Best Rated Life Insurance For Seniors

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Best Rated Life Insurance For Seniors – 8 Best Life Insurance Plans in Singapore (2021 Edition) We compare life insurance plans from insurers in Singapore to bring you this comprehensive list to meet all your health and wealth needs.

Not all whole life insurance policies are created equal, with each insurance company offering its own unique selling points to differentiate it from its competitors.

Best Rated Life Insurance For Seniors

Best Rated Life Insurance For Seniors

Insurance policies from all insurers in Singapore have been reviewed to bring you this comprehensive list of the best life insurance plans based on the features and benefits of each product.

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The whole life insurance plans listed here have been chosen to be an excellent choice based on their unique selling points.

If instead you are looking for a term option, check out the article 8 Best Term Life Insurance Plans in Singapore for more options.

Typically, life insurance plans are selected for their protection coverage and wealth accumulation features. At the same time, the overall insurance premium to be paid must be competitive among its peers.

Here are the criteria used to select the best life insurance policies based on their unique features and benefits:

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Note: The life insurance policies listed below are based on features and benefits that are considered exceptional in a particular category.

Manulife LifeReady Plus gives you life coverage and wealth building up to age 99. You can choose to pay the premium for 10, 15, 20 or 25 years or until age 99.

Higher protection coverage is important because your insurance premiums for coverage become significantly higher as you get older. This allows your life insurance plan to be fully prepared to provide death and critical illness coverage.

Best Rated Life Insurance For Seniors

Aviva MyWholeLifePlan III offers the most comprehensive coverage options with a wide range of optional riders that can be added to the main plan. Not only do you have complete flexibility in your coverage options, but you can also opt for additional coverage from 100% to 400% of your face amount.

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Aviva MyWholeLifePlan III offers maximum cash value when you terminate or convert the plan for its accumulated cash value in your future years.

All multipliers for this example end at age 70, returning to the original guaranteed amount for individual coverage.

Note: Aviva MyWholeLifePlan III is the only whole life plan on the market with lifetime TPD coverage.

Tokyo Marine Legacy LifeFlex offers a maximum coverage multiplier of up to 9 times your base amoud, making this life insurance plan one of the highest multipliers among its peers. You can also expect an annual allocation of non-guaranteed dividends from age 65, until the plan is redeemed for its lump sum cash value.

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The TM Legacy Lifeflex coverage multiplier ends at age 65, one of the first life insurance plans on the list. This can lead to a high and significant shortfall in payouts if unexpected events occur after the multiplier ends.

Manulife LifeReady Plus offers an excellent combination of coverage and long-term wealth accumulation with very competitive premiums for life insurance plans. No more underwriting and health exams for additional coverage when you reach life’s milestones like marriage, parenthood, owning your first home, or graduating.

Even smokers are eligible for a Health Advantage discount for the first 2 years, with later discounts valid as long as certain health goals are met.

Best Rated Life Insurance For Seniors

Increase your coverage by 2x, 3x, 4x or 5x multiplier of your sum insured up to age 70.

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For the same insurance coverage, the overall premiums paid by a plan with a shorter premium duration will always be lower than those paid by a plan with a longer premium duration.

Among all the insurance companies in Singapore, NTUC Income Star Assure is the only whole life insurance plan that allows you to get lifetime coverage for just 5 years of insurance premium payments. The plan also includes built-in critical illness coverage and 3 coverage multiplier choices.

The only whole life insurance plan on the list to be mentioned three times, Manulife Loan-for-Life Plus returns to the limelight with comprehensive coverage and high future cash value.

Aviva MyLifeSavingsPlan is a new category of hybrid whole life/savings endowment plan that primarily offers high and stable long-term wealth accumulation.

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Aviva MyLifeSavingsPlan was selected as the best whole life insurance plan for partial savings/withdrawal due to the small number of years required before your premiums are guaranteed at 100% principal.

You can choose to pay the premium over 5, 10, 15, 20 or 25 years. The capital is guaranteed from the 15th year of insurance.

The NTUC Income Senior Plan is specifically for people between the ages of 49 and 69 who want to be insured

Best Rated Life Insurance For Seniors

Up to $15,000 guaranteed. Coverage increases with an advertised annual bonus, allowing your guaranteed coverage to increase as you age into your golden years.

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The NTUC Income Senior Plan pays on death, total and permanent disability (before age 70) or surrender of the policy for its cash value.

Application is hassle-free and acceptance is guaranteed as long as you have not been hospitalized within the last 12 months from the date of your application.

The sooner you start, the more you will benefit from a life insurance policy. This is due to the long-term effects of compounding income. Make sure your financial budget is realistic and achievable when planning your financial goals.

Strive to ensure that the health and insurance coverage provided is adequate for 10-15 years. This allows you to move on to other financial priorities and life goals without worrying about insurance coverage.

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Although a life insurance plan is structured to provide an “all-in-one” solution to your health and wealth needs, it may not be the ideal policy due to existing financial products. that you own.

For other reasons, consider the following options for a life insurance plan that might provide better overall value to your insurance portfolio.

If budget and affordability are a major concern in the short term, look for a term life insurance plan to cover your coverage gaps. Coverage through a term plan is relatively affordable up to age 60 and under, without accumulating cash value for future withdrawals in the value of the policy.

Best Rated Life Insurance For Seniors

Similarly, the insurance premium payable for a term plan over the entire coverage period may actually be greater than the total premium paid for a limited period of a whole life insurance plan.

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Consider your options carefully, as changing or modifying your coverage options may result in financial loss. Message us at the end of the article for our financial planner to calculate the financial benefits and costs of different options.

In your 20s and early 30s, starting to accumulate wealth early allows the compound income effect to create higher financial returns for you.

An investment-linked policy that combines both hedging and investing can generate higher financial returns at the cost of higher investment risk and price volatility.

Want to learn more about how the above life insurance policies fit into your financial and insurance portfolio? Want to know the actual financial returns of the above products based on your age, budget and financial profile?

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Our partner financial planners will write their proposals based on your feedback and your information and details will only be used to communicate with you.

*For a limited time, get attractive incentives when you adopt a product recommended by our team of financial planners.

Send us a message to have an independent financial advisor prepare a proposal for you at no cost.

Best Rated Life Insurance For Seniors

You can also use our CompareNOW to compare whole life insurance policies between insurance companies. Compare and get the best life insurance plan for you, it doesn’t have to cost you!

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Note: All financial figures are approximate and all non-guaranteed figures are based on a high level of return on investment of 4.75%. Sample images are for illustrative purposes only and are not insurance contracts. Surrendering or early cashing out of a whole life insurance policy will definitely result in financial loss. In case of doubt, always refer to the specific conditions mentioned in your insurance contract. Consult a qualified financial professional or licensed financial advisor before making any financial decisions or commitments.

*Terms and conditions may apply, talk to our financial planners or message us for details.

Because we are not a bank, financial institution, or insurance company, we have no intention of promoting or “pushing” any particular financial product or service to our visitors.

Hence the concept of a “one-stop-shop” financial portal to provide complete and unbiased updates and information ranging from personal finance, banking, insurance, investments, taxes to estate and estate planning.

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