Complete Life Secure (100%) (With DD) by Income Insurance Limited

Complete Life Secure (100%) (With DD) is a regular premium whole-life participating plan from Income Insurance Limited, designed to provide lifelong coverage for total and permanent disability (TPD), terminal illness, and death. The policy requires premiums only for a limited term—typically 21 to 25 years for standard criteria—and offers a sum assured multiplier of up to 500% before the insured reaches specific ages (65, 75, or 80). A key feature is its non-participating rider that provides a retrenchment benefit, allowing premium payments to be waived for up to six months if the insured loses their job. The plan also includes a Flexi Cash Access option for annual payouts and a Guaranteed Insurability Option, permitting new coverage without medical underwriting upon life events like marriage or purchasing property.

How it compares

When evaluated against peers on comparable bases (age 35, male, non-smoker), Complete Life Secure positions itself as a mid-range option in terms of cost and value accumulation.

Premiums: At a basis of $2,855 per year per $100,000 sum assured, it is more affordable than Manulife’s LifeReady Plus II ($5,455) and Etiqa’s Essential whole life cover with CI ($9,230). However, it is slightly cheaper than China Life’s Multiplier Guardian ($3,214), though the latter has a significantly shorter premium term (11–15 years vs. 21–25 years).

Surrender Value: After 20 years, the policy yields $17,000 per $100,000 sum assured. This is substantially higher than China Life’s Multiplier Guardian ($9,170) and comparable to Manulife’s LifeReady Plus II ($17,500). Etiqa’s Essential cover offers the highest surrender value at $26,300 but comes with a much higher premium cost.

Returns and Costs: The plan reports a 5-year net investment return of 1.58% and a 10-year return of 4.04%, with a Total Expense Ratio (TER) of 0.94% at year 5. While the 10-year return is competitive, the 5-year return lags behind China Life’s 2.36%. The TER is notably lower than China Life’s 3.31% and Etiqa’s 2.25%, suggesting better cost efficiency in the early years compared to these peers.

Pros

• Cost-Effective Premiums: Lower annual premiums compared to Manulife and Etiqa equivalents for similar coverage terms.
• Strong Mid-Term Cash Value: The 20-year surrender value ($17,000 per $100k SA) is robust, significantly outperforming China Life’s offering in this duration.
• Low Early Expense Ratio: A TER of 0.94% at year 5 is more efficient than many competitors, potentially preserving more cash value in the initial phase.
• Retrenchment Benefit: Includes a specific rider that waives premiums for up to six months upon job loss, providing temporary financial relief.
• Guaranteed Insurability: Allows for additional coverage without medical underwriting during key life events.

Cons

• Long Premium Term: The 21–25 year premium payment period is longer than China Life’s 11–15 years, requiring a longer financial commitment.
• Modest Early Returns: The 5-year net return of 1.58% is lower than China Life’s 2.36%, which may deter investors seeking faster growth in the short term.
• No SRS/CPFIS Payment: Unlike some competitors, this plan does not allow payment via Supplementary Retirement Scheme (SRS) or CPF Investment Scheme (CPFIS).
• Reduced Coverage with Flexi Cash: Exercising the Flexi Cash Access option permanently reduces the sum assured and subsequent death benefits.

Who it may suit

This product may suit individuals seeking a balanced whole-life policy that prioritizes moderate cash value growth over aggressive early returns. It is particularly relevant for those who want lifelong coverage with a multiplier benefit but prefer a lower premium burden than Manulife or Etiqa options. The retrenchment waiver makes it suitable for professionals in volatile industries, while the guaranteed insurability option appeals to those planning for future family milestones. However, consumers seeking shorter premium terms should consider China Life, while those prioritizing maximum surrender value might look toward Etiqa, accepting the higher cost.

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.