Complete Life Secure (500%) (With DD) by Income Insurance Limited

Complete Life Secure (500%) (With DD) is a regular premium whole-life participating plan from Income Insurance Limited, designed to provide lifelong protection with a focus on high multiplier coverage. As a participating policy, its value increases through the addition of bonuses linked to the performance of the insurer’s Life Participating Fund. The product distinguishes itself by offering a sum assured multiplier ranging from 100% to 500%, which applies before the insured reaches age 65, 75, or 80 (whichever is applicable). Beyond standard death benefits, it includes a retrenchment benefit that waives premiums for up to six months following job loss, and a Flexi Cash Access option that allows policyholders to convert a portion of their sum assured into an annual cash payout. The plan also features a Guaranteed Insurability Option, allowing the insured to purchase additional coverage without new medical underwriting upon specific life events.

How it compares

When evaluated against similar whole-life products for a 35-year-old male non-smoker with a $100,000 sum assured, Complete Life Secure (500%) (With DD) positions itself as a mid-range option in terms of cost and long-term returns.

Premium Costs: The annual premium for this product ranges from $5,423 depending on the premium term (21 to 25 years). This is slightly lower than its direct peer, LifeReady Plus (II) by Manulife, which costs $5,455 per year over a similar 21–25 year term. However, it is significantly more affordable than China Life Multiplier Guardian Supreme, which requires $5,784 annually, and substantially cheaper than Essential whole life cover with CI by Etiqa, which costs $9,230 per year (though Etiqa’s premium term is much shorter at 2–5 years).

Surrender Value (Year 20): At the 20-year mark, the projected surrender value per $100,000 sum assured for Complete Life Secure is $17,000. This compares favorably to China Life’s $14,110, indicating stronger cash value accumulation in the medium term. However, it trails behind LifeReady Plus (II), which offers a higher surrender value of $17,500, and significantly underperforms compared to Essential whole life cover with CI, which yields $26,300. The lower surrender value of Complete Life Secure is partly due to its longer premium payment term (up to 25 years), meaning less capital has been invested for the same period compared to shorter-term peers.

Returns and Expenses: The product demonstrates a net investment return of 1.58% over 5 years and 4.04% over 10 years, with a Total Expense Ratio (TER) of 0.94% at year 5. These returns are lower than China Life’s 5-year return of 2.36%, but the TER is considerably more efficient at 0.94% versus China Life’s 3.31%. Compared to LifeReady Plus, which has a TER of 2.40%, Complete Life Secure offers a lower cost structure. The Essential whole life cover shows a negative 5-year net return (-0.40%) but catches up to 1.92% by year 10, suggesting its shorter premium term accelerates value accumulation despite higher costs.

Pros

• High Multiplier Coverage: Offers up to 500% sum assured before a specified age, providing substantial leverage for early-career protection needs.
• Cost Efficiency: Lower Total Expense Ratio (0.94%) compared to competitors like China Life (3.31%) and Manulife (2.40%).
• Retrenchment Benefit: Includes a premium waiver benefit if the insured is retrenched, offering temporary financial relief.
• Guaranteed Insurability: Allows for additional coverage without medical underwriting upon life events like marriage or buying a home.
• Flexible Cash Access: The Flexi Cash Access option provides liquidity by converting part of the sum assured into annual payouts.

Cons

• Lower Medium-Term Surrender Value: Year 20 surrender value ($17,000) is lower than LifeReady Plus ($17,500) and significantly lower than Etiqa’s short-term pay product ($26,300).
• Long Premium Term: The premium term extends up to 25 years, which delays the point at which the policy becomes paid-up compared to shorter-term alternatives.
• Non-Guaranteed Returns: As a participating plan, bonuses are not guaranteed, and historical performance (1.58% over 5 years) has been modest compared to some peers.
• No SRS/CPFIS Payment: Premiums cannot be paid using Supplementary Retirement Scheme or CPF Investment Scheme funds.

Who it may suit

This product may suit individuals seeking lifelong coverage with high initial leverage (multiplier benefit) who prioritize cost efficiency in fees over short-term cash value growth. It is appropriate for those who want protection against income loss due to retrenchment and value the flexibility of guaranteed insurability for future life changes. However, it may not be ideal for consumers looking for rapid cash value accumulation or shorter premium payment periods, as competitors like Etiqa offer higher surrender values in earlier years despite higher premiums.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.