Is there any risk of depositing 10k into singlife for the 2.5%? If the company closes, will we lose all 10k? - Seedly
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Sheryl Lee

Asked on 13 Jun 2020

Is there any risk of depositing 10k into singlife for the 2.5%? If the company closes, will we lose all 10k?

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Amelia Leow
Amelia Leow
Level 5. Genius
Answered 2w ago

Looking at their legal page, Singlife is “a registered member of the Policy Owners’ Protection (PPF) scheme. Singlife customers are protected in the event that the business fails to carry out its operations. All existing and new life insurance policies, including riders, issued by Singlife are covered under the scheme.” So, Singlife looks pretty steady.

I elaborated a bit more here, hope this helps :-)

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Gabriel
Gabriel
Level 8. Wizard
Answered on 20 Jun 2020

Hey Sheryl, the Singlife Account is protected by SDIC under the Policy Owners' Protection Scheme (PPF). The PPF covers the guaranteed benefit or guaranteed surrender value at point of failure and in this case, the surrender benefit is the account value which is the amount of deposit you have in the account.

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Boon Peng
Boon Peng
Level 6. Master
Answered on 13 Jun 2020

Hello Sheryl. The $10,000 is capital guaranteed, and Singlife is backed by SDIC. However, the 2.5% return is not guaranteed.

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Sheryl Lee
Sheryl Lee

13 Jun 2020

Thanks!