Tokio Marine TM Term VIP For Your Company Keyman Insurance ?

Buying 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:

TM Protect 1 - Your Answer To More Eldershield Coverage

Many of my friends and clients have already topped up their Eldershield coverage the minute they turned 40 through Aviva's Mycare plan.

However, many still felt that the coverage wasn't sufficient with the inflationary pressures of old age in Singapore. So at long last, Tokio Marine Group has listened and came up with their version of long term care policy by launching TM Protect 1 on 10 January 2016 2017.

Some of the features of this plan are as follows:

• Pays out on 1 ADL (Activity of Daily Living) ~ Eldershield requires 3 ADLs before a payout
• TM Protect 1 allows you to choose between a  3 year or 6 years benefit payout. ~ Eldershield only has a 6 years payout.
• TM Protect 1 has monthly benefit payouts from $1000 to $5000 (this can definitely complement your Eldershield policy and keep abreast with the cost of living when you are old) ~ Eldershield has only a $400 monthly benefit payout program
• 1 time Get well benefit after full recovery from the ADL disability
• 1 time Death Benefit of $5000 if death occurs during policy period
• Caregiver paid a 1 month benefit payout (this is a ONE time payout) 30 days after assured is deemed to have the ADL disability.
• If assured is certified to have ADL due to Heart Attack or Stroke, there is a ONE lump sum payout of 200% monthly benefit

TM FlexiCover; An Alternative to TM FlexiAssurance ILP

TM FlexiCover is another ILP or investment linked policy launched by Tokio Marine Group to
remain competitive in the unit linked arena and for clients who prefer ILPs to be a "Front End Load" policy.

To know more about TM FlexiAssurance or ILP, please see our previous post here. So we will not dwell too much about what TM FlexiCover is but list out the features of this plan and you can decide for yourself whether TM FlexiAssurance or this new TM FlexiCover is for you.

Features of TM FlexiCover:

• TM FlexiCover now has unit & premium deducting riders which can be added into the policy. They are : Unit deducting (Critical Illness, Term riders), and Premium paying (waiver of premiums, payer benefit, spouse riders).
• Has LRO (Life Replacement Option), which can benefit companies for using the policy as a Keyman Insurance or for parents who might want to transfer the policy to their new born kids. (please refer to the terms and conditions)
• Dial-up Option which allows the basic sum assured to be reduced to zero to maximise returns, however the life assured has to be 55 years old next birthday and above and premiums must have been paid for at least 10 years' from policy commencement date. (Many other insurers' ILPs require the policy to have some coverage remaining, so this feature benefits the more senior clients when protection charges are rather high)
• Quit Smoking Discount allows smokers to enjoy non smokers monthly protection charges if he/she drops the habit within the 1st two years and can continue after that as long as the cessation is permanent. (take note; if smoker quits only after the 2nd year, then this feature will not apply. The whole reason for this is to encourage and to support the Quit Smoking movement in Singapore.)
• Increase/Decrease in Sum Assured and premiums are allowed, except that reduction of premiums are only permitted after the first 2 years premiums have been made.
• Unlike the TM FlexAssurance, partial withdrawal is allowed at any time as long as the policy is in force and it incurs no charges.
•  As with all Investment Linked Policies, premium holiday can be taken after 2 full years of payment. However, do bear in mind that the policy must have sufficient units to maintain the unit deducting riders (if any) and policy values must be enough to finance the premium paying riders, else the policy will just lapse. In reality, please DO NOT take a premium holiday immediately after 2 years as the units and policy value will definitely not be enough to sustain the riders. 

OK, you now have the details of TM FlexiCover and TM FlexiAssurance to make an intelligent and informed decision. If you are interested in the plan or want to know more about it, please write to us here .

 

Another TM VIP Product From Tokio Marine Group Bites The Dust

Ok, so I exaggerated a little bit; but the TM Infinite VIP will still see the end of the road by end August 2016. As per all Singaporeans and with our usual ways, we will see all who has the money and been postponing to get down to doing the paperwork, will now join the rush to get this fabulous plan before it is removed from the shelf; because the following are the exact details of the memo which went out to the agency force today:

"The following measures will be implemented to all new and pending TM Infinite VIP applications with immediate effect:

1.    Overall Tranche Limit

An overall tranche limit has been imposed to this product and this will be allocated to the respective distribution channels.

This product will be removed from new business once the respective distribution channels’ tranche limits have been reached, or on Wednesday, 31 August 2016, whichever is earlier.

2.    Maximum Premium Size for Individual Applications

To allow more customers to still enjoy this product, a maximum single premium of S$500,000 per life assured is imposed. "




If you want to know more about the TM Infinite VIP before it is discontinued, check out this post.

You can contact us if you need to know more. 

Retirement Planning With Cash or SRS

With the aging population in Singapore, the buzz word these days is probably Retirement. Tokio Marine Life Insurance Singapore from the Tokio Marine Group will probably be the one insurance company to help you address this need since they have been aggressively launching and promoting new retirement policies of late and here's the latest video just to help you better understand and plan for your retirement using your SRS or cash using one of their latest launch, TM Retirement (SP)! (For those who want to know what is SRS or how it can help you in your tax planning, visit this page)

So if you are someone who wants more money in your twilight years to complement your CPF monies, watch this retirement video and start calling us to find out more! [From 1 Jan 2016, please leave your CONTACT NUMBER in the "message" box, so we can verify that your interest is real and not for the sake of getting quotations only. (For quotes, you can call the insurers directly). Thanks for your understanding]

No Retirement is Secure till you have TM Retirement Secure

The Tokio Marine Group in Singapore has added another retirement product into its already

comprehensive range! This time the newly launched, TM Retirement Secure was introduced to Singapore on 08 January 2016 and is particularly suited for individuals looking for guaranteed  income for a fixed span of time; whilst having a short premium commitment period!

One can even add a Cancer Income Rider (details in upcoming post) or a Cancer Waiver Rider! Just to make sure that your retirement plans will not be hampered should an unforeseen event like Cancer is to strike and you need your lifestyle to continue as before.

Some of the features of TM Retirement Secure that is worth highlighting are as follows: