent.com?
Starting the application
We require basic personal information from you. Once it is done, we will complete the basic information portion and send you an email with a SingLife link to do ONLY the health questionnaires
Underwriting the application
The underwriting is dynamic and you will be guided to fill in any past health conditions. Above is a snapshot of the process.
An underwriting outcome is offered once you have completed the health questions. For situations with loading as mentioned above, the outcome will be made known to you immediately which is unlike applications with most other insurers. This saves you the agony of waiting for weeks to know what premium you will be offered. Moreover, we have seen cases for pre-existing conditions of ovarian cyst and epilepsy offered without any loading.
Completing the application
To complete the application, simply adjust the coverage amount and coverage term to your preference and get the related premium INSTANTLY!
Make the premium payment online via credit card and digitally get your IC verified to get coverage started.
Snapshot of an application that was non-standard terms. TPD was not offered but CI coverage is still offered. Person has thyroid condition.
Guaranteed insurability option
This allows you to increase sum assured of base benefit at life stage events without the need for further medical information. The life stage events are
a. Life assured entering marriage
b. The birth of the life assured’s child
c. Life assured’s legal adoption of a child
d. An increase to the life assured’s mortgage by more than 20% and by the reason of a house move or undertaking major home improvement.
Usual questions: Are CI definitions the same?
Yes: same definition as the other insurers in the market. There is also the same clause for Angioplasty & Other Invasive Treatment for Coronary Artery, which has a cap of 10% of the selected sum assured of the supplementary benefit (subject to a maximum amount of SGD25,000).
Early CI riders are not offered with their term plan.
CONTACT US AND BE INSURE YOURSELF WITH THE NEW DIGITAL WAY
Image credits: SingLife