As a business owner, you will not only be responsible for your family members but also for your business partners and employees. It is important for you to have a life insurance plan so your loved ones are not burdened with your company’s expenditure in your absence.
DBS Universal Life Insurance plan is a policy that protects your business from any unforeseen event. It provides your business with the much needed financial security even in your absence.
- Provides you with cash value accrual.
- Insurance charges are simple and transparent.
- Offers flexibility to pay your insurance premium. (The frequency of premium instalments and the actual amount will determine the value of the policy and possibly the death benefit, in addition to what extent the insurance plan will be kept in force).
- The minimum crediting interest rate is guaranteed.
- You can ask to alter the life insured following 2 years from the date on which the policy was issued. 2 changes is the maximum that is permitted for a single plan.
- Quit Smoking Incentive: For the initial 3 years, smokers will be entitled to policy charges of a non-smoker. With adequate proof that you have stopped smoking for no less than 12 successive months before the finish of the 3rd policy year, you will keep on enjoying this benefit till the policy term ends.
- DBS Universal Life Insurance policy can offer funds to a company in order to clear any debt that has occurred due to the death of a key employee who can have an impact on the credit lines of a company. This particular benefit will help in avoiding any disruption in functioning and also the clients, creditors and the other stakeholders of the company will be assured of an easy and hassle-free transition.
Key man insurance
- In every organisation, there are a few significant people (CEO, director, or owner) who play a vital role in how the business operates. In case of the demise of a company’s key employee due to premature death, the operation of the business will be severely impacted and sometimes a business can fail to survive.
With DBS Universal Life Insurance policy, when a key person of your company is no more, an insurance payout will be given to your organisation so there is enough liquidity to keep your business up and running.
- A ULI policy offers additional motivation for key workers to remain with the organisation. This is generally combined with a business agreement that enables the key employee to either have partial or complete access to the insurance plan’s cash value for financial requirements during a specific period or when getting retired. In the event of death, the policy’s payout will be carried out based on the business agreement.
- Investing in DBS Universal Life Insurance intensifies your investment portfolio. Generally, the outcome of insurance policies has a low connection to other asset categories such as bonds or equities. In comparison to other insurance policies, ULI gives you death benefit coverage, cash flow in the event of death, and the cash turnout is likely to be high.
- When the founder of a family organisation dies, it is likely that the company might get dissolved due to disagreements about inheritances. This is most likely to happen when all family members are not actively participating in the company’s operations.
To guarantee an impartial sharing of benefits, the company can impact a ULI for the proprietor that will adequately enhance the cost of the properties that can be disseminated among his beneficiaries. All the more critically, it gives money to pay the beneficiaries who are not actively participating in the organisation, thus avoiding the requirement to liquidate a productive business.
Supporting business continuity plan
- As a business continuity plan (BCP) initiative, a buy-sell agreement will be enforced when a shareholder or a partner of an organisation passes away. This agreement will have all the conditions listed in order to purchase a share from the deceased party. DBS Universal Life Insurance can be established to subsidise any buyout that happens under the buy-sell agreement.
How to apply for DBS Universal Life Insurance?
You will need to fill up an online form on the bank’s official website, after which a Corporate Bancassurance Manager will contact you.