StashAway launches group term life insurance plan

ROBO-ADVISER StashAway has launched a group term life insurance policy for Singapore residents, underwritten by Prudential Singapore.

Known as StashAway Term Life, it is a fully digital, yearly renewable policy that aims to give clients a flexible insurance option. Those insured can renew their plans every year as long as they reside in Singapore, said the firm in a statement on Monday.

Applying for coverage on the StashAway app takes a few minutes with no in-person medical check required. Clients 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 six health-related questions.

"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," said the firm.

The addition of StashAway Term Life to its suite of investment portfolios is part of broader plans to become an "all-in-one" wealth management platform.

Michele Ferrario, co-founder and chief executive 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."

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