Introduction In our previous post, we looked at Singlife’s term life insurance product, Singlife Elite Term. Today, we are…
Are you looking for a way to secure your financial future while still enjoying your present? Singlife Flexi Life Income II might be the solution you’re looking for. Formerly known as Singlife with Aviva MyLifeIncome, this Lifetime Income plan is a flexible insurance savings plan that offers lifetime yearly payouts, capital guarantee, and additional life coverage.
In this blog post, we will review the key features of Singlife Flexi Life Income II and discuss how it can help you achieve your financial goals.
One of the most attractive features of Singlife Flexi Life Income II is the lifetime income with yearly guaranteed cash payout. This means that you’ll receive a regular stream of income without having to work for it. The payout is up to 5.2% of your sum assured (2.2% guaranteed + 3% non-guaranteed) and is paid out annually.
For example, if you purchase Singlife Flexi Life Income with a sum assured of S$100,000, you’ll receive a yearly payout of S$5,200. This payout is guaranteed regardless of market conditions or investment performance, making it a reliable source of income.
This lifetime income plan offers more earnings over time. Starting from 20 years after your first income payout or when you turn 60, whichever is later, the payouts increase by 0.5% of your sum assured. This means that the longer you hold the plan, the more you’ll earn.
For instance, if you purchase Singlife Flexi Life Income with a sum assured of S$100,000 and hold it for 20 years, your yearly payout will increase to S$5,700. This increase is in addition to the yearly guaranteed cash payout.
This retirement income plan provides peace of mind with its guarantee that you’ll receive 100% of your capital back. This means that if you hold the plan until maturity, you’ll receive back the sum assured plus any accumulated bonuses.
For example, if you purchase a plan with a sum assured of S$100,000, you’ll receive S$100,000 back when the plan matures, regardless of market conditions or investment performance.
Singlife Flexi Life Income also offers the option to reinvest your payouts at a non-guaranteed interest rate (prevailing 3.00% p.a.) for higher returns. This allows you to potentially earn more than the guaranteed payout rate. However, it’s important to note that the reinvestment rate is non-guaranteed and may be subjected to change.
In addition to the yearly payouts and capital guarantee, Singlife Flexi Life Income also provides additional life coverage. This means that in the event of Death or Terminal Illness, your beneficiaries will receive a lump sum payout based on the sum assured.
Furthermore, the plan does not require any medical check-ups to apply for coverage. This makes it an accessible option for individuals who may have pre-existing health conditions.
Singlife Flexi Life Income II also offers flexibility in policy duration, allowing you to choose the duration of your premium payment and accumulation period.
With this policy, you can choose to save towards your financial goals by paying a Single Premium (one-time) or limited premium payment term of 3, 5, 10, 15, 20, or 25 years. This allows you to have better control over your finances and tailor your policy to your specific needs. Additionally, you can enjoy the flexibility of choosing the Accumulation Period that best suits your needs. You can receive your first payout as early as 4 years after starting your policy!
Moreover, you can pay your premiums using either cash or Supplementary Retirement Scheme (SRS) funds, depending on your preference. The SRS option allows you to enjoy tax benefits, making it a smart choice for those who want to save on taxes while building their retirement fund.
In summary, Singlife Flexi Life Income’s flexibility in policy duration and premium payment options makes it an even more attractive option for individuals looking for a personalized and customizable insurance plan. By allowing you to choose the duration of your policy, you can align it with your long-term financial goals and choose a premium payment option that suits your current financial situation.
Let’s take a look at a real-life example to better understand how it works.
Meet Patrick, a 40-year-old father who wants to secure his family’s financial future while also providing additional funds for family holidays and his child’s future education.
Patrick decides to get Singlife Flexi Life Income and opts for a sum assured of S$40,000, paying a yearly premium of S$14,384 for 5 years. He chooses 0 years for his Accumulation Period, which means he can start receiving his Yearly Income right after the end of his premium payment term.
Thanks to the guaranteed payouts, Patrick can look forward to receiving a guaranteed lifetime yearly income of up to 5.2% of his sum assured, which amounts to S$2,080 per year. Over time, his payouts will also increase by $200, which is 0.5% of his sum assured, giving him even more financial security.
With Singlife Flexi Life Income, Patrick can enjoy the peace of mind that comes with the capital guarantee and additional life coverage. In the event of his death or Terminal Illness, his family will receive financial protection without the need for medical check-ups.
Moreover, Patrick has the flexibility to choose the policy duration and premium payment options that suit his needs. By choosing the Supplementary Retirement Scheme (SRS) option, he can also enjoy tax benefits and save on taxes while building his retirement fund.
In summary, Singlife Flexi Life Income can be a smart and effective way to secure your financial future while enjoying a regular stream of income. Whether you’re planning for your retirement or looking for ways to supplement your income, this plan offers a flexible and customizable solution that can help you achieve your financial goals.
Singlife Flexi Life Income offers a flexible and reliable way to save for the future while enjoying a regular stream of income. With its yearly guaranteed cash payout, increasing payouts over time, 100% capital return, and additional life coverage, it provides a comprehensive solution for your financial needs.
Furthermore, with the option to reinvest your payouts at a non-guaranteed interest rate, you can potentially earn even more than the guaranteed payout rate, providing additional financial benefits.
It’s also worth noting that Singlife Flexi Life Income is a flexible retirement plan and customizable to your needs. You can choose the sum assured, payout frequency, and reinvestment rate that suits your financial goals and preferences.
Overall, Singlife Flexi Life Income is an attractive option for individuals who want to secure their financial future while enjoying a regular stream of income. Its combination of guaranteed payouts, increasing payouts over time, capital guarantee, and additional life coverage makes it a comprehensive solution for your financial needs.
In conclusion, if you’re looking for a flexible and reliable way to save for the future and enjoy a regular stream of income, Singlife Flexi Life Income is definitely worth considering. With its attractive features and customizable options, it can help you achieve your financial goals while providing peace of mind.
However, it’s important to consider your financial goals and preferences carefully before purchasing any insurance plan. Make sure you understand the terms and conditions, fees, and potential risks before committing to a plan.