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Life Insurance

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The demands of protecting your business have become more diverse. From a partner who sees your business the way you do, we believe in providing you with the relevant insurance solutions that aim to meet your business needs today. And tomorrow.

Key-Man Protection
Potentially protects against the Loss1 of a key person.

  • Compensates2 a business in the event of an unexpected Loss1 of a key person
  • Business can use the sum assured to:
    • mitigate potential negative financial impact due to the loss of a key person (i.e. life insured) or
    • potentially enable business continuity and sustainability

Employee Benefits
Provide employee benefits that potentially attract and retain talented personnel.

  • Choice of selected product to potentially fulfil the business' Golden Handcuff Schemes3
  • Provides hospitalisation benefits to the employee(s) and their family

Business Loan Protection
Ensures that credit obligations are potentially insured against Total and Permanent Disability and/or Death of life insured and that the burden does not rest with the life insured’s estate4 and/or business partner(s) upon Death of the life insured5.

  • Avoid the need for sudden replacement of a guarantor
  • Use to potentially repay outstanding loan(s)6
  • Potentially protects the life insured’s personal estate4 that has been pledged as a collateral in the event of Death of the life insured

Share Buy / Sell Arrangements
Potentially enable the transfer of share ownership to remaining partner(s)/shareholder(s) upon covered events8.

  • Surrender value of policies to fund the continuation of the business in the event of planned retirement
  • Funds the continuation of the business upon the Death/Terminal Illness of life insured7
  • Payout could potentially be used for shares buy/sell due to occurrence of covered events8,9. Beneficiaries of the life insured will receive the sum assured stated in the policy to fund for the transfer of share ownership

1 Loss refers to Death, Total and Permanent Disability (TPD) and/or Terminal Illness (TI). Please refer to the policy contract for the specific coverage under the policy.
2 Compensation refers to the sum assured stated in the policy contract issued by Prudential Assurance Company Singapore (Pte) Ltd.
3 Golden Handcuff Schemes are typically system of financial incentives designed to keep an employee from leaving the company. The said schemes may include life insurance products that provide coverage for Death, TPD, TI and/or Accidental Death benefits.
4 Only applies to companies with sole directorship
5 Guarantor(s) of the company/partner(s) of a partnership
6 Insurance payout may not fully repay the outstanding loan
7 Shareholders of the company
8 Death and Terminal Illness
9 Insurance payout may not be sufficient for the share buy/sell

Important Notice and Disclaimers:
Buying a life insurance policy is a long term commitment. An early termination of the policy usually involves high costs and the surrender value payable (if any) may be less than the total premiums paid. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. This marketing material is not a contract of assurance nor is it intended as an offer or recommendation with respect to the purchase or sale of the above product. Acceptance of the proposal is subject to underwriting. The precise terms and conditions of any products related hereto are specified in the policy. The above is for general information only and does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You may wish to seek advice from a financial adviser before making a commitment to purchase any products related hereto. In the event that you choose not to seek advice from a financial adviser you should consider carefully whether such product is suitable for you. This material is not required to be reviewed or endorsed by the Monetary Authority of Singapore. Information correct as at 01 June 2012.

United Overseas Bank Limited does not hold itself out to be an insurer, insurance broker or insurance agent. The insurance products stated herein are provided by Prudential Assurance Company Singapore (Pte) Limited.

United Overseas Bank Limited Co. Reg. No. 193500026Z
Prudential Assurance Company Singapore (Pte) Limited Reg. No. 199002477Z

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