Reasons to Have Life Insurance and Keeping
your Policy In-Force
Buying a Life Insurance is a commitment you’re making to secure financial protection for yourself and your loved ones.
For many, the primary intent of having a life insurance is for the purpose of protection. However, it can also be used as
a savings vehicle over time.
Here, we’re going to share with you the benefits of getting yourself covered and keeping your policy in-force.
1. Protection and Peace of Mind
Life today is full of uncertainties! The continuity of coverage gives you and your loved ones a certain quality
of life and prepare against any unforeseen circumstances. You get to enjoy the same level of protection and
coverage stated in your Policy even if your health conditions have changed over time. This means you will
always have a peace of mind!
2. Planning for Life Stage Needs
Life Insurance provides for financial support in the event of untimely death and also acts as a long term
investment. With proper financial needs conducted according to your life stages and risk appetites, milestone
events such as securing your dream home, setting up a family, your children's education, their marriages, or
planning for your retirement are achievable.
3. Protection plus Savings over long term
With prudent investment strategies by Insurers with focus on returns over time you will be able to meet both
your financial needs towards protection and long term wealth accumulation.
4. Growth through dividends
For the less risk-averse individuals, you can choose to set aside your money in a traditional policy which
participates in the economic growth without the volatility of investment risks. Such policies have potential
investment income which is declared to the policyholders through annual announcement of dividends/bonus.
5. Loan features without affecting the policy benefits
You’ve the option of taking a loan against your policy in the event of needs without having to adversely
affecting the benefits of your policy. However, please note that a certain quantum of interest is chargeable
on the policy loan and you should always check with your Insurer on the available repayment options.
6. Tax Relief
In Singapore, Life Insurance Relief is provided on annual insurance premiums paid on life insurance policies
bought on your life or on the life of your spouse, subject to their eligibility. You can find out more details
from IRAS website at www.iras.gov.sg.
The key to buying a life insurance is to map out your overall financial picture as being able to commit to it for the full
term is no less important than making that initial decision to purchase.
Please note that this serves as a guide and please obtain own legal or financial advice as deemed necessary.
Aviva Ltd 4 Shenton Way #01-01 SGX Centre 2 Singaore 068807 Tel: (65) 6827 2988 Fax:(65) 6827 7900 www.aviva.com.sg
Company Reg. No.: 16900499K GST Reg. No.:MR-8500166-8