Unlock the future of legacy planning

While wealth is often linked to expensive hobbies and luxury goods, its true value lies in enabling long-term planning and establishing a lasting legacy for future generations.

By 2026, there will be an estimated 592,000 millionaires in Singapore, up from 498,000 in 2020. These affluent individuals want to preserve their assets to ensure a comfortable retirement and provide a legacy for their loved ones, said Mr Stanz Tan, head of Investments and Wealth at Singlife. 

GET A HEAD START ON LEGACY PLANNING

While there is growing interest among affluent consumers to safeguard their financial well-being, only 16 per cent of them hold legacy plans, according to the Singlife Financial Freedom Index 2024. This gap highlights the need for more comprehensive legacy planning solutions tailored for this demographic.

Singlife Legacy Indexed Universal Life (IUL) offers the security of insurance coverage alongside investment opportunities for wealth accumulation. Although insurance is traditionally viewed as a conservative financial product, an IUL offers the possibility of higher returns based on the performance of the S&P 500 index and Nasdaq-100 index.

Unlike most of the other IUL insurance solutions in Singapore, which typically require a minimum sum assured of US$500,000, Singlife Legacy IUL offers a more accessible entry point of just US$250,000, giving you access to the tools often used by the wealthy for inheritance planning. 

BLENDING FLEXIBILITY AND ASSURANCE

Singlife Legacy IUL provides customers with flexible premium payment options, including single lump-sum payments and scheduled payments. “The scheduled premium payment option lets you spread your premiums over a minimum of two years, enabling customers to preserve cash for other investments as part of their legacy planning,” said Mr Tan.

Singlife Legacy IUL also offers lifelong coverage for death and terminal illness, providing crucial protection for families in the event of misfortune. The insurance payout can be strategically used to support legacy planning goals, including estate equalisation, allowing you to distribute your assets equitably among your beneficiaries. 

Additionally, Singlife Legacy IUL gives you the flexibility of changing the insured person in the policy. This is a valuable tool for companies looking to safeguard their business through key person insurance. If the insured key individual – such as the founder, CEO or an essential employee – unexpectedly passes away, the policyholder (in this case, the company) will receive a payout. This payout can be used to buy back the deceased’s share of the business, hire an interim replacement or ensure the continuity of daily operations without disruption.

BUILD A LASTING LEGACY WHILE GROWING YOUR WEALTH

Singlife Legacy IUL is a signature offering in the Singlife Pinnacle product suite – a collection of personalised financial solutions designed to meet the core needs of affluent individuals, including retirement planning, wealth accumulation and protection. 

With Singlife Legacy IUL, you have the flexibility of tailoring your investment strategy. You can allocate premiums between the fixed and index accounts to ensure that they are aligned with your financial goals and preferences. The fixed account offers steady growth in the policy’s cash value with a guaranteed lock-in crediting rate of 4.25 per cent¹ per annum in the first policy year and a minimum guaranteed crediting rate of 2 per cent per annum thereafter.

The index account allows policyholders to potentially achieve higher returns based on the performance of the S&P 500 index and Nasdaq-100 index, capped at 11 per cent² per annum. In addition, a guaranteed floor rate of 0 per cent per annum protects policyholders from losses stemming from market downturns.

Said Mr Tan: “By protecting their investments from negative market returns, Singlife Legacy IUL gives policyholders peace of mind, allowing them to focus on building the legacy they envision while giving them confidence that their wealth can continue to grow.”

Learn more about safeguarding your future with Singlife Legacy Indexed Universal Life*. 

Product terms and conditions apply. 

¹ Based on current crediting rate for the fixed account as of October 2024.
² Illustrated cap rate for the index account as of October 2024. The cap rate is non-guaranteed and is subject to change by Singapore Life Ltd.

*This policy is underwritten by Singapore Life Ltd. Please direct all enquiries to Singapore Life Ltd.

This material is published for general information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person. You should read the product summary before deciding whether to purchase the product. If you choose not to seek advice from a financial adviser representative, you should consider whether the product in question is suitable for you.

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. This is not a contract of insurance. Full details of the standard terms and conditions of this policy can be found in the relevant policy contract.

This advertisement has not been reviewed by the Monetary Authority of Singapore. Protected up to specified limits by SDIC. Information is accurate as at Oct 29, 2024.