Why do you need insurance?

Not everything in life is within our control, and having savings in the bank is not enough to cover unexpected events.


Insurance is all about giving you a peace of mind. It lets you continue with life should something drastic happen, without having to start again from scratch.

 

The 4 layers of insurance

The more layers you have, the more protected you are.
The closer the layer is to the centre, the more important they are.

1ST LAYER

Hospital

– Hospitalisation, Surgery
– Personal Accidents

Getting hospitalised locally or overseas is the last on anyone’s list, that’s why so many are unprepared for such an event. Hospital bills could wipe out your savings and disrupt everyday life.

The type of ward and quality of healthcare greatly depends on how much you can afford, so make sure you’re well covered in this area. This helps you recover without worry of expensive treatments and therapy equipment.

2ND LAYER

Life Insurance

– Death, Terminal Illness
– Total Permanent Disability

Surprisingly, there are many people who do not even have basic life insurance. A key consideration should be the financial impact on yourself or your dependants, should disability or death occur.

The payouts from life insurance policies can help relieve any financial burdens you may unknowingly pass on to your family (e.g. outstanding loans).

3RD LAYER

Critical Illness

– Serious illnesses
– Cancer, stroke, etc.
– Medical Treatments

Most life insurance DO NOT cover serious illness and the expensive treatments that follow. This completely disrupts your way of life, including those around you. The payouts from these policies can help relieve any financial burdens you may unknowingly pass on to your family (e.g. outstanding loans).

4TH LAYER

Endowments

– Annual or Lump Sum Payouts
– Basic Protection

Endowment insurance plans aim to help grow your wealth, while providing basic insurance coverage. It is not a fixed or savings deposit. The returns may not be as high as stocks and shares, but endowment insurance plans are generally considered a good option as they are less risky and give you better returns than saving in a deposit account.

Things you need to know
before buying

The more you know, the better the position you’ll be in
to make the right decisions.

What affects insurance cost?


Policy Term

How long you want to be covered for


Sum Assured

How much you want to be covered for


Hospital Preferences

Private hospitals and premium wards will cost more

Each type of insurance lets you adjust one or more factors that affect the monthly premiums. Other factors that may affect your monthly premium regardless of what you chose above:

  • If you have any dependants. e.g Parents or kids
  • If you have any existing medical conditions.
  • If you have any existing home loans.
  • If you smoke, and if you're married.

Here’s what we suggest

Premiums are calculated for Chloe, a 25-year-old Singaporean female. She does not smoke. Your premiums may vary from hers. The premium rates reflected may be adjusted in the future.

Starter

Chloe can start with plans that cover the first 2 important layers. Together this starter kit will cost S$857.56 yearly.

HOSPITAL

Supreme Health (A Plus)

  • Policy term: Renew yearly
  • Hospitalisation: As-charged up to restructured hospitals

Covers your hospitalisation needs, for life. Premiums are payable from your CPF Medisave account. Renewable even when you have made claims against the plan.

Find out more

She pays: S$265 yearly. Her premiums will increase with age

HOSPITAL

Personal Accident Cashback Plus

  • Policy term: Renew Yearly
  • Sum assured (death): S$100,000
  • Sum assured (TPD): S$150,000
  • Hospitalisation: Up to S$150 a day for up to 180 days

Covers the most basic insurance need: Hospitalisation. Though coverage is a little lower, you are guaranteed cashback of 50% of total premiums paid when your policy expires, regardless of the number of hospital claims made.

Find out more

She pays: S$322.56 yearly or S$26.88 monthly

LIFE INSURANCE

MaxTerm Value

  • Policy term: 30 years
  • Sum assured: S$300,000

Term insurance provides high protection coverage at an affordable price over the policy duration. Coverage events include death and total & permanent disability. The earlier you buy, the cheaper it gets.

Find out more

She pays: S$270 yearly

Essential

Chloe can then look at plans that cover the 2nd and 3rd layers – Whole Life and Critical Illness insurance plans.

LIFE INSURANCE + CRITICAL ILLNESS

MaxTerm Value CI

  • Policy term: 30 years
  • Sum assured: S$100,000

Term insurance provides high protection coverage at an affordable price over the policy duration. Coverage events include death, total & permanent disability and critical illness. The earlier you buy, the cheaper it gets.

Find out more

She pays: S$278 yearly

LIFE INSURANCE + CRITICAL ILLNESS

MaxLife Protector 2

  • Policy term: Whole Life
  • Sum assured: S$100,000

Pay premiums for only 15 years. Coverage increases as you age. Critical Illness coverage is optional. The premiums reflected below is for MaxLife Protector 2 only.

Find out more

She pays: S$2,617 yearly

LIFE INSURANCE + CRITICAL ILLNESS

MaxLife Multiplier

  • Policy term: Whole Life
  • Sum assured: S$100,000

Pay premiums for only 15 years. Get up to 3x the coverage until 65 (age next birthday). Premiums reflected includes its compulsory rider - Critical Illness Protector Multiplier 15 rider.

Find out more

She pays: S$3,597 yearly

Growth

Once Chloe has enough coverage, she can start with the 4th layer to build her wealth, while receiving insurance coverage at the same time. Endowment insurance plans aim to help you grow your wealth, while providing basic insurance coverage. It is not a fixed or savings deposit.

ENDOWMENT

MaxAdvance Payout

  • Policy term: 15 years
  • Premium term: 10 years
  • Sum assured: S$50,000
  • Option: Paid-out
  • Guaranteed maturity benefit: S$36,500
  • Total survival benefit: S$32,500
  • Non-guaranteed maturity benefit: S$13,119
  • Total policy benefit: S$82,119

Insurance coverage against death and terminal illness. It has a compulsory Accidental Death Benefit (Payer) rider attached to it. The premiums reflected below includes the rider premiums.

(The figures shown above are for illustrative purposes only. Please refer to the policy illustration and product summary for the exact values. The non-guaranteed benefit is based on a projected investment rate of return of 4.75% p.a. and the actual benefits payable will depend on how the participating fund performs in the future.)

Find out more

She pays: S$6,523 yearly for 10 years

ENDOWMENT

MaxGrowth Plus

  • Policy term: 12 years
  • Premium term: 6 years
  • Sum assured: S$50,000
  • Option: Paid-out
  • Guaranteed maturity benefit: S$18,750
  • Total survival benefits: S$31,250
  • Non-guaranteed maturity benefit: S$21,650
  • Total policy benefit: S$71,650

Insurance coverage against death, terminal illness and total and permanent disability.

(The figures shown above are for illustrative purposes only . Please refer to the policy illustration and product summary for the exact values. The non-guaranteed benefit is based on a projected investment rate of return of 4.75% p.a. and the actual benefits payable will depend on how the participating fund performs in the future.)

Find out more

She pays: S$9,536.50 yearly for 6 years

Get proper advice!

Many people are quite clueless about how much coverage they actually need. This is where a financial planner can help. They can look at your cash-flow, risk, investments, retirement, etc, then advise the best course of action.

As long as you have money, no matter how little you think you have, a financial plan is a must. Once this is in place, your financial planner can help you understand which insurance plan is suitable and how much coverage you need.

Make an Appointment!

Once you submit your details the OCBC Insurance Team will call you back to arrange for a suitable time and place to meet you.

SUBMIT MY DETAILS

FRANK School of Thought

Important notices

Important Notice
These insurance plans are underwritten by The Great Eastern Life Assurance Company Limited or The Overseas Assurance Corporation Limited, each a wholly-owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC Group.

This plan is not a bank deposit and OCBC Bank does not guarantee or have any obligations in connection with it. This document does not take into account your particular investment and protection aims, financial situation or needs. You may want to seek advice from a financial adviser before committing to buy the product. If you choose not to seek advice from a financial adviser, you should consider whether the product is suitable for you. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable, if any, may be less than the total premiums paid. It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefits at the same cost.

This document is for general information only. It is not a contract of insurance or an offer to buy an insurance product or service. It is also not meant to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. If you are interested in the insurance policy, you should read the product summary and benefit/policy illustration (available from OCBC) before deciding whether to buy this product. No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any of the information provided in this document is given by us and you should not rely on it as such. We do not undertake to update the information or to correct any inaccuracies. All information may change without notice. We will not be liable for any loss or damage arising directly or indirectly in connection with or as a result of any person acting on the information in this document.

Policy Owners' Protection Scheme
These plans are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).