We Compare over 15 Life insurers to get you the best whole life insurance plan in Singapore
Learn about the different whole life insurance plans and compare whole life insurance plans from different insurers to find the plan that best suits your needs.
Why Get A Whole Life Insurance Plan?
Protection, Savings & Legacy
Legacy Planning
Leave a sum of money to your dependent regardless of whether they are self-reliant or not throughout your life.
Boost Protection
Enhance your coverage during active years with Multiplier benefits.
Savings
Option to use Whole Life Insurance as a form of forced savings to potentially supplement your retirement needs eventually.
Limited Payment
Lifetime protection with limited payment term including riders like critical illness and early-stage critical illness.
Compare and Get Quotes from Different Whole Life Insurance Providers
These are the companies we can help you get quotes for and get you the best offer
Other Features of Whole Life Insurance Plan
Add Riders
Here are some riders you may add on to your whole life insurance protection to provide comprehensive coverage.
- Disability
- Critical Illness
- Early-Stage Critical Illness
- Child Illness Protection
- CI Premium Waiver
- Payer Premium Waiver
Income Pay-out Options
Some plans can provide you with Income payout option in your later years to supplement your retirement.
Multiplier Benefit
Choose between 2 times to 5 times multiplier to boost your protection coverage for an available time, e.g. you may 4x a 50,000 sum assured to 200,000 without paying for a 200,000 coverage till age 70 or 86
Sample Premiums
Whole Life Insurance Premium 30 Years Old Non Smoker Male & Female
Permutation: 100,000 Death, Disability 50,000 Early CI 50,000 Advance CI with 2x Multiplier till Age 70. 20 years premium term
| China Taiping | $3,313 | $3,363 |
| AIA | $4,890 | $4,890 |
| Singlife | $3,176 | $3,119 |
| Manulife | $3,388 | $3,436 |
| Etiqa (Multiplier till 65) | $2,822 | $2,865 |
| AXA | $3,796 | $3,674 |
| HSBC | $3,120 | $3,257 |
What Should You Look Out For When Buying A Whole Life Insurance Plan?
- Premium for critical illness riders are usually not guaranteed
- Terminal illness coverage which comes with the death benefit is different from critical illness, TI is claimable if you have been diagnosed with less than 12 months to live
- The cash bonus once declared by the insurers are guaranteed.
- Certain insurer provides lifetime coverage for disability, but the definition becomes more stringent from age 70 onwards.
The biggest advantages of getting a Whole Life plan are the lifetime coverage feature with cash savings.
Get Whole Life Insurance Quotes
Our MAS-Licensed Partner will provide you with objective advice and help you compare insurance quotes from different providers. 100% Free & No Commitment. Retrieve your info using your Singpass App or Manually fill in the forms below.
Frequently Asked Questions
Whole life insurance plan is an insurance product that provides the policyholder with a covered benefit for life. The basic function of a Whole Life Plan is to provide a lump sum pay-out in the event of the death of the insured if the policy is in force. To qualify as a whole life insurance, the plan has to have cash value where a policy holder can surrender and withdraw part of or the whole of it as long as cash value are available.
What are the payment term options?There are mostly limited pay term with the options of paying a single lump sum premium upfront or a regular payment term option of 5 years all the way till 99 years. The most common denominations are in the multiples of 5 at 5 years, 10 years, 15 years, 20 years, and 25 years.
What are the available riders in a whole life plan?Almost all whole life plans in the market allow the policyholders to add in riders to their life plan to enhance the coverage dynamism. Policyholders are able customize their plan into a one size fits all solutions that includes one or all the following coverage in one product:
Total and Permanent Disability
Advance Stage Critical Illness
Early-Stage Critical Illness
Multi Claim Critical Illness
Hospital Cash
Disability Income
Multiplier Benefit
To do so, policyholders will need to top up an additional premium to include these features.
Does Whole Life Insurance Income Option?Some insurers have an annuity option feature in their whole life insurance plan where the policyholder can choose to convert them into an annuity plan, this is an excellent feature which enables the policyholders to, First, enjoy a regular stream of income for a period of time from a specific age onwards.
Second, to continue and let the plan provide a minimum amount of coverage still without requiring the insured to effectively surrender their policies.
What are multiplier benefits in a whole life insurance plan?The multiplier benefits allow the insured to multiply their sum assured by anywhere from 2 to 10 times until a certain age, usually until age 65 or 70. This effectively boost the coverage by x number of multipliers during their active years. This may be a more affordable option as compared to boosting the basic sum assured to the desired value. The purpose is to provide an additional amount of pay-out when the insured is younger and has more financial commitments.
How does a multiplier benefit work?Example: Tom purchases a whole life insurance plan with 4 times multiplier till age 70 for a coverage of $50,000 sum assured for Death, Disability and Critical Illness.
Effectively, this increases Tom’s coverage amount to $200,000 on Death, Disability and Critical Illness.
Thanks to the 4 times multiplier benefit feature, should any of the three covered events strikes Tom before age 70, Tom or his beneficiary will receive a lump sum pay-out of $200,000 even though his basic sum assured is only $50,000.
However, if the covered event were to occur above age 70, Tom or his beneficiary will receive the $50,000 sum plus any accrued bonuses instead.
What is cash value?The cash value is a saving feature that is embedded in a whole life insurance policy which is also the main reason why a whole life insurance premium is much higher than term insurance.
Cash value is the invested part of the premium the policyholders pay, they are typically invested into a pot of diversified assets managed by the insurer’s in-house or externally appointed fund manager.
What is a participating and non-participating whole life insurance?The participating fund shares the profit of its investment with the policyholders in the form of yearly bonuses. Once paid out, the bonuses are guaranteed and accumulated throughout the policy term.
Participating whole life insurance provides a guaranteed cash value portion and a non-guaranteed cash value portion typically shown in their benefit illustrations at 3.00% p.a. or 4.25% p.a., the cash value money accumulated will then be paid out to the insured’s beneficiary in addition to the sum assured in the event of the insured’s death or to the insured when he/she surrenders the policy.
Non-participating plan has guaranteed claims benefit and cash values, and as the name indicate, it does not participate in the investment profit of the insurers.
Why should you get a whole life insurance?You should get whole life insurance if you:
- Want to leave a sum of money to your dependent regardless of whether they are self-reliant throughout your life.
- Have the intention to provide coverage during your productive years and having an option to use them as a form of forced savings to supplement your retirement needs.
- Want to provide for early stage critical illness coverage for a longer period e.g. till age 85 but at the same time prefers to pay for a limited term rather than to continue paying for the premium beyond your retirement years.(in some circumstance, this strategy may be cheaper than getting an early stage ci stand-alone policy)
- Want to pay limited period and enjoy whole life coverage
The main difference whole life insurance is the existence of cash value. On the flipside, most term life insurance does not provide any return should the policyholder surrenders or terminates the plan. This is also the reason why whole life insurance is more expensive than a term insurance
Latest Articles Related to Whole Life Insurance
Disclaimer
- MoneyLine.sg is an independent information provider. It is not a bank or financial services provider and cannot give direct financial advice.
- All Sample Premium results if shown are based on the criteria indicated and MoneyLine.sg does not warrant or guarantee that anything written here is accurate, timely, or relevant to the solution of any problem you may have.
- Contents are intended as general information only and do not consider financial situation or need of any user or reader, any specific person or group of persons. It does not constitute advice nor does any part of the content constitute an open offer capable of forming the basis of a contract.
- Promotions indicated on this page may not be accurate and may be subjected to changes by providers without warning. Moneyline.SG does not take responsibility for the accuracy of the information shown in this content.
- You are recommended to seek financial advice from a qualified financial adviser for product suitability and its latest premium rates quotation before deciding to purchase the product. In the event you choose not to seek advice, you should consider if the product is suitable for you.
- Without prejudice to the generality of this, MoneyLine.sg Pte Ltd specifically excludes liability for any loss or damage no matter how arising from the use of this Web Portal or of any information or services provided through this web portal.
- Please read our full Disclaimer on the use of our website.