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Was reading Ming Feng's update on the Singlife account, and it states the insurance coverage on the Singlife account is 105% of account value. In the time frame, they pay you 2% and first 10k, and 1% on the next 90k.
In contrast, most ILPs try to cover you for 101% of the premiums, and try to eat up 1 to 2 years of your premiums in fees while charging ridiculous other fees and charges, and apparently not so cheap premium for this 101%.
Why is the ILP 101% death benefit so expensive?
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It's not a fair side-by-side comparison. Singlife account is more of a non-participating endowment plan whereas ILPs are a mixture of insurance policies and different investment vehicles to give you both protection and wealth accumulation. Do also note that there's a cap to the death benefit by Singlife account at $50,000.
With ILP, your premiums are invested in the par fund and can potentially achieve returns greater than 2% (fixed for Singlife account).
If you are solely looking for insurance payout upon death, then you should look at death insurance.