If you’re looking for a policy that provides guaranteed monthly income and cash bonuses while also offering coverage for up to 100 years, then the Singlife Legacy Income is worth considering. This whole life annuity plan not only protects you and your loved ones, but it can also serve as a form of legacy planning.

The Singlife Legacy Income offers flexibility in terms of premium payment term. You can choose from a single payment term or a limited term of 3, 5, or 10 years. Depending on your chosen premium payment term, you may be eligible to use your Supplementary Retirement Scheme (SRS) monies to pay your premiums.

In terms of protection, the Singlife Legacy Income provides a death benefit in the unfortunate event that the life assured passes away while the policy is still in effect. The death benefit is calculated based on the higher of 101% of total premiums paid for the basic plan or the guaranteed cash surrender value. It’s important to note that any amounts owed to Singlife will be deducted from the death benefit.

If the life assured is diagnosed with a terminal illness while the policy is active, the insured will receive a terminal illness benefit in the form of a lump sum. This benefit is only applicable if the diagnosis is confirmed by Singlife’s appointed medical practitioner and the terminal illness is expected to result in the insured’s passing within 12 months.

For those who feel that the existing benefits might be insufficient, there are optional add-on riders available. These include Easy Term, Payer Critical Illness Premium Waiver II, Critical Illness Premium Waiver II, Cancer Premium Waiver II, and EasyPayer Premium Waiver.

One of the key features of the Singlife Legacy Income is the commitment by Singlife to begin monthly payouts as soon as possible. Regardless of the premium payment term chosen, you can expect to start receiving your payouts one month after your premium payment term ends.

The payouts come in the form of a guaranteed income, which starts one month after the end of your premium payment term. The guaranteed income increases with each payout year and can be received or reinvested in the fund. In addition to the guaranteed income, you can also enjoy non-guaranteed income in the form of a cash bonus and terminal bonus.

The Singlife Legacy Income also offers a centennial benefit, which is a form of maturity benefit. If your policy is still in force at the end of the policy term and no claims for benefits have been made, you will receive a lump sum payment. This centennial benefit is made up of 105% of the total premiums paid, any payable terminal bonus, and the reinvested guaranteed income and cash bonus.

While the Singlife Legacy Income offers attractive benefits, it’s important to consider the fund performance and fees and charges associated with the policy. Singlife invests the premiums in two sub-funds with diversified asset classes to minimize risks. The fund performance has fluctuated in recent years, and it’s important to compare it with the industry average.

In terms of fees and charges, Singlife has factored all expenses into the calculation of the premium, so there won’t be any additional charges on top of your regular premiums.

In conclusion, the Singlife Legacy Income offers a comprehensive and flexible annuity plan that provides guaranteed monthly income and cash bonuses, as well as coverage for up to 100 years. It’s important to carefully consider your needs and speak to a financial advisor before making a decision.

Hot take: The Singlife Legacy Income is a versatile annuity plan that offers guaranteed monthly income, cash bonuses, and coverage for up to 100 years. It provides flexibility in terms of premium payment term and offers optional add-on riders for extra protection. While the fund performance has fluctuated in recent years, the Singlife Legacy Income is still a solid option for those looking for long-term income and protection.


Benjamin Low
Benjamin Low

Benjamin is known as The Passive Income Guy. He has helped hundreds of people to build passive income. He is also a member of the Million Dollar Round Table, and Certified Financial Planner™ (CFP®) and Certified Private Banker (CPB).

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