AXA Life Insurance coverage Singapore — Credit score Playing cards Evaluation 2021

So many insurance coverage merchandise, so little time. When you’re making an attempt to choose a life insurance coverage coverage however don’t know which insurer you can purchase from, our collection of life insurance coverage critiques offers you an summary of what’s on the market.

On this instalment, let’s take a look at AXA’s life insurance coverage choices. There are 11 totally different life insurance coverage merchandise listed on the AXA web site — which must you decide?

We’ve sifted by the choices and shortlisted 3 essential AXA life insurance policy for the common client.

Why contemplate life insurance coverage from AXA Singapore?

AXA is a French insurance coverage firm that operates all around the world, with a robust presence significantly in Europe and North America.

They’re thought of one of many greater insurance coverage corporations in Singapore, and are one in every of simply 7 insurers providing Built-in Protect medical health insurance.

On the subject of life insurance coverage, AXA presents each time period and complete life choices. The important thing variations are that time period life insurance coverage protects you for a specified time period (e.g. for quite a lot of years or till a sure age), whereas complete life insurance coverage entitles you to lifelong protection, or at the least protection till a really superior age.

One other key distinction is that complete life insurance coverage helps you accumulate money worth, whereas time period life insurance coverage doesn’t. So, if you happen to resolve to give up your complete life insurance coverage plan, you’ll be able to receive the money worth collected as much as that time.

Learn extra:  Life Insurance coverage in Singapore — The Fundamentals of Entire Life and Time period Insurance coverage & Time period Life vs Entire Life Insurance coverage in Singapore — Which Is Higher for You?

AXA Time period Protector (time period insurance coverage)

AXA Time period Protector is a AXA’s signature time period life insurance coverage plan, the place you or your loved ones will obtain the complete sum assured if you happen to move away whereas the plan is in power.

There are two variations: Time period Protector and Time period Protector Prime:

• Time period Protector is the fundamental model, providing a sum assured ranging from $100,000
• Time period Protector Prime is the model tailored for top web price people, with a minimal sum assured of $2 million

Both means, you’ll be able to select a time period from 5 to 30 years, or decide to be lined as much as age 50, 55, 60, 65, 70, 75 or 99. The utmost age for protection is 99 years — that’s proper, virtually “complete life” protection.

Don’t need to should pay all through your total time period? You possibly can decide to shave your premium fee interval to fifteen or 20 years. For shorter insurance coverage protection phrases (5 to fifteen years), there’s additionally a single premium choice.

One other characteristic we like is the indexation choice, which adjusts your protection in line with the inflation price.

Apart from SGD, it’s also possible to get pleasure from safety in different currencies, particularly USD, EUR, GBP and AUD. This makes it choice for expats who would possibly return to their dwelling nations or Singaporeans primarily based abroad.

For these in search of really complete safety, riders matter. Listed here are the riders out there with this plan:

• Early Vital Sickness Payout — Affords safety from early to superior stage important diseases, letting you entry your payouts upon prognosis.
• Superior Vital Sickness Payout — Enables you to entry fee prematurely upon a important sickness prognosis.
• Superior Complete and Everlasting Incapacity Payout — Affords payout for complete and everlasting incapacity.
• Incapacity Money Profit — Obtain an annual money profit if you happen to develop into disabled.
• Vital Sickness Plus Profit — Obtain a lump sum fee with out affecting the remainder of your plan if you’re identified with a important sickness.
• Private Accident Profit — Obtain a money profit if you happen to get injured or die in an accident with out affecting the remainder of your plan.
• Assured Survival Payout — If go for the Time period-to-age 99 plan and outlive it, you’ll get reimbursed together with your sum assured.
• Vital Sickness Premium Eraser — Waives future premiums if you happen to get identified with a important sickness.
• Premium Waiver — Waives future premiums if you happen to get an early to superior stage important sickness prognosis, and waives 6 months’ price of premiums if you happen to endure an involuntary lack of earnings.
• Payer PremiumEraser — In case you are shopping for the plan for another person, this rider waives future premiums if you happen to endure from complete and everlasting incapacity or important sickness (early to superior stage).

The plan is convertible, which suggests you’ll be able to swap out to, say, a complete life insurance coverage plan at a later stage.

Pattern premium: $28 monthly for 30-year-old male non-smoker with sum assured of $500,000 for 20 years.

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Key Options

• The Month-to-month Premium proven is for illustration function solely. It’s calculated primarily based on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Select from renewable phrases of 5 to 30 years or term-to-age protection as much as age 50, 55, 60, 65, 70, 75 or 99

• Choose from a variety of fee choices, from single fee to paying throughout your complete coverage time period

• Take pleasure in assured coverage renewals with out addition medical underwriting

• Safeguard your self in opposition to inflation with the Indexation Possibility for term-to-age coverage holders

• Convert your coverage to a complete life plan with out further medical underwriting

See all card particulars 

AXA Reducing Time period Assurance (mortgage insurance coverage) 

AXA Reducing Time period Assurance is a mortgage insurance coverage coverage for people who find themselves extra involved about overlaying their excellent property loans.

It insures you for any sums remaining on your own home mortgage. When you die, endure from complete and everlasting incapacity or get identified with a terminal sickness earlier than totally repaying your mortgage, the insurance coverage plan can pay the remaining sum owed.

With mortgage insurance coverage, you don’t have to fret in regards to the financial institution taking possession of your own home and leaving your loved ones within the lurch. However keep in mind it typically doesn’t give your dependents a payout to reside on.

Learn extra: Mortgage Insurance coverage in Singapore: How To Examine & Determine Which Is Greatest For You

You possibly can select between paying a single lump sum premium initially of your plan, or yearly funds over a interval of 10 to 30 years.

To make sure that the plan additionally covers your own home mortgage’s curiosity funds, select an rate of interest starting from 0% to fifteen%.

Listed here are the riders you’ll be able to select from:

• Private Accident Profit — Covers misplaced earnings and medical bills within the occasion of an accident, and likewise presents a payout for unintentional demise or main and minor disabilities attributable to accidents.
• Dwelling Accelerator Profit — Entitles you to your full sum assured if you’re identified with a important sickness.
• Waiver of Premium Profit — Waives premiums if you happen to endure from important sickness or incapacity.
• Incapacity Money Profit – Obtain an annual money profit if you happen to endure from complete and everlasting incapacity.

Pattern premium: $34.12 monthly for 30-year-old male non-smoker with sum assured of $500,000 for 20 years.

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Key Options

• The Month-to-month Premium proven is for illustration function solely. It’s calculated primarily based on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Safety in opposition to Demise, Complete and Everlasting Incapacity and Terminal Sickness, in order that your family members can use the coverage sum assured to fulfill any excellent housing mortgage funds.

• Versatile premium fee phrases: Select single or common fee phrases starting from 10-30 years. Take pleasure in 3 years premium waiver with common premium fee phrases.

• Big selection of coverage time period choices: Select from protection time period between 5-30 years for single premium fee time period, or 10-30 12 months for premium fee time period.

• Select your rate of interest in 1% intervals, starting from 0% to fifteen%, to finest fit your safety wants.

• Double safety with Joint Life Protection

• Different advantages embody: Private Accident Profit, Dwelling Accelerator Profit, Waiver of Premium Profit

See all card particulars 

AXA Life Treasure (complete life insurance coverage) 

AXA Life Treasure is a complete life insurance coverage plan for individuals who’d like protection for demise, complete and everlasting incapacity and terminal sickness as much as the age of 99 years, with a minimal sum assured of $25,000. You need to use a multiplier of as much as 7X to extend your payout quantity.

As is common with complete life insurance coverage, the coverage additionally allows you to accumulate money worth through the years, which you’ll be able to entry if you happen to resolve to give up the plan.

With complete life insurance coverage insurance policies, you wouldn’t have to pay premiums all of your life. As an alternative, you’ll be able to select from a premium fee interval over which to pay, which in Life Treasure’s case ranges from 10 to 30 years.

One distinctive characteristic of the fundamental plan is that you would be able to obtain a incapacity payout if you happen to develop into disabled and are unable to hold out any two out of six Actions of Every day Dwelling (washing, dressing, feeding, toileting, strolling or shifting round, transferring).

The next riders can be found for this plan:

• Unintentional Demise Profit – Doubles your safety within the occasion of unintentional demise.
• Early Vital Sickness Profit – Affords safety from 132 early to superior stage important diseases, and will increase by 50% your payouts for prime important diseases like main most cancers, coronary heart assault or stroke.
• Vital Sickness Profit – Affords safety from 40 superior stage important diseases, and will increase by 50% your payouts for prime important diseases like main most cancers, coronary heart assault or stroke.
• Vital Sickness Plus Profit – Obtain a lump sum fee with out affecting the remainder of your plan if you’re identified with a important sickness.
• Waiver of Premium Rider – Have future premiums waived if one thing occurs to you.

Pattern premium: $216.54 monthly for 30-year-old non-smoking male with $100,000 sum assured, 2X multiplier and premium fee time period of 20 years.

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Key Options

• AXA Life Treasure is a complete life insurance coverage plan providing you protection for demise, terminal sickness, and complete everlasting incapacity as much as 99 years outdated

• Sum assured begins from S$25,000

• Choose to extend your complete sum assured by 2, 3, 4, 5, 6, or 7 instances to extend (or cut back) your complete protection to fit your altering way of life wants with the Multiplier Profit rider (which additionally pays you a assured profit if you’re age 70)

• Premiums may be paid month-to-month, quarterly, half-yearly, or yearly over 10, 15, 20, 25 or 30 years, after which you get to get pleasure from the advantages of the plan

• Big selection of riders to customize the entire life plan to fulfill your medical and way of life wants, together with 3 important sickness riders, particularly the Early Vital Sickness Profit rider, Vital Sickness Profit rider, and Vital Sickness Plus rider

• Different riders embody the Unintentional Demise Profit, and the Incapacity Money Profit rider

• 5 premium waiver riders out there, particularly the Vital Sickness PremiumEraser, Sensible Payer PremiumEraser, Sensible Payer PremiumEraser Plus, Premium Waiver, and Payer PremiumEraser

See all card particulars 

Which AXA life insurance coverage coverage is finest?

AXA’s time period and complete life insurance coverage are among the most customisable and feature-packed plans on the market, with a mind-boggling array of riders out there.

They’re on the expensive facet, but when you recognize precisely what you need and like to combine and match your advantages, AXA Time period Protector or Life Treasure are each wager, relying on whether or not you like time period or complete life insurance coverage respectively.

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Key Options

• The Month-to-month Premium proven is for illustration function solely. It’s calculated primarily based on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Select from renewable phrases of 5 to 30 years or term-to-age protection as much as age 50, 55, 60, 65, 70, 75 or 99

• Choose from a variety of fee choices, from single fee to paying throughout your complete coverage time period

• Take pleasure in assured coverage renewals with out addition medical underwriting

• Safeguard your self in opposition to inflation with the Indexation Possibility for term-to-age coverage holders

• Convert your coverage to a complete life plan with out further medical underwriting

See all card particulars 

Apply NowApply immediately on MoneySmartMore Particulars

Key Options

• AXA Life Treasure is a complete life insurance coverage plan providing you protection for demise, terminal sickness, and complete everlasting incapacity as much as 99 years outdated

• Sum assured begins from S$25,000

• Choose to extend your complete sum assured by 2, 3, 4, 5, 6, or 7 instances to extend (or cut back) your complete protection to fit your altering way of life wants with the Multiplier Profit rider (which additionally pays you a assured profit if you’re age 70)

• Premiums may be paid month-to-month, quarterly, half-yearly, or yearly over 10, 15, 20, 25 or 30 years, after which you get to get pleasure from the advantages of the plan

• Big selection of riders to customize the entire life plan to fulfill your medical and way of life wants, together with 3 important sickness riders, particularly the Early Vital Sickness Profit rider, Vital Sickness Profit rider, and Vital Sickness Plus rider

• Different riders embody the Unintentional Demise Profit, and the Incapacity Money Profit rider

• 5 premium waiver riders out there, particularly the Vital Sickness PremiumEraser, Sensible Payer PremiumEraser, Sensible Payer PremiumEraser Plus, Premium Waiver, and Payer PremiumEraser

See all card particulars 

AXA’s mortgage insurance coverage is an choice if you happen to’ve already received separate life insurance coverage in your dependents and now need to cowl your own home mortgage. Nevertheless, keep in mind that it’s costlier than Time period Protector.

Apply NowApply immediately on MoneySmartMore Particulars

Key Options

• The Month-to-month Premium proven is for illustration function solely. It’s calculated primarily based on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Safety in opposition to Demise, Complete and Everlasting Incapacity and Terminal Sickness, in order that your family members can use the coverage sum assured to fulfill any excellent housing mortgage funds.

• Versatile premium fee phrases: Select single or common fee phrases starting from 10-30 years. Take pleasure in 3 years premium waiver with common premium fee phrases.

• Big selection of coverage time period choices: Select from protection time period between 5-30 years for single premium fee time period, or 10-30 12 months for premium fee time period.

• Select your rate of interest in 1% intervals, starting from 0% to fifteen%, to finest fit your safety wants.

• Double safety with Joint Life Protection

• Different advantages embody: Private Accident Profit, Dwelling Accelerator Profit, Waiver of Premium Profit

See all card particulars 

Nevertheless, if you happen to’re simply in search of primary insurance coverage protection, AXA life insurance policy aren’t essentially the most cost-effective. AXA Time period Protector, as an illustration, requires you to buy a rider simply to get safety from complete and everlasting incapacity, which is usually out there as a part of a primary plan.

When you’re on a finances and are okay to forgo a few of AXA’s value-added options, you would possibly need to select a extra economical time period insurance coverage plan on MoneySmart.

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