StashAway launches a term life insurance product to expand its wealth management offering – About Your Online Magazine


SINGAPORE, May 17, 2021 / PRNewswire / – StashAway launched StashAway Term Life, a group life insurance policy underwritten by Prudential Singapore. The addition of the new product brings StashAway even closer to becoming an all-in-one wealth management platform.

StashAway Term Life is a fully digital offering available on the StashAway app for Singapore residents. The coverage request takes just a few minutes, without the need for a personal medical examination. Customers can get a personalized recommendation on how much coverage they need and then request coverage that varies from $ 100,000 for $ 500,000 SGD answering just 6 health related questions.

StashAway Term Life is an annual renewable policy designed to offer customers a flexible insurance option. Policyholders can renew their plans every year, as long as they reside in Singapore. This offer is particularly suitable for those at the start of their careers or for those looking to easily recharge any existing coverage they have individually or as part of their employee benefits.

Michele Ferrario, Co-founder and CEO of StashAway says: “Our goal since the launch of our services in 2017 was to provide affordable, transparent and straightforward financial products. The addition of StashAway Term Life is yet another way to do this, with a simplified digital journey to acquire life insurance. “

Buying life insurance and investing separately is often significantly cheaper than buying life insurance or an investment-linked policy (ILP). Amanda Ong, Country Manager at StashAway Sngapore, says: “While it is convenient to pool investments and money in an insurance policy, the higher premiums for whole life insurance and ILPs generally do not outweigh the extra cost. From a cost perspective, you are better off buying term insurance and investing your savings in a separate investment product, or as they say, ‘Buy term and invest the rest’. ”

About StashAway

StashAway is a digital wealth manager that offers investment portfolios and wealth management solutions for retail and accredited Singapore investors and operates in Singapore, Malaysia, a middle East and North Africa and Hong Kong.

Last month, the company closed its Series D financing round of $ 25 million dollars led by Sequoia Capital India, one of the world’s leading venture capital companies. The company also attracted other financial sponsors from around the world, including Eight Roads Ventures, the global investment company supported by Fidelity and an initial investor in Alibaba; Square Peg, the largest venture capital fund in Australia; and Asia Capital & Advisors, a private equity firm led by Francis Rozario and Aaron Rozario.

From January 2021, the company overcame $ 1 billion dollars in assets under management. It reached that milestone faster than the world’s largest digital wealth managers, Betterment and Wealthfront, to reach the same milestone. In 2020, StashAway was recognized as a technology pioneer by the World Economic Forum and one of LinkedIn’s top 10 startups.

StashAway’s portfolios have consistently surpassed their respective same risk * benchmarks since its inception in 2017, with annualized returns ranging from 15.9% (for its highest risk portfolio) to 3.5% (for its lowest risk portfolio) in terms of SGD * from the end of March 2021.

www.stashaway.com

About Prudential Singapore

Prudential Singapore is a leading life insurance company that has been serving the financial and protection needs of Singaporeans for almost 90 years. Through this partnership, StashAway can offer an exclusive product with a subscription from Prudential that best aligns with the interests of its customers. Prudential Singapore has an ‘AA-‘ financial strength rating from the leading credit rating agency, Standard & Poor’s.

www.prudential.com.sg

* Same risk benchmarks are represented by the MSCI World Equity Index (for stocks) and FTSE World Government Bond Index (for bonds). The benchmarks we use have the same 10-year volatility as our portfolios. We calculate these returns before fees.

Press contact:

Amanda Ong
National Manager
Singapore
Phone: +65 9150 7507
amanda.ong@stashaway.com

SOURCE StashAway


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Paula Fonseca