Life is brimming with responsibilities, particularly when you are the primary breadwinner for your family. Balancing the care of elderly parents, raising children, and meeting various financial commitments can be incredibly stressful. While these responsibilities bring joy, they also carry the significant weight of ensuring your loved ones’ future security. In the event of unexpected circumstances, how can you protect your family’s financial well-being? Insurance offers a crucial safety net, providing financial stability and peace of mind.
One insurance plan that stands out is i-Assure99 from China Taiping Singapore. This plan is specifically designed to provide income replacement or a legacy for your family. Let’s delve into how i-Assure99 can help you protect against life’s unforeseen challenges and ensure your loved ones are taken care of.
A Hybrid of Term Life and Whole Life Limited Pay Insurance
i-Assure99 is a non-participating whole life insurance plan that combines features of both term insurance and whole life insurance. It provides flexible premium payment term options to-age-65 (like a limited pay life insurance) or to-age-99 and enjoy protection coverage up to age 99, offering you and your family the financial security you need no matter what life brings.
Your Safety Net For Life
The Life Insurance Association of Singapore (LIA) advises that the total coverage for death and TPD should be 9 times the annual income of the breadwinner. However, most families currently have coverage that is only 3.6 times their annual income, leaving a significant protection gap.
This plan offers protection against life’s unforeseen events by covering both death and Total and Permanent Disability (TPD). 100% of the sum assured will be payable if a claim is made before age 99. The sum assured payout can act as an income replacement, helping the family manage essential expenses such as daily living costs, education, and outstanding debts. i-Assure99 ensures that your family can maintain their standard of living even if you are no longer there to provide.
Longevity Benefit
i-Assure99 offers an attractive longevity benefit for celebrating a significant milestone – reaching age 99. The plan guarantees a full payout of 100% of the sum assured upon turning 99, ensuring that you leave a financial legacy for your family. This payout can provide the financial support and stability your family needs, securing their future for years to come.
Flexible Premium Payment Terms
i-Assure99 provides two premium payment options to choose – to-age-65 or to-age-99. If you prefer to reduce your financial obligations as you approach retirement, the option to pay premiums only until age 65 while enjoying coverage up to age 99 might be the right fit for you. This flexibility allows you to enjoy peace of mind knowing that your coverage will continue even after your payments stop, ensuring lasting protection for your family.
Liquidity From Age 80 Onwards
Starting from age 80, the plan offers a liquidity option that allows you to access your funds. This feature provides additional financial flexibility and is especially valuable during your later years.
For instance, consider Danny, a 40-year-old non-smoker, who selects i-Assure99 with a premium payment term to-age-65 and a sum assured of S$500,000. By age 65, Danny will have paid a total of S$121,425 in premiums. If he decides to surrender his policy at age 85, he will receive a guaranteed surrender value of S$150,000, which represents 124% of the total premiums paid. This feature ensures that Danny has a substantial liquidity option available in later years, providing financial flexibility and peace of mind.
Add Rider Options for Extra Security
Enhance your protection by adding premium waiver riders so that the policy continues to provide protection in case of an unfortunate event of death or TPD.
Conclusion
Choosing the right insurance plan is a pivotal decision that can influence your financial future and the security of your loved ones. Whether you seek robust protection or long-term financial stability, i-Assure99 from China Taiping Singapore is crafted to address your needs. It offers peace of mind knowing that you have financial protection throughout the policy term and a longevity benefit if you live beyond it. This dual benefit can help you plan more confidently for both the expected and unexpected aspects of life. Speak to your preferred financial adviser representative to find out more today.
