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Life Insurance In Singapore
Figuring out life insurance can be tricky. There are so many different plans and providers, it’s hard to know where to start. This blog post will discuss the 5 best life insurance Singapore for 2022. We will take a look at what each plan offers, and help you decide which one is right for you!
1) AIA’s Guaranteed Protect Plus III
| Key Feature | Encompasses Child Critical Cover |
| Address | 1 Finlayson Green, Singapore 049246 |
| Website | https://www.aia.com.sg/en/our-products/life-protection/aia-guaranteed-protect-plus-iii.html |
| Phone | 1800 248 8000 or 65-6248 8000 (for overseas calls only) |
| NIL | |
| Operating Hours | Mondays – Fridays 8:45am to 5.30pm |
The AIA’s Guaranteed Protect Plus III feature allows you to cash your money value in the form of yearly payouts for ten years through the Income Drawdown Facility option. Unlike other plans, you may select whether you wish to use half or all of your insurance policy’s cash value. After ten years, you will be able to cancel your policy and receive a refund. If you want to cash out the entire value of your plan for retirement, the AIA Guaranteed Protect Plus II would be a better option for you.
Key Differentiators:
- S$7,500,000 maximum disability benefit
- Offers protection from 150 multi-stage critical illnesses and 15 special conditions
- Encompasses Child Critical Cover
2) Singlife Whole Life
| Key Feature | Pre-malignant tumour coverage & monthly income payout |
| Address | 4 Shenton Way, SGX Centre 2, 01-01, Singapore 068807, Taxi stand E18 |
| Website | https://singlife.com/en/insurance/life-and-health/my-whole-life-plan-iv |
| Phone | Contact |
| Contact | |
| Operating Hours | Mondays to Fridays: 8:45am to 5:30pm Closed on weekends and public holidays |
Singlife Whole Life allows policyholders to pick a multiplier term until they reach the age of 65, 70, or 75. This makes it one of the most adaptable multiplier terms available in the market. The new Singlife Whole Life will also enable the customer to select from a greater number of premium payment terms, including single premium payment terms through age 65 years.
The Early Critical Illness Rider V continues to provide pre-malignant tumor coverage as well as 4 days in the ICU payment on 20% of the Early CI basic sum assured. It also now offers lump sum payout compensation for up to 132 medical disorders in addition to continuing to cover pre-malignant tumour care.
Key Differentiators:
- Early-stage critical illness covers 132 medical conditions and 27 special conditions
- Total Permanent Disability coverage for a lifetime
- Multiplier benefit of 2x/3x/4x/5x
3) AXA Life Treasure (II)
| Key Feature | Comprehensive Critical Illness Coverage |
| Address | 8 Shenton Way, #24-01 AXA Tower, Singapore 068811 |
| Website | https://www.axa.com.sg/life-insurance/axa-life-treasure-ii |
| Phone | 1800 880 4888 (Within Singapore) / +65 6880 4888 (International) |
| Contact | |
| Operating Hours | 9:00am – 5:30pm (Monday – Friday) |
AXA is the insurer that can truly rejuvenate your whole life insurance Singapore plan, since its new par fund re-pricing took effect on July 1st. The Life Treasure II offers a more competitive preposition and multiplier until age 65/70 or 80, plus choices till age 65/70 or 80. It’s a good idea to develop an exit strategy for this new competitive life plan, which fits in nicely with its already excellent maternity policy.
In the event that an individual is unable to complete 2 out of 6 Activities of Daily Living, AXA Life Treasure II allows them to collect a TPD payment. Others require only a lack of ability to do three out of six ADLs to qualify for TPD payouts, whereas AXA is the first life insurance company to offer this option.
Key Differentiators:
- Minimum Sum Assured of $25,000
- Bundle with AXA Maternity Plan
- Early Care Rider allows a 100% lump sum claim of up to 350,000
4) FWD Future First
| Key Feature | |
| Address | 6 Temasek Boulevard, #18-01, Suntec Tower Four, Singapore 038986 |
| Website | https://www.fwd.com.sg/personalised-financial-advice/future-first |
| Phone | +65 6820 8888 |
| contact.sg@fwd.com | |
| Operating Hours | By Appointment |
FWD is one of the most popular insurance companies for value-for-money plans. While this company is more known for lifestyle products like travel insurance, it also provides term life insurance Singapore. Aside from basic term insurance policies that you can buy online directly, FWD also offers a bespoke term insurance policy called Future First, which can only be obtained through a financial advisor.
A family-centric term insurance policy that includes the option to add on critical illness and/or TPD riders, allows you to expand your coverage at specific times (e.g., having a child), and non-financial perks like emotional and medical assistance.
Key Differentiators:
- Free spouse coverage for S$250,000 for free, upon your death
- Option to increase your coverage when experiencing key events like completing tertiary education, getting married, getting a new home, or adopting/having a child
- Allows you to customise to your specific needs
5) HSBC Life Protect Advantage (II)
| Key Feature | Pre-existing condition coverage |
| Address | Branches |
| Website | https://www.insurance.hsbc.com.sg/protection/products/life-protect-advantage/ |
| Phone | 1800-227 8889 (65) 62169 080 (from outside of Singapore) |
| NIL | |
| Operating Hours | Mon-Fri 9:30am – 5:00pm Sat 9:30am – 12:00pm |
The HSBC Life Protect Advantage II is a fantastic whole life insurance policy. This is the only plan that offers coverage for benign tumors during early-stage critical illness without any exclusions or loading. The HSBC Life Protect Advantage II will pay 20% of CI multiplier to benefit up to S$50,000 for progressive illnesses.
In other words, if you pick a 125,000 sum assured with a multiplier of 2x, you’ll get a 50,000 payout before your 70th birthday if your early-stage cancer is linked to benign tumor coverage that you are entitled to. The HSBC whole life insurance also covers disability in the instance that the person insured is unable to perform two out of six activities of daily living. This is a more flexible criteria than most of the insurance companies on the market.
Key Differentiators:
- Lenient Disability Coverage base on 2 out of 6 ADL between 16 – 70 years old
- Flexible limited premium payment term of 10/15/20/25 years
- Early Stage Critical Illness Rider Covers up to 119 Medical Conditions and 13 Special Conditions and 11 Juvenile
Life Insurance Singapore
There are many life insurance plans available in Singapore, and the best one for you will depend on your specific needs. We have highlighted 5 of the best life insurance plans in Singapore, each with its own unique benefits. Make sure to do your research and compare policies before choosing the life insurance Singapore plan that is right for you.
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