SG Life Insurance

Looking at the title, most people may start to have some questions in their mind... "Why to nominate beneficiaries for my insurance?” “What is a nomination?" "isn't my family supposed to receive the proceeds if I die?" Most policyowners have never taken the steps to nominate the beneficiaries for their insurance policies. However, the fact is, nominating your beneficiaries make a huge difference when it comes to claims. The claim settlement process for a policy with nomination can be much smoother, faster and ensures that your intended beneficiaries' will receive the insurance proceeds. Please take note that beneficiary nomination applies to all life policies that involve death benefits, such as your whole life and term plan, PA plan, UL, as well as endowment and investment-linked policies.   1. What happens to claims when there wasn't a nomination? According to  Section 61 of Insurance Act ,  an insurance company is only allowed to pay up to $150,000 to...

Singaporean's r etirement age is going to be raised again. On 3rd of March, the Minister of Manpower, Josephine Teo, announced during a parliamentary debate that with effect from 1 July 2022, the statutory retirement age will be raised from the current age 62 to 63, and the re-employment age raised from 67 to 68.  This means employers in Singapore cannot ask any employee to retire before they day he or she turns 63. Also, as long as any employee is willing and able to continue working, an employer must offer him or her re-employment contracts till the age of 68. This could cause mixed feelings among fellow Singaporeans. On the one hand, it shows the government's determination in protecting people's right to work and to earn an income. On the other hand, the deeper reason is really to address the fact that most Singaporeans approaching their retirement age do not have enough savings for retirement. According to a survey released in 2018 by Nielsen and NTUC Income, ...