Robo Advisor StashAway Expands Its Product Line With New Life Insurance Offering
by Fintech News Singapore May 17, 2021Southeast Asian digital wealth manager StashAway has launched a group term life insurance policy underwritten by Prudential Singapore named StashAway Term Life.
StashAway Term Life is a fully digital offering available on its app to Singapore residents where application for coverage reportedly takes only a few minutes, with no in-person medical check required.
Customers can get a personalised recommendation for how much coverage they need, and then apply for coverage ranging from S$100,000 to S$500,000 by answering several 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.
Michele Ferrario
Michele Ferrario, Co-founder and CEO of StashAway said,
“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.”
Amanda Ong
Amanda Ong, Country Manager of StashAway Singapore said,
“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’.”
Featured image: From Left – Nino Ulsamer, CTO and Co-Founder of StashAway, Michele Ferrario, Co-founder and CEO of StashAway, Freddy Lim, CEO and Co-Founder of StashAway
