10 Things To Know About Insurance Savings Plans

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10 Things To Know About Insurance Savings Plans
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An insurance savings plan is a great way to build
a corpus of funds for the future. You can get an
insurance savings plan to either save for
lifestyle needs or for future goals. An example
of a lifestyle need is that car you have always
dreamt of buying. A future goal could be,
perhaps, sending your child to university abroad
15 years down the road. If you are hearing
about insurance savings plans for the first time,
you may need a bit more information on them. To
help you out, we have listed down a quick guide
with 10 things you need to know about insurance
savings plans. Lets get started
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• You can select your policy term
• You can choose the length of your policy term
  when you buy an insurance savings plan. It is
  advisable to choose a policy term that coincides
  with your saving goals. For instance, if you are
  saving up to send your child to university 15
  years from now, choose a savings plan with a term
  of 15 years.
• You can select your premium term
• Insurers also offer you a choice of premium term
  too. You can choose a regular premium term that
  lasts anywhere from 5 to 30 years. You also get
  to choose between paying your premium as a single
  lump sum or as regular premiums. If you have no
  other financial responsibilities at the moment,
  you may want to consider opting for a single
  premium so that you finish your premium payments
  before other expenses come your way.

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• Payout as a lump sum
• Once your insurance savings plan matures, you can
  receive the policy payment as a single lump sum
  amount.
• Capital guaranteed upon maturity
• Some insurers in Singapore are known to offer
  capital guaranteed upon plan maturity. Make sure
  to check for this feature before getting your
  plan.

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• Certain plans give yearly cash benefit
• You can even find an insurance savings plan that
  pays out a yearly cash benefit which can help you
  supplement your current income.
• Plans have a death benefit
• One of the features of insurance savings plans is
  that these plans offer coverage for death. This
  benefit is what makes insurance savings plans a
  great way to ensure your loved ones are taken
  care of should the unfortunate happens. In the
  case of premature death, the death benefit payout
  could be something that can support your family
  financially in your absence.

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• You can sign up without medical examination
• You do not need to undergo any medical tests in
  order to sign up for an insurance savings plan.
• Plans can be enhanced with riders
• You can add riders (also known as supplementary
  benefits) to enhance the coverage you receive
  from your insurance savings plan. For instance,
  you can add a rider that waives premiums if you
  are diagnosed with certain critical illnesses.

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• These plans are suitable for any type of saving
  goal
• The versatility and flexibility of insurance
  savings plans make them suitable for a wide range
  of savings goals. You can opt for an insurance
  savings plan to save up for buying your dream
  home, for building a corpus of funds for
  retirement, or practically any goal you have in
  mind.
• You can get an instant quote and purchase your
  plan online
• Finally, if you are thinking of taking an
  insurance savings plan, you will be glad to know
  that you can get an instant quote and purchase it
  online, at your convenience.
• So, go ahead and save up with an insurance
  savings plan! Do speak to a financial consultant
  if you need more advice specific to your needs.
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