Do insurance companies have to give notice before changing terms and conditions?

Hi there! I actually posed this question to Singlife via Facebook Messenger before and this is what they told me:

“To provide transparency and also to manage expectations, it is important for us to let you know that the 2.5% p.a returns are non-guaranteed,as is the common industry practice, Singlife does reserve the right to revise the rates (upwards or downwards).

However, as the Singlife Account does not require any lock-ins on your funds, this means that at a time when rates are revised and becomes unfavorable to you, you can withdraw your money anytime with no hidden charges.

Additionally, Singlife will notify our customers if there are any projected changes in the crediting rate to ensure that customers will not be blindsided by that.”

Hope this helps! 😊