Fi Life has added a 20-year level term life insurance policy to its current suite of life insurance policies. This level term policy is underwritten by Tokio Marine Life Insurance Malaysia Bhd.
The level term policy complements Fi Life’s existing yearly renewable term life policy which has been available since 2015, according to the company.
In a 20-year level term policy, premiums for the level term policy are fixed and guaranteed for the next 20 years. With a yearly renewable term policy, premiums increase slightly every year with the policy-holder’s age.
Premiums for level term policies are more expensive in the beginning compared to yearly renewable term policies – as the level terms premiums are fixed for the 20-year duration of the policy, policy holders do not need to worry about higher premiums.
The product allows users to purchase policies based on whether they prefer a fixed premium for the next 20 years or to pay less at the beginning and renew at a slightly higher rate each year.
The development follows customers’ expressing a preference for certainty of fixed insurance premiums over the duration of their Fi Life insurance policy.
Prospective customers will receive two premium quotes side-by-side after entering basic details at www.fi.life – one for the level term policy and one for the yearly renewable term policy. The customer can then select the policy that suits their preference.
Similarly to the yearly renewable term policy, critical illness can be included as an add-on to their level term policy.