Singlife Legacy Income allows you to get guaranteed monthly payouts (% of sum assured) which increase over time, according to three tiers. You have the option of changing the Life Assured during the policy term. So you can plan your legacy gift as you deem fit – as long the persons are your spouse or children.
A benefit of 105% of the Total Premiums Paid and non-guaranteed terminal bonus will be paid out (Centennial Benefit) if the life assured outlives the policy term and the policy has not ended. This is especially useful when you exercise the change of life assured option. Coverage of up to 100 years in other words means 100 policy years.
Some things to note. This post will get dated. And the product might not be available for new subscriptions at some point. Hopefully this serves as reference for future policyholders who have forgotten what they have taken up.
There can be shifts in planning narratives over time. For example, limited premium tenures gain popularity over the years because people are less confident of their future earning capacity or sustainability of income levels. Regular payout features gained popularity when more and more people are in tune with the FIRE (Financial independence retire early) movement. An extended period of low interest rates brought down insurance products’ returns yield for policy holders, but now in a rising interest rates environment, things are set to change.
Singlife Legacy Income may or may not fit into your financial plans. Understand that there is no best plan for all time, but there is a method to objectively facilitate your decisions. Read more about it here.
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