1. Life Insurance Types In Singapore

2. More than120 registered insurers which 20 are dedicated life insurers.
When the government opened up the industry to foreign companies in 2000, the numbers of vendors and policies have multiplied.
Some of the leading companies include American International Assurance, AXA ,Great Eastern, HSBC and NTUC, each offering a variety of standard and unique products.

3. Different Life Insurance Products in Singapore
-Basic Term Life Insurance
Term life insurance
-Endowment Life Insurance
-Whole life Insurance
Permanent life insurance -Universal life insurance
- Investment-linked Life
Insurance

4. Basic Term Life Insurance
- covers death only but also permanent disability protection
- can be purchased for a stated period ranging from 5 to 30 years.
Endowment Life Insurance
-Features of a term life insurance and a long-term savings account
-Singapore endowment insurance specifies a maturity date,provides stable returns

5. A share of company’s profit is added on to your policy
Endowment life insurance in Singapore is a form of savings for whatever purpose, be it buying property or paying for children’s college education.
Premiums for endowment policies are normally higher than term insurance or whole life insurance and are available with profit plans , which is the most popular type of endowment life insurance.
A share of company’s profit is added on to your policy
annually.
A without profis plan means you only receive the basic
sum insured.

6. Permanent Lie Insurance
In a permanent life insurance product in Singapore life insurance is combined with investing.
Whole life insurance
-whole life protection and also provide the cash value
- Policy Loan is permitted;howevver , but any outstanding
loan amount must will be deducted from the payment to
your designated beneficiaries.

7. Universal Life insurance
-Flexibility in death benefit and the premium payment
- Also known as adjustable life insurance
Singapore life insurance companies make their policies more attractive by adding guarantees(paying the premium payments for certain period adding the policy remain in force.)
Borrow or withdraw money and the policies guarantee a minimum interest rate on your returns.

8. Universal Life insurance policy may b a good choice if you are looking for whole life protection with flexibility in premium payments.

9. Investment-linked life insurance
-Life insurance protection as well as investment opportunity.
-You have the option to invest funds on the variety of different options and level of risk that you take is important.
-Premium either single or level-premium
It is like whole life insurance policy that allow you to invest the cash value of your policy in one of the investment funds.

10. Investment-Linked life insurance policies are better fit for people who are risk taker and believe that they can generate better returns on the cash value accounts by investing in the available funds than the interest offered by the insurance companies.

11. Dependent’s protection Scheme(DPS)
A government programme that requires all Singapore citizens and permanent residents to contribute a percentage of their salary every month.
DPS covers only the first few years after a CPF member’s death or permanent disability with cash payments to his or her beneficiaries.