How to get cheapest and short-term life insurance in Singapore

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How to get cheapest and short-term life insurance
in Singapore

• One reason a lot of  people hesitate buying life
  insurance in Singapore is because of the myth of
  long-term payment commitment. Its a myth amongst
  so many people that life insurance in Singapore
  is expensive and that the premiums are required
  to be paid lifetime in order to keep the policy
  alive. Due to the miss understanding, many people
  keep themselves as well as their beloved families
  deprived of life insurance coverage.
• Fortunately, an inexpensive option does exist, it
  is called term life insurance.

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• Term life insurance, also known as term insurance
  provides you coverage at a fixed cost
  periodically for a limited period of time. The
  term can range anywhere from five to ninety nine
  years. The basic coverage on term insurance
  is Death/Terminal Illness, with the options of
  adding a rider on Total Permanent Disability,
• Critical Illness and/or Accidental Death
•  
• In this post, Im going to tell the exact ways
  you can get cheapest and shortest term life
  insurance in Singapore that has full coverage 
  against death,  critical illness as  well as
  disability.

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Know the available options

• While a number of options have now been
  introduced, The standard type of term insurance
  in the market includes Renewable, Non-Renewable,
  Convertible, and Decreasing Term.
• If you are looking for  a short-term coverage
  with the options to renew every 1 10 years,
  then you must go for renewable term.  However, do
  note that the premium may increase, sometimes
  significantly each time your renewal date is due.
  Medical underwriting is usually not required
  during renewal.

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• If youre ok to have a plan that requires you to 
  lock in the premium for 11 years or more,
  non-renewable term insurance can be a great
  choice.
• Convertible Term on the other hand allows the
  insured to convert his/her coverage into a Whole
  Life policy. This means that   the coverage will
  last for a whole life with the possibility of
  accumulating cash value. There will usually be
  the option to either increase your premium for
  similar sum assured or decrease your sum assured
  to maintain your premium .A Decreasing Term
  usually caters more to people who wish to cover
  their mortgage liabilities. There will be an
  option to choose the reducing rate which can be
  integrated  with your mortgage interest rates.

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Know the premium cost

• Depending on the type you choose from the
  available options, Term life insurance in
  Singapore are generally cheaper compared to a
  Whole Life or Investment Linked Life Policy.
  This  is largely due to the nonexistence of cash
  value that can be accumulated in the latter two.

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• The premium that you have to pay can depend on
  various factors including your age,  years of
  coverage,  occupation, sum assured, your gender
  as well as whether or not you are smoker.
•  
• Different insurance companies have different
  advantages and conditions and hence its advisable
  to compare the plans and take an informed
  decision.

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Know the right insurance agent

• I detest life-insurance agents they always
  argue that I shall someday die, which is not so.
• Stephen Butler Leacock
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• Many people who are hesitant in buying life
  insurance is also because of some of the pushy
  and salesy insurance agents. So many insurance
  agents in Singapore who are in the market believe
  that they must sell the policy to the customer in
  any case, even if that requires them to give up
  their values and principles. Due to such agents,
  the trust of customer does get shattered which
  not only affects the agents themselves but keep
  them deprived of protecting their families that
  life insurance in Singapore has to offer.

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More information visit this link

• http//thefinancialleaf.com/how-to-get-cheapest-an
  d-short-term-life-insurance-in-singapore/

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