Digital wealth manager StashAway has launched StashAway Term Life, a group term life insurance policy underwritten by Prudential Singapore, making the company the first to do so in Singapore.
Available to Singapore residents, applying for coverage takes only a few minutes by answering 6 health-related questions. Clients can then get a personalised recommendation for how much coverage they need, and then subsequently apply for coverage ranging from $100,000 to $500,000, all without an in-person medical check.
SEE:StashAway to launch in Hong Kong
StashAway Term Life is a yearly renewable policy designed to give clients a flexible insurance option. This flexibility is especially useful to those early in their careers or those looking to effortlessly top-up any existing coverage they have whether individually or as part of their employee benefits.
Amanda Ong, country manager of StashAway Singapore, says “although it’s convenient to lump investments and cash into an insurance policy, the higher premiums for whole life insurance and ILPs aren’t usually worth the extra cost.“ Thus, she believes that clients are “better off buying term insurance and investing [their] savings in a separate investment product” in terms of cost.
