Singlife Insurance Reviews and Comparison - Seedly
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Singlife Insurance

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Reviews (6)

4.5

6 Reviews

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  • [Purchase Process] Very quick and easy. I did it all within a night waiting to see what else Singlife turns into. I think its a good example for a quick and easy insurance + savings account feature.
    1 comment
    1
    Chua Wei Feng
    Chua Wei Feng

    4d ago

    Hi there, thanks for leaving a review on Seedly and helping everyone make smarter financial decisions! It seems your review has been flagged as Misguided, as you have left a review on the wrong product. Could we invite you to instead leave a review on the appropriate product? The appropriate link for your review would be at https://seedly.sg/reviews/savings-accounts/singlife-account. Kindly note that we will have to remove your review in 5 working days. Stay safe and well! Looking forward to see more of your quality reviews on Seedly. :)
  • Updated on 18 Feb 2020
    New innovative insurer with focus on good customer experience compared to older established insurance companies. <Products> At par with other companies but competitive pricing due to online sales channel. For self directed policyholders but if you can work through without adviser - good deals availables (due note they run promos often so make sure watch for best time to buy) <Sing Life Account> Was announced in FinTech festival in November 2019 but not for General Availability and using waitlist approach. Waitlist clearing take a while (took about 2 months for me). Product itself is quite strong though as a minimalist high interest rainy day fund (2.5% interest for first 10k; no lock in) <Onboarding> Can apply after clearning waitlist (just suddenly get SMS one day) - you can only do through app. Had some troubles with app not functioning well at start but customer service is quite responsive. Did take a couple of rounds with CS and onboarding took a few days <Funding and Withdrawals> After initial onboarding - funding is quite smooth (get DBS FAST virtual account numbers; send to there and recognized immediately). app is spartan/minimalist style and very clean and to the ponit. Basically one real screen with account balance and daily MTD interest update. Withdrawal needs a bound self-named account - everything is done through the app and setup is instant and withdrawals happen via FAST (that is, within a few seconds). It's rare, but I gotta say I am impressed with this aspect! <Visa card> Sing Life offer Visa card as another way to withdraw from account. TAT for sending is 9-12 *business* days - even waiting out the very long TAT period, didn't receive and needed to poke CS before card arrived a week later (total 3.5 weeks!). Usage wise - contactless was fine but could not see in the app anywhere to set PIN; so could be a problem for insert-and-PIN transactions (particularly in Aus/EU where it sometimes is mandatory). Given the ease for funding/withdrawal and lack of rewards/benefit from spend on this card - its more of a gimmick feature but nice to have <Overall> Strong product. Good focus on customer experience but some initial teething problems with app - still would use as expect Sing Life would get better over time. Good high interest rate product that is protected by Govt policyholder schemes, I use within my stable of products.
    1 comment
    1
    Singlife
    Singlife

    25 Feb 2020

    Hey Kelly, thank you for choosing Singlife! We appreciate your review. Congratulations, you have been selected as one of the winners for the Seedly Personal Finance Festival 2020 Ticket Giveaway! Kindly send your name and email tied to your Seedly account to [email protected] for verification purposes with the following subject: SeedlyPFF2020_YourName. Once we’ve received your email, you’re deemed to have given consent to Singlife for the disclosure of the said details to Seedly for validation purposes. Thanks again, we'll be looking forward to hearing from you!
  • Updated on 18 Jan 2020
    Singlife staff were committed and helpful to resolve any problem I have on their platform. It was easy and fuss free experience to use them.
    1 comment
    0
    Singlife
    Singlife

    25 Feb 2020

    Hey Janice, happy to hear that you had a pleasant experience with Singlife! Congratulations, you have been selected as one of the winners for the Seedly Personal Finance Festival 2020 Ticket Giveaway! Kindly send your name and email tied to your Seedly account to [email protected] for verification purposes with the following subject: SeedlyPFF2020_YourName. Once we’ve received your email, you’re deemed to have given consent to Singlife for the disclosure of the said details to Seedly for validation purposes. Thanks again, we'll be looking forward to hearing from you!
  • Updated on 14 Jan 2020
    Insurance Premiums are very competitive. Good for people who do not need insurance agents to purchase insurance.
    1 comment
    1
    Singlife
    Singlife

    25 Feb 2020

    Hey Yew Thean, thank you for choosing Singlife! Congratulations, you have been selected as one of the winners for the Seedly Personal Finance Festival 2020 Ticket Giveaway! Kindly send your name and email tied to your Seedly account to [email protected] for verification purposes with the following subject: SeedlyPFF2020_YourName. Once we’ve received your email, you’re deemed to have given consent to Singlife for the disclosure of the said details to Seedly for validation purposes. Thanks again, we'll be looking forward to hearing from you!
  • Updated on 13 Jan 2020
    Fuss free and very simple to use interface; good for people who do not need insurance agents to purchase insurance. One of the most competitive term life and critical illness plans in the market. Can purchase insurance in less than 5 mins.
    1 comment
    0
    Singlife
    Singlife

    25 Feb 2020

    Hi Sabrina, glad you had a great experience with Singlife! Congratulations, you have been selected as one of the winners for the Seedly Personal Finance Festival 2020 Ticket Giveaway! Kindly send your name and email tied to your Seedly account to [email protected] for verification purposes with the following subject: SeedlyPFF2020_YourName. Once we’ve received your email, you’re deemed to have given consent to Singlife for the disclosure of the said details to Seedly for validation purposes. Thanks Sabrina, we can't wait to hear from you!
Questions (10)
Recent ActivityUnansweredTrending

Savings Accounts

Savings

Singlife Insurance

Standard Chartered JumpStart Account

What are your thoughts on Singlife 2.5% yield interest in the first $10k? Why it is not guaranteed?
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered 6h ago
Hello! I'm personally using both as well. To be honest the SingLife one has been pretty good so far but take note it's a promotional rate only for the first $10k, which yields you $250 a year (2.5% pa) also a nice app with a nice debit card. Can withdraw any time as well. Works like a dime. And the SCB JumpStart was also trying their best to keep up the interest rate. However, that being said, I would also suggest to consider all the options when nearing the middle of June before making a decision. Because right now things are pretty fluid with the macro conditions and the banks adapting as well.
👍 1

Singlife Insurance

Savings

Anyone heard of Singlife manage account with 2.5% p.a with no lock in period.?
I am taking part insofar as I am on the wait list! :) They officially launched on day 1 of FinTech Festival - November 11th. However it is a staged launch where they are slowly onboarding people on the wait list (possibly dealing with teething problems from their systems???) The wait list was reported to be about 2000 people but I still haven't cleared it, so they aren't actually getting policyholders onboard very quick...
👍 1

Insurance

Singlife Insurance

Singlife Account

Singlife Card

Savings

How is Singlife sustainable?
Lok Yang Teng
Lok Yang Teng
Top Contributor

Top Contributor (May)

Level 9. God of Wisdom
Answered on 20 Apr 2020
As you have mentioned, the 2.50% rate in non-guaranteed and the subsequent rate is rather low at 1.0%. With a deposit of $30,000, effective interest rate will drop to ~1.50%. The Singlife Account was launched Sep 2019 in conjunction with a rebranding exercise from Singapore Life to Singlife and unveiling a new strategy called 'Manage, Grow & Protect’. The savings insurance account could be a marketing strategy to rope in new and young customers with its digital platform and high interest. In addition, when the account was launched, the market was in its longest bull run in history. It is possible to achieve returns more than 2.5% had the markets not crash due to the pandemic.
👍 1

Insurance

Savings

Singlife Insurance

Savings Accounts

Who is the Singlife account suitable for?
Pascal S
Pascal S, MBA Graduate at Singapore Management University
Level 6. Master
Answered on 03 Mar 2020
Hi Ming Lun, I am personally tempted to use it for short-term holdings. We are overwhelmed by the number of multi-currency cards available in SG market at the moment, and Singlife is the only one giving interest at this point in time, hence the attractive differentiating factor. Cheers, Pascal
👍 0

Insurance

Savings

Singlife Insurance

Endowment Policies

Singlife’s 2.25% 3-year endowment plan. To buy or not to buy? Should I wait for promos from other institutions?
Frankie Aufhauser-Rappaport
Frankie Aufhauser-Rappaport
Top Contributor

Top Contributor (May)

Level 9. God of Wisdom
Answered on 10 Feb 2020
That yield is not high 3 y is a short investing period anyway https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy
👍 1

Investments

StashAway

Singlife Insurance

What are some capital guaranteed options for investment of $10,000?
The only investments that are capital guaranteed are 1) Social Security/Govt Pension 2) Cash and Cash Instruments 3) Endowments and Annuities when held till maturity or after break even 4) Bonds when bought at or below par value (though open to default risk) Stashaway Income Portfolio is definitely not guaranteed, but their Stashaway Simple is as close to guaranteed without actually being guaranteed. If you're looking for something short term, Singlife's 3-year Guaranteed Endowment plan is still available at 2.25% p.a.
👍 1

Savings

Insurance

Singlife Insurance

Savings Accounts

Enquiry about Singlife everyday insurance account?
Gabriel
Gabriel
Level 8. Wizard
Answered on 01 Mar 2020
Hey Anon, I've been using it for over a month. Interest is credited on a monthly basis. Basically you can deposit or withdraw your funds anytime with no penalities, lock in period or whatsoever. Contacted Singlife's Customer Service with regards to the interest rate and they said the current interest rate is 2.5% p.a for the first $10k and an email will be sent when there is a change of interest rate. Most importantly, it's insured under the Policy Owners' Protection Scheme, SDIC.
👍 1

Savings

Singlife Insurance

Savings Accounts

Would like to get the community feedback on SingLife Account. Has anyone tried it for over a month yet?
Gabriel
Gabriel
Level 8. Wizard
Answered on 01 Mar 2020
Hey Pascal, I've been using it for over a month. Interest is credited on a monthly basis. Basically you can deposit or withdraw your funds anytime with no penalities, lock in period or whatsoever. Contacted Singlife's Customer Service with regards to the interest rate and they said the current interest rate is 2.5% p.a for the first $10k and an email will be sent when there is a change of interest rate. I treat it like a bank/savings account rather than an insurance plan although it does have a death and terminal illness benefit as you are free to surrender/cancel the policy anytime as well!
👍 0

Endowment Policies

Insurance

Whole Life Insurance

Term Life Insurance

Health Insurance

Singlife Insurance

What's the difference between endowment insurance plans and life/health standalone insurance plans?
Hi anon, Endowment insurance is basically intended for wealth accumulation. It is intended to mature at some stage in the policy, either at one go, or over a period of time. Thus, the intention is to grow your wealth in a safe manner, since there are guarantees to it, as well as non-guaranteed components. Non guaranteed components, when declared and added to the policy, become guaranteed. They are not meant for protection, thus any protection afforded by them is minimal. Health insurance basically covers your hospital bills and associated costs of treatment. Without it, you are at risk of financial ruin from a large and unexpected hospital bill. The bills are covered by the insurer, restoring you to a neutral position. Life insurance covers events, such as death, or TPD, or Critical illness. In this case, they are meant to pay you a sum of money, but only when the covered event occurs. If the event does not occur, and the policy expires, then nothing is paid. However, if it is a whole of life policy, then if the covered event occurs at some point in your life, you will get a payout. Standalone life/health plans are meant for protection. Thus, their coverage is far higher than endowment. You will need to understand your coverage needs, how long you need to be covered for, and then you can decide which type of plan may suit you (there are many permutations, e.g. Whole Life CI, term CI, Multipay CI, etc)
👍 5

Insurance

Investments

Savings

Family

Lifestyle

Retirement

Investment Linked Policies (ILP)

Singlife Insurance

Why are investment-linked insurance policies so popular in Singapore and not in other countries?
Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered on 27 Jan 2020
Cos singaporeans are too chickened & risk-adverse in DIY investing, also explanined why we tend to favour real-estate investing. So this create an opportunity for insurance companies to offer ILP which looked especially enticing when comparing to the ultra-low interest rates banks had to offer.
👍 0

About Singlife

Singlife is a homegrown wealth technology company in Singapore, the first since 1970 to be licensed as a life insurance company by the Monetary Authority of Singapore. The company offers digitally-enabled financial services that create a connected consumer financial journey and interface to manage, grow, and protect the wealth and financial well-being of its customers. Singlife is backed by leading insurance, wealth management, and financial services companies including Sumitomo Life, Aflac Incorporated, Aberdeen Standard Investments, and IPGL (Holdings) Limited, standing as one of the top funded homegrown fintech companies in Singapore. It was most recently listed as one of “The World’s 100 Leading Fintech Innovators in 2018” by KPMG.

 

What Singlife Offers:

Singlife’s products can be purchased directly online or through one of their third-party Financial Advisory Firms. To view the list of distribution partners, click here.

Term Life Insurance Plans

1) Term Life

Sum Assured: S$410,000 to S$5mil (up to S$2m non-medical limit)

Term Duration: Between 1 year till up to age 99

Riders: Accelerated Critical Illness, Accelerated Total and Permanent Disability

 

2) DIRECT-Term 

Sum Assured: S$50,000 to S$410,000

Term Duration: 5 years, 20 years or up to age 65

Rider: Accelerated DIRECT-Critical Illness

 

3) Critical Illness

A plan you can custom to tailor fit your protection needs, providing financial cover for up to S$300,000.

There are 3 types of base plans:

  • Critical Illness Plan
  • Multi-claim Critical Illness Plan
  • Step-up Critical Illness Plan

4) Endowment

Guaranteed returns of 2.25% p.a. for a 3 year plan & 2.38% p.a. for a 5 year plan. Invest between $5,000 to S$500,000. Available for a limited time only.