Income TermLife Solitaire is known in industry speak as those jumbo term life policies, which means the sum assured tends to be large. This plan comes under the insurer’s Solitaire Club where policyholders of such, have access to a range of privileges.
For applications with a minimum sum assured of $3mil, get to enjoy a complimentary one-time medical concierge service during underwriting.
Enjoy guaranteed renewal* of your policy too, and you may be covered up to age 100 (last birthday).
*They will renew your policy for the same policy term at its prevailing sum assured only if your policy has not ended as a result of a claim during its term and the insured is age 74 (last birthday) and below. However, if the original policy term is not a multiple of five years, or if the original policy term is a multiple of five years but the anniversary immediately after the insured’s 100th birthday falls within the next policy term, they will renew it for a shorter term that is a multiple of five years, as long as the minimum term is 10 years, such that the renewal term will neither go beyond the original policy term, nor the anniversary immediately after the insured’s 100th birthday. They will work out the renewal premium based on the policy’s renewal term, sum assured and the age of the insured at the time the policy is renewed.
Some things to note. This review 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.
Income TermLife Solitaire 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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