Two years ago, a journalist wrote about the "time bomb" in several investment-linked products. The key feature of these products is the higher cost of the life insurance cover as each year passes by. At some stage, the cost of the cover is more than the monthly premiums.
The products sold by NTUC Income do NOT have this feature. If you have invested in the products of some other insurance companies that have the "time bomb", this is what you can do.
- Ask your insurance company to confirm that you are allowed to cancel the life insurance cover at any time. In most cases, this is allowed.
- Check the premium rates for the life insurance cover for the future years, until you reach age 65.
- Compare the total premium with the low-cost term insurance cover offered by NTUC Income for the same sum assured and number of years. You will probably find our premium rates to be (perhaps) 30% lower.
If your insurance company insists that the life insurance cover cannot be terminated separately, you can consider to terminate the policy entirely and re-invest your money in our Flexi-Link plan.
Flexi-Link
You can buy the term insurance separately.
Low cost Term Assurance
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