Tokio Marine TM Term VIP For Your Company Keyman Insurance ?

Keyman InsuranceBuying a Keyman Insurance for your company's CEO or senior management can be a tricky business.

Simply because most insurers require these head honchos to go for a medical examination once the sum at risk crosses the insurance company's risk appetite and many a times, that amount is also pretty low or not even worth considering.

Then some financial advisers would attempt to propose that these top brass take on individual life insurance where the firm might feel that it is quite costly to even consider purchasing. Tokio Marine Life Insurance or the Tokio Marine Group has recently added an upmarket Term policy into their arsenal of innovative insurance plans. Appropriately named as TM Term VIP; it is to address the needs of individuals who need high coverage. The following are some of the features of this value for money policy:

  • Available in USD & SGD
  • Premiums are level & guaranteed throughout the policy term
  • Non Medical limit up to S$2 Million (ie no medical check up required up to this limit)
  • Minimum Entry age is 19 yo
  • Available terms: 5 years (renewable & convertible), or up to ages 65,75,85 (level & convertible) : What it means to be "convertible" is that this conversion privilege allows the basic plan and the TPD Rider to be converted into any Singapore Dollar denominated regular premium whole life or endowment plan (“new basic plan”), without further medical evidence of the life assured.
  • Concierge and Limo service provided if there is a requirement for the insured to do a medical examination (eg. above the S$2 million limit)
  • If the staff is a Non Smoker, they can be quoted with the preferred rates.
  • There is an optional rider called  Protect Lite (quite similar to TM Protect One). Protect Lite  pays up to $10,000 per month and it pays out on 1 ADL (Activity of Daily Living)
  • Payment for USD policies has to be done via TT and no cash payment is allowed. 
  • Concierge & Limo service is only available if premiums are at least $3000 per annum.
With these upgrades, you or your company can confidently consider getting a Term insurance for that valuable key personnel. Even though no one is indispensable in a company, when there is a financial loss, the policy can help your company continue to operate whilst you look for a suitable replacement to lead the company into the next lap! This is especially so for SMEs in Singapore.

However if you do not require such large sum assured, then TM Term Assure might be your cup of tea.

Feel free to contact us if you want to know more on any of the policies discussed in this post or need a quote!

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