StashAway launches a term life insurance product to expand its wealth management offering

SINGAPORE, May 17, 2021 /PRNewswire/ -- StashAway has launched StashAway Term Life, a group term 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 to Singapore residents. Applying for coverage takes only 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 $100,000 to $500,000 SGD by answering just 6 health-related questions.

StashAway Term Life is a yearly renewable policy designed to give clients a flexible insurance option. Those insured can renew their plans every year as long as 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.

Michele Ferrario, Co-founder and CEO of StashAway says, "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."

Purchasing term life insurance and investing separately is often significantly more cost-effective than purchasing whole life insurance or an investment-linked policy (ILP). Amanda Ong, Country Manager of StashAway Singapore, says, "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'."

About StashAway

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

Last month, the company closed its Series D funding round of $25 million USD led by Sequoia Capital India, one of the world's leading venture capital firms. The company has also attracted other financial backers from around the world including Eight Roads Ventures, the global investment firm backed by Fidelity and early investor in Alibaba; Square Peg, the largest venture capital fund in Australia; and Asia Capital & Advisors, the private equity firm led by Francis Rozario and Aaron Rozario.

As of January 2021, the company surpassed $1 billion USD in assets under management. It achieved this milestone faster than it took the world's largest digital wealth managers, Betterment and Wealthfront, to reach the same milestone. In 2020, StashAway was recognised as a Technology Pioneer by The World Economic Forum and a Top 10 LinkedIn Startup.

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

www.stashaway.com

About Prudential Singapore

Prudential Singapore is a leading life insurance company that has served the financial and protection needs of Singaporeans for close to 90 years. Through this partnership, StashAway is able to offer an exclusive product with Prudential's underwriting that best aligns with its clients' interests. Prudential Singapore has an 'AA-' financial strength rating from leading credit rating agency, Standard & Poor's.

www.prudential.com.sg

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

Press contact:

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

SOURCE StashAway