Singlife Flexi Retirement IIOctober 3, 2023
FWD Life ProtectionNovember 7, 2023
Income Invest Flex has an interesting Future Premium Option unlike other ILP plans in the market. What is future premium option?
If you pay more regular premiums than are needed, the insurer will treat them (without any interest) as regular premiums paid in advance for future months. The future premiums will be used to buy units in the funds chosen.
They will not accept any future premiums that are more than 24 months ahead of its due date and it will not be used to buy units.
The insurer may change the way they treat these premiums by giving you notice.
You are also entitled to do free partial withdrawals (after 36 months from inception) within 3 months from the date of the following Life Events:
- Turning 21 or 65;
- Enrolled into tertiary education;
- Death of spouse;
- Becoming a parent;
- Purchase of a residential property; or
- Stay in hospital.
Other terms and conditions apply with regards to this Life Events Partial Withdrawals.
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 Invest Flex (VS1) 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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