Last updated on March 16th, 2018 at 12:07 pm
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 Mar2018 – New discount code: YOURSDIGITALLY2018)
With the discount code, a 15% perpetual discount will be given to your term plan!
Why Singlife plan is among our TOP RECOMMENDATION?
From our comparisons, it is 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?
STEP 1: 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
STEP 2: Completing questionnaire for underwriting of 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.
STEP 3: Getting a result on application
To complete the application, accept the proposed coverage amount and duration or simply adjust it to your preference and get the related premium INSTANTLY!
Even if application is non-standard and needs more evidence, you will be notified instantly.
Snapshot of an application that was non-standard terms. TPD was not offered but CI coverage is still offered. Person has thyroid condition.
Step4: Contacting us back to authenticated the application. You will need to sign on pages 8,12,14,16 of our audit forms.
Step5: Completing the application digitally
A: Upload your photo and proof of address
B: Allow realtime ID verification
Singlife uses the Jumio platform to verify your identity. Hit the “start verification” and stand according to the instructions
C: Finally, make credit card payment to complete. Hassle free.
Wait, there’s more: 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 INSURE YOURSELF WITH THE NEW DIGITAL WAY
Image credits: SingLife