NTUC Income Star Secure Pro is the cheapest whole life insurance plan with extensive critical illness coverage, flexible multiplier options, and strong participating fund performance. We also consider it the best whole life plan in Singapore.
Table of Contents
To read more about the NTUC Income Star Secure Pro, click here.
This is the cheapest whole life insurance policy that offers a both affordability and robust coverage.
NTUC Income Star Secure Pro has solid long-term growth potential, supported by strong participating fund performance and bonuses.
It offers comprehensive critical illness coverage, flexible multiplier options, and additional benefits like retrenchment and family waivers.
- Affordable premiums for comprehensive coverage and extensive benefits.
- Second highest in returns, offering potential for non-guaranteed bonuses.
- Covers up to 152 critical illnesses with early-stage protection and multiple rider options.
- Some benefits, like the accidental death benefit, have been significantly reduced compared to its predecessor.
VERDICT:
NTUC Income Star Secure Pro is a strong whole life insurance option that offers comprehensive coverage and value for money, particularly for those looking for critical illness protection.
Its competitive pricing, coupled with a high-performing participating fund, makes it appealing.
However, reductions in benefits and limitations on certain claims could be a drawback for those needing more robust, repeatable coverage.
What we like about the NTUC Income Star Secure Pro
Competitively priced yet comprehensive
The NTUC Income Star Secure Pro offers solid coverage while keeping the premiums relatively low, which makes it an appealing choice.
This balance of affordability and comprehensive benefits is rare.
For example, premiums for a 30-year-old non-smoker with a $100,000 sum assured and a 2X multiplier option start at around $2,284.50 annually.
Despite the reasonable cost, you’re still getting a full suite of essential protections, including coverage for death, terminal illness, and total permanent disability.
Plus, the policy includes bonuses like reversionary and terminal, which can enhance your payout over time.
- Annual premiums for basic plans are as low as $2,284.50 for a 30-year-old non-smoker.
- You still enjoy extensive coverage without the hefty price tag.
- Bonuses kick in after two years, potentially increasing the overall value of the policy.
Critical Illness Coverage
This policy’s critical illness coverage stands out for its depth and breadth.
The Advanced Life Accelerator Rider covers up to 56 dread diseases, including the potential for future unknown diseases and ICU stays for severe infections.
Additionally, the Early Life Accelerator Rider extends protection to 152 critical illness conditions, making it one of the highest coverages available in the market.
This comprehensive list covers early, intermediate, and advanced stages, ensuring you’re protected through the progression of an illness.
- Advanced Life Accelerator Rider covers 56 dread diseases and future unknown conditions.
- Early Life Accelerator Rider covers 152 critical illness conditions, providing early-stage protection.
- This expansive coverage ensures peace of mind through all stages of critical illness.
These are the main reasons I like the NTUC Income Star Secure Pro’s features: its balance between cost and comprehensive protection, as well as the depth of its critical illness coverage.
Multiplier Options
With options ranging from 100% to 500% of the sum assured, it offers a great deal of flexibility in adjusting coverage based on individual financial needs, especially during your working years when higher protection may be necessary.
This means you can scale up your coverage to ensure your family’s financial security, even if you face health challenges.
What’s more, this can be done without raising the base premium excessively.
- Flexibility to choose multiplier values from 100% to 500% of the sum assured.
- Allows higher coverage during your working years, offering peace of mind when it matters most.
- You can adjust coverage as your financial needs evolve, keeping the policy relevant throughout life stages.
Participating Fund Performance
According to Dollar Bureau, NTUC Income ranks second in 15-year returns and first in 3, 5, and 10-year returns, making it a strong contender in terms of performance.
The fund is also efficiently managed, boasting a low total expense ratio.
This translates into better potential bonuses for policyholders, which could enhance the overall value of the policy as it matures.
Over time, this kind of performance can make a significant difference in the final payout you or your beneficiaries receive.
- First in 3, 5, and 10-year returns and second in 15-year returns.
- Low total expense ratio indicates efficient fund management.
- Strong potential for bonuses, both reversionary and terminal, that increase the value of the policy over time.
Additional Benefits
The NTUC Income Star Secure Pro comes with a suite of additional benefits that make it even more attractive.
For example, the Retrenchment Benefit waives premiums for 6 months if you lose your job, which can provide much-needed financial relief during tough times.
There’s also the Family Waiver Benefit, which waives premiums and provides a lump sum payment if a family member passes away or suffers from total permanent disability (TPD) or terminal illness (TI).
These features make the policy adaptable to real-life scenarios, ensuring that you’re not financially burdened when life throws a curveball.
- Retrenchment Benefit waives 6 months of premiums in case of job loss.
- Family Waiver Benefit provides financial support by waiving premiums and offering a lump sum in the event of a family member’s TPD or TI.
- These additional features offer practical support in unexpected situations, providing an extra layer of security.
What we think the NTUC Income Star Secure Pro could do better
Reduced Benefits Compared to Predecessor
An aspect I find disappointing is that the NTUC Income Star Secure Pro has reduced several benefits compared to its predecessor.
One example is the Accidental Death Benefit, which has dropped significantly from 200% to just 30% of the sum assured.
This reduction can seriously impact your family’s financial security if an accident leads to death.
Additionally, the policy has more stringent entry requirements, such as a higher minimum entry age.
These changes reduce the overall value and flexibility of the policy, making it less appealing than earlier versions.
- Accidental Death Benefit reduced from 200% to 30% of the sum assured.
- Stricter entry requirements, including an increase in the minimum entry age.
- These reductions in benefits and flexibility make the policy less favourable than its predecessor.
These limitations in claims and reductions in benefits weaken the overall appeal of the policy, leaving gaps in coverage that could potentially put you at risk when you need the most protection.
Better alternatives to the NTUC Income Star Secure Pro
Manulife LifeReady Plus II
The Manulife LifeReady Plus II policy is notable for its flexible and extended coverage options, allowing you to maintain coverage up to age 99, which is longer than many other plans.
It offers customisable multipliers from 1X to 5X of the sum assured, making it adaptable to various financial goals, whether for increased protection during peak earning years or balanced coverage as you age.
Key highlights include:
- Extended Coverage with Multiplier Options: Coverage extends to age 99, with multipliers between 1X and 5X, allowing personalised financial planning.
- Early Critical Illness Coverage: Covers early-stage critical illnesses with fewer exclusions, providing essential support during initial health crises and ensuring family financial stability.
- Financial Flexibility Option: Access up to 75% of your policy’s surrender value via annual payouts, effectively creating a retirement income stream.
- High Surrender Value: Manulife LifeReady Plus II offers superior surrender value, especially in the early years, enhancing liquidity and financial flexibility if you need to exit the plan early.
Overall, Manulife LifeReady Plus II stands out for its adaptability, long-term coverage, enhanced early illness support, and flexibility in accessing funds, making it ideal for comprehensive financial planning.
Let Us Compare Policies For You
When it comes to whole life insurance plans, it’s essential to consider the participating fund performance.
That’s what you’re paying extra for compared to term life insurance.
A strong fund means better potential returns, which is critical since these bonuses add up over the years.
You’re not just paying for protection; you’re investing in a product that should grow in value.
Since this is a whole life policy, the multiplier option matters, too.
You’ll want to know how much death coverage you’ll need and for how long.
As your liabilities decrease with age — think paying off your mortgage or reducing other debts — you might not need as much coverage later on.
But when you’re younger, with more financial responsibilities, having enough coverage to protect your family is vital.
If you’re using a whole life policy for Early Critical Illness (ECI) or Critical Illness (CI) coverage, pay close attention to the number of conditions covered and how they’re defined.
Not all policies are the same, and the amount you’ll receive upon diagnosis can vary.
This can make a big difference when it comes to managing medical expenses during tough times.
Understanding the riders available is another key factor.
Riders can boost your coverage in certain areas, and while they might add to the initial premium, they could actually save you money in the long run.
Whether it’s a premium waiver or additional critical illness protection, choosing the right riders can help maximise your coverage without breaking the bank.
Lastly, price is crucial.
Whole life policies are generally more expensive than term policies, so it’s important to ensure that you can comfortably afford the premiums for the years ahead.
At the same time, make sure the policy is covering as much as possible to give you the peace of mind you need.
It’s also worth remembering that what makes a good policy for one goal might not be suitable for someone with different financial objectives.
That’s why understanding what you’re purchasing on a deep level is essential.
Our partners are trained professionals with years of experience and can guide you through this process, making sure you fully grasp what’s best for your situation.
We can help you compare policies, ensuring you get the right coverage based on your current circumstances and future goals.
This is a free comparison session, and there’s no obligation to commit.
We also help you obtain quotes so you can compare them side by side and make the most informed decision possible.
Let us help you navigate through your options and find the policy that truly works for you.