StashAway launches a term life insurance product

Singapore-based wealth management platform StashAway has launched StashAway Term Life, a group term life insurance policy underwritten by Prudential Singapore.

StashAway Term Life is a fully digital offering available on the StashAway app to Singapore residents. According to the company, applying for coverage takes a few minutes, with no in-person medical check required. Clients can get a personalized recommendation for how much coverage they need, and then apply for coverage ranging from $100,000 to $500,000 SGD by answering 6 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. “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.” – Michele Ferrario, Co-founder and CEO of StashAway.

“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’.” – Amanda Ong, Country Manager of StashAway Singapore.