StashAway has launched StashAway Term Life, a group term life insurance policy underwritten by Prudential Singapore. The addition of the new product brings StashAway even closer to becoming an all-in-one wealth management platform.
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StashAway Term Life is a fully digital offering available on the StashAway app to Singapore residents. Applying for coverage takes only a few minutes, with no in-person medical check required. Clients can get a personalised recommendation for how much coverage they need, and then apply for coverage ranging from SGD100,000 to SGD500,000 by answering just six health-related questions.
StashAway Term Life is a yearly renewable policy designed to give clients a flexible insurance option. Those insured can renew their plans every year as long as they reside in Singapore. This offering is particularly suitable for those early in their careers or those looking to easily top-up any existing coverage they have individually or as part of their employee benefits.
Michele Ferrario, Co-founder and CEO of StashAway says, “Our goal from the time we first launched our services in 2017 was to provide affordable, transparent, and straightforward financial products. The addition of StashAway Term Life is one more way we’re doing that, with a simplified digital journey to purchase life insurance.”
Purchasing term life insurance and investing separately is often significantly more cost-effective than purchasing whole life insurance or an investment-linked policy (ILP). Amanda Ong, Country Manager of StashAway Singapore, says, “Although it’s convenient to lump investments and cash into an insurance policy, the higher premiums for whole life insurance and ILPs aren’t usually worth the extra cost. From a cost perspective, you’re better off buying term insurance and investing your savings in a separate investment product, or as they say, ‘Buy term and invest the rest’.”
Source: StashAway (Press release)
