China Taiping i-Secure II
The healthcare system in Singapore is so robust that it eventually encouraged a healthy but highly competitive market of life insurance policies. Singaporeans are extremely lucky in this front, but it is not without merits; we’ve always been focused on making sure we are ready in the future whatever it may bring.
So it is only normal for you to find yourself here, curious about what this particular insurance company and plan can offer.
But before we delve deeper into it, let’s first answer the question, why do you need life insurance?
A whole life insurance is the type of insurance policy that provides coverage for terminal illnesses, total and permanent disability, or death. In the event that any of this happens, the policy holder will receive a cash out or other types of assistance as stipulated in the policy. As such, it provides a great sense of relief to the family, especially those who are left behind because of unexpected death, in the form of alleviating financial burdens.
China Taiping at a glance…
The insurance company highlighted in this product review is none other than China Taiping, one of the major players in the market today. Formally known as China Taiping Insurance (Singapore) Pte. Ltd. (CTPIS), it is considered a pioneer in the industry for operating for more than 80 years now. People of yore may recognise them as part of the Tai Ping Insurance Co Ltd, Singapore Branch, focusing mainly on insurance policy covering construction, marine, and motor.
Because of its exemplary products and services, it’s no surprise that this company has been one of 2018’s Global Fortune 500 Companies. Not only that, they are also the first Chinese-funded insurance company listed abroad.
In 2018, the company decided to enter the world of life insurance and since then, they never looked back. Regulated by MAS or Monetary Authority of Singapore, they are one of the eight composite insurance companies in the country that offer policies on life and general insurance.
China Taiping i-Secure II Features
i-Secure II is one of China Taiping’s whole life insurance products. Among its most notable features are competitive premiums and flexible customisability. Let’s take a closer look.
Covering 161 critical illnesses or CIs, it’s almost a surprise why this life insurance policy’s premium is priced lower than most. But we are not to look a gift horse in the mouth, right? With its sought-after rates and features, this company can go on par with the big boys in the market: Aviva and Manulife. For those who are looking for affordable options that don’t compromise the quality and inclusivity of services, this is the right one for you.
Wide range of premium terms
You can choose from the flexible premium terms provided by China Taiping of 5, 10, 15, 20, or 25 years.
Multiplier options are nothing new when it comes to whole life insurance, but i-Secure just takes it to a whole new level with its age range of up to 71 or 86 years old. These two choices are among the longest coverage wherein multipliers are applied. What’s more is you can extend this to Lifetime, which in turn will require you to pay for Cost of Insurance which will be attached to the cash value.
Comprehensive Critical Illness Coverage
The next thing that China Taiping focused on is the critical illness coverage that provides one of the most comprehensive, if not the most, in the market. The CI conditions covered by the policy as well as the premiums you can opt for make it a holistic protection plan for you and your family.
Critical Illness Riders
If you want to boost your basic coverage to cover more ground, what you need are critical illness riders.
1. AdvancedCare Rider
This CI rider focuses on providing support upon diagnosis of any one of the 55 critical illnesses at the Advanced stage. This includes blindness, stroke, heart attack, and cancer. Payout will be provided in a lump sum.
2. EarlyCare Rider
Apart from the early to advanced stages of critical illnesses covered by this rider, 12 juvenile and 12 special conditions are also included in this feature.
What we like about China Taiping i-Secure II
- The multiplier can extend up to 86 years old, the longest we have by far, which you can convert to Lifetime.
- Early Stage Critical payout can go up to S$350,000, one of the highest payouts today.
- Widest Critical Illness coverage – with 42 Early Stage CIs, 40 Intermediate CIs, 55 Advance Stage CIs, 12 Special Conditions, and 12 Juvenile Conditions. This totals to 161 conditions.
What you may want to think twice about before getting this insurance plan
- If you opt for a multiplier, you will need to pay for the Cost of Insurance.
- Minimum sum assured starts at S$50,000, not the lowest you can find today.
- You can’t partially surrender. You will only receive the cash value if you fully surrender the plan.
- Whereas other insurance companies offer it, there’s no option for policy holders to cover cash value to annual, quarterly, or monthly payouts.
There are many choices available when it comes to choosing the right insurance policy, but each of them is unique. If you have any questions, feel free to drop us a message.