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Short Term Savings Quick Guide

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Savings Insurance Quick Guide

What is Savings Insurance?

Fulfill financial goals

Surrendering in the short term may lead to potential losses

Savings insurance is categorised into short-term and long-term savings insurance depending on the policy tenure. Using long-term savings insurance as an example, savings will continue to accumulate after the end of premium payment, providing guaranteed and projected returns.

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Short Term vs Long Term Savings Insurance

Payment period

Policy term

Payback period

Return

Short-term Savings Insurance

Generally 1 or 2 years

Generally 3 or 5 years, but some up to 8 years

Fast

Main selling point is guaranteed return

Long-term Savings Insurance

Varies from 1 to 25 years

Life-time, some policies allow changing the insured person

Usually more than 10 years

Usually contain guaranteed and non-guaranteed; the latter depends on the investment performance of the insurance company

Savings Insurance Glossary

Internal Rate of Return (IRR)

When measuring returns, in addition to simply comparing premium paid and total return, IRR takes into account of the time value of the entire cash flow and the elapsed time to obtain such return. It is a fair measurement to compare products with different payment and savings periods.

Guaranteed Return

The minimum amount that an insurance company must pay.

Projected Return

The amount of return that an insurance company has the discretion to distribute depending on a number of factors such as investment performance, claims experience, operating expenses, etc. The actual return could be higher or lower than the expected amount.

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Who needs Savings Insurance?

Career Starters

Young people in their early career life can consider using savings insurance to build regular saving habits.

Parents

Families with young children may want to start saving for their education.

Middle-aged

Those entering middle age may want to start planning for retirement. Savings insurance is an option other than MPF and annuity products.

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Frequently Ask Questions

How do you choose between short-term savings insurance and long-term savings insurance?

Short-term savings insurance is more suitable for achieving financial goals within 5 years; Long-term savings insurance is more suitable for longer term financial goals such as children education and retirement.

Why aren't the returns as expected?

Long-term savings insurance has guaranteed return and projected return. Projected return is affected by different factors including investment performance, operating expenses, etc., which may underperform and drag the overall return down below the expected level.

How do you measure whether the projected return of an insurance product is credible?

The Insurance Authority requires insurance companies to disclose the dividend fulfilment ratio of participating savings insurance for at least the past 5 years against the projected dividends in the proposal illustration. The higher the ratio to 100% means the more the insurance company is able to distribute dividends according to its original projection.

How do you choose a Savings Insurance Policy?

Short term savings insurance has a fast pay-back period and a guaranteed return within 5 years.
Long term savings insurance is more suitable for long-term financial goals such as children education and retirement.
10Life evaluates and rates products based on their guaranteed returns and projected returns under different scenarios.

Rating Methodology

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How do you choose a Savings Insurance Policy?

Rating Methodology

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