17 Sep 2008
Statement from NTUC Income
NTUC Income wishes to assure all parties that the company remains in a financially sound position, despite the recent turmoil in the financial markets. Our Standard & Poor's rating remains at AA, the strongest in the region, and we comply with MAS regulations in having sufficient assets to meet all our obligations to policyholders.
To date, our sales have remained consistent and positive. We have not seen a significant increase in the volume of customer enquiries for our policies. Our professional standards and Customer Promise require us to act in the best interests of our current and future customers, each and every time. Hence, we do not encourage them to terminate their policies hastily regardless of who they are insured with currently.
We would like to take the opportunity to remind consumers that life insurance polices are for their long term protection, with penalties for early termination. Policyholders should hold on to them for the duration and consult their financial advisors on their needs. They should also ensure that the specifications of the product are suitable for their needs.
Policyholders who choose to do otherwise may end up suffering a loss for early surrender, losing essential coverage or purchasing an unsuitable product.
We will continue to monitor the situation and provide updates if and when necessary.