Frequently Asked Questions

Is eDecreasingTerm a level term or decreasing term insurance policy? What is the difference between the two?

eDecreasingTerm is a decreasing term insurance policy. Your sum insured decreases at your chosen decreasing interest rate over the policy term (in line with your reducing outstanding home loan). Your family will receive the prevailing sum insured if an unfortunate event happens to you.

On the other hand, your sum insured is fixed over the policy term under a level term insurance policy. Your family will receive a payout of the sum insured if an unfortunate event happens to you.

For this reason, premiums for the decreasing term insurance are lower than that of the level term insurance. Decreasing Term Insurance would be optimised to help cover for your outstanding home loan. For Decreasing Term Insurance, you do not need to pay premium during the last 2 years of policy term.

What is the “decreasing interest rate” of this policy?

Decreasing interest rate in this policy refers to the interest rate which the sum insured decreases at over your chosen policy term. This is typically chosen such that it is the same as the interest rate charged on your home loan.

How do I provide coverage for my joint application for my home loan?

You may approach Wealth Planning Managers at any DBS / POSB branch for joint application.

Can foreigners apply?

Foreigners who are Singapore permanent residents may apply. Do refer to the Frequently Asked Questions relating to Eligibility & Underwriting.

How can I terminate my policy?

No, this product does not have cash value or surrender value as it is a pure protection plan. You may write in to [email protected] to terminate your policy.

Who can I contact if I have further queries?
If you have further product-related enquiries, please email Manulife at [email protected]. If you are facing technical difficulties, you may explore our live chat service in DBS/POSB digibank online.