Insurance firm Singlife has launched its Singlife Legacy Invest, a customizable investment-linked plan ( ILP ) that offers customers flexibility in selecting their coverage duration and premium payment terms to suit their needs and financial goals.

Unlike many ILPs in Singapore that offer lifelong coverage along with long-term regular premium payments, this plan, the company says, allows customers to choose coverage terms of 10, 15, 20 or 25 years, with premium payment term options ranging from a lump-sum to regular payments over 3, 5 or 10 years.

This structure allows for a shorter-term financial commitment, while allowing flexibility for retirement or legacy planning. Customers may also extend their coverage period to age 100 via the extension benefit to continue growing their wealth with protection in place.

The plan features monthly charges for a fixed period without any insurance charges for death and terminal illness coverage, which helps to maximize the potential for investment growth once the charge period ends.

Helen Shen, the insurer’s group head of products, adds: “[This plan] offers a refreshing approach to ILPs.”