StashAway launches new digital life insurance product

By Leandra Monteiro

StashAway has launched StashAway Term Life, a group term life insurance policy underwritten by Prudential Singapore. With this new product brings StashAway is one step closer to becoming an all-in-one wealth management platform.

StashAway Term Life is a fully digital offering available on the StashAway app to residents of Singapore. Applying for the insurance coverage takes only a few minutes, with no in-person medical check required. Clients can also get a personalised recommendation for how much coverage they require, and then apply for coverage ranging from $100,000 to $500,000 SGD by answering just 6 health-related questions.

StashAway Term Life is a yearly renewable policy intended to give clients a flexible insurance option. Those insured can renew their plans on a yearly basis if they reside in Singapore. This offering is particularly suitable for those early in their careers or those looking to easily top-up any existing coverage they have individually or as part of their employee benefits.

According to media reports, 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.”

According to media reports, 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’.”