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Best Whole Life Insurance Singapore June 2022

As parents, we want to make sure our child gets adequate coverage against Death, Total Permanent Disability (TPD) and Critical Illnesses (CI) of all stages. There are many Whole Life Insurance plans in Singapore by different Insurers. We have specially curated the best plans and compare them for you so you don’t have to do so.

coverage

What is a Whole Life Insurance Plan?

Whole Life Insurance pays out a lump sum in the event of Death, Total Permanent Disability (TPD), as well as providing a lifetime of protection for you on Early Stage CI Single Payouts and Multiple Claim Payouts for CI of all stages.

It covers for the person’s life with a shorter limited paying term. Some Insurers have the option for you to pay the premium for life as well.

Still unsure about Whole Life Insurance plan?

Read our article here to find out more, or simply contact us instead!

Should You Get Whole Life or Term Insurance for your child?

Both Whole Life and Term Life plans are insurance protection plans. Whole Life plans are participating policies which contribute to the cash value should you decide to surrender one day, albeit early surrendering will affect and may even have capital loss.  

As parents if the concern is your protection of income in the event if child suffers from critical illness or upon TPD, then getting a Whole Life plan for your child may make more sense as Death, TPD and Critical Illness from Early to Advance stages are all covered for.

As children are younger, premiums are much lower as compared to adults with life coverage being paid for with a shorter limited pay premium term.

In these scenarios, Whole Life Insurance plans may be more suitable as it may even be lower in cost than spending the premium on a Stand-alone Early Stage CI coverage.

Limited-Pay-Premium-Term

Limited Pay Premium Term

A limited premium term for a lifetime of coverage, or even legacy planning.

Legacy-Endowment

Legacy Planning

Allows you to provide a lump sum to your family regardless if they are still depending on you financially throughout your life.

money

Cash Value

Ability to withdraw partially/fully on the cash value, or convert to annuity payouts.

Flexibility

Flexibility

Supplementary benefits can be customised to meet your exact needs and concerns, providing an all rounded coverage.

Further Enhancement

The Sum Assured is able to multiply to enhance the assured amount for Death, TPD and Early to Advance Stage CI.

3rd-Party-Protection

Third Party Protection

Premium Waiver of death and even Early Stage CI for payor – useful if you are getting this for your child

Why Do Parents/Child Need Whole Life Plans?

Should you be concerned on income protection either for yourself as a parent or in the event if your child suffers from early to advance stage CI or upon TPD, getting a Whole Life plan will take care of covering some financial burdens should situations occur.

For parents, it is to protect children as they are financially dependent on then.

For the child, it is to protect the income of parents should they get diagnosed with early CI or TPD.

Also as children are younger, premiums are much lower as compared to adults with life coverage being paid for with a shorter limited pay premium term.

balance
Singlife with aviva

Singlife w/ Aviva
MyWholeLife Plan IV

Singlife w/ Aviva
MyWholeLife Plan IV

Premium Term
10, 15, 20, 25 Or To Age 65
Early CI (Single Pay) Option
Yes
Multiplier
  • 2/3/4/5
  • Age 65, 70 & 75
Special Benefits
  • 300% of Sum Assured
  • Total Payout Up to 900% of Sum Assured
China Taiping

China Taiping
i-Secure Legacy

China Taiping
i-Secure Legacy

Premium Term
5, 10, 15, 20, 25
Early CI (Single Pay) Option
Yes
Multiplier
  • 2/ 3/ 4
  • Age 76 & 86 ANB
Special Benefits
  • 50% Multiplier Benefit After It Ends ** First In Market
hsbc life singapore

HSBC Life
Life Protect Advantage II

HSBC Life
Life Protect Advantage II

Premium Term
10, 15, 20, 25
Early CI (Single Pay) Option
Yes
Multiplier
  • 2/ 3/ 4/ 5 
  • Max Till Age 70
Special Benefits
  • Coverage for Pre-existing benign tumour/ cyst
AXA singapore

AXA
Life Treasure II

AXA
Life Treasure II

Premium Term
10, 15, 20, 25 Or To Age 65
Early CI (Single Pay) Option
Yes
Multiplier
  • 1/2/3/4/5
  • Age 65, 70 & 80
Special Benefits
  • Able to buy new Life Plans Upon Milestones (GIO)
Income

NTUC Income
Star Secure

NTUC Income
Star Secure

Premium Term
5, 10, 15, 20, 25, 30 or To Age 65
Early CI (Single Pay) Option
  • Yes
  • Must be 10k less than S.A
Multiplier
  • 1/2/3/4/5
  • Age 70
Special Benefits
  •  NA
etiqa insurance singapore

Etiqa
Essential Whole Life Cover

Etiqa
Essential Whole Life Cover

Premium Term
10, 15, 20 Years
Early CI (Single Pay) Option
Yes
Multiplier
  • 1/ 2/ 3
  • Age 65 & 80
Special Benefits
  • Convert into annual payouts after age 65
China Life

China Life
Whole Life GUardian

China Life
Whole Life GUardian

Premium Term
5, 10, 15, 20, 25 Years
Early CI (Single Pay) Option
Yes
Multiplier
NA
Special Benefits
  • Coverage includes ADHD, Bipolar & OCD
AIA

AIA
Guaranteed Protect Plus III

AIA
Guaranteed Protect Plus III

Premium Term
15, 20, 25 years
Early CI (Single Pay) Option
Yes
Multiplier
  • 2/3/4/5
  • Age 65
  • Age 75
Special Benefits
  • NA
Winner

And the winner goes to...

Winner

And the winner goes to...

Winner

5/5
China Taiping

China Taiping
i-Secure Legacy

Most competitive premium with the most comprehensive Critical Illness protection of 161 Conditions, with 12 special & 12 Juvenile conditions.

Multiplier benefit is the longest and can be extended to LIFE.

Runner-Up

4.5/5
Singlife with aviva

Singlife w Aviva
MyWholeLifePlan
IV

Competitive premiums across all ages, able to convert to monthly income plan with reduced sum assured.

Early CI rider covers for ICU benefits & Benign Tumor benefits. Multiplier feature able to extend to 80 Age Next Birthday (ANB) where most insurers stop at age 70. Death and TPD coverage is for LIFE.

Get the Best Whole Life Insurance Plan in Singapore 2022

There are many Whole Life Insurance plans in the market. We have specially curated the best plans and compare them for you so you don’t have to do so.

Simply fill in the simple Whole Life Insurance Plans form to find the coverage best suited to your needs. Our experienced licensed FA advisor will get in touch with you shortly upon your request.

No obligations. No hidden fees and costs. Just professional advice.

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    Frequently Asked Questions

    • Whole Life Insurance coverage plans have come a very long way. What used to be just Death, Terminal Illness and Total Permanent Disability coverage has now seen a wide variety of range of supplementary benefits to make the Whole Life Insurance an even more comprehensive coverage:
    • Early Stage Critical Illness (Single Payout)
    • Advance Stage Critical Illness (Single Payout)
    • Multiple Pay Critical Illness
      • Early to Advance – some insurers even have the feature to convert them into stand-alone Critical Illness plans
    • Multiplier feature
      • This feature allows you to multiply the Sum Assured (2 – 10 times) to a few times more than the original amount. You are essentially covered more for a lower price. Most insurers have this feature until age 70 with some exception Insurers until age 86 or even whole life.
    • Critical Illness Premium Waiver
      • Waives off premiums in the event of such CI diagnosis
    • Total and Permanent Disability (TPD)
    • Payor Premium Waiver for Child
      • A form of premium protection, in the event of payor’s death or diagnosis upon Early Stage CI, premium for your child’s Whole Life plan will be waived off
    Whole Life plans also have a Cash Value (aka Surrender Value), this often entices on the notion that you are able to spend it if you don’t make any claims. A “one sonte two birds” option.
     

    Imagine you are looking at a coverage of $250, 000 for Death, TPD and Early Stage CI coverage. Anyone of those occurring and you would like a payout of $250, 000. However a high sum assured like that is going to be expensive. Thus, you can work around a few permutations, for example:

    A sum assured of $50, 000 with 5 times multiplier ($250, 000) and a sum assured of $125, 000 with 2 times multiplier. Both provides $250, 000 of coverage until age 70 (most insurers at age 70, with certain insurers until age 86 or even life).

    That being said, after the age of 70 (or when the multiplier ends), the payout will be basic sum assured ($50, 000 or $125, 000 in this case) and yield it garnered throughout the years.

    So why would someone choose a lower Sum Assured and a higher Multiplier benefit? The main difference is that the one with $50, 000 sum assured is going to be cheaper than the sum assured of $125, 000, as the cash value is going to be higher for the $125, 000 one and the premium calculation is based on sum assured.

    It ranges from Single Premium (1 time) to 5, 10, 15, 20 and 25 years. Certain Insurers allow you to pay up to age 99. This may make sense for people whom are advance in age. Mode of premiums are monthly, quarterly, half-annually and annually.

    Depending on certain Insurers, they have a feature where you have the choice to convert their whole life plan into an annuity retirement plan. It allows you to enjoy a stable stream of income at a chosen stipulated age while at the same time not terminating the policy, with a reduced sum assured.

    This is suitable when you find that the sum assured for death/CI coverage is not as concerning when your life commitments have been completed or dependants are now financially sustainable on their own now.

    The Cash Value of a Whole Life Insurance policy is a pool of money that grows within it. Insurers will allocate some of the premiums that you pay into their underlying investment which can be assets and/or funds portfolios. This is managed by a fund manager either by the insurer or appointed. Having a Cash Value in a whole life plan is what makes the premium so much more expensive as compared to a term insurance.

    Some believe that the cash value is not as attractive as having their own endowment or investment wealth growth instruments, leading a school of thought that is termed as “Buy Term Invest the Rest” (BTIR), where using the similar premium, you save on focusing life and critical illness with term insurance and growing your own wealth with investments/endowment.

    Participating whole life insurance refers to the plan is being invested in Insurers’ participating fund. By doing so, Insurers share the profit of the returns of the investment also known as bonus, paid yearly, via the smoothing process:

    Smoothing policy: Insurers generally try to avoid large fluctuations in the non-guaranteed bonuses from year to year by smoothing bonuses over time. For example, insurers may hold back some bonuses in the years when the fund has performed well. This is so that bonuses can be maintained when the fund performs poorly. (https://www.moneysense.gov.sg/articles/2018/10/participating-versus-non-participating-policies)

    Once the bonus is declared, they are guaranteed and accumulated throughout the whole term. In a Whole Life Insurance, it can be accumulated for life, or age 99 which are some Insurers’ definition of whole life is.

    To differentiate between participating and non-participating policies, have a look at the Policy Illustration and you will see under the Surrender Value (Cash Value upon surrendering) table, there is a Guaranteed and Non-Guaranteed portion, with 2 standard projections of 3.25% and 4. 75%. As insurers cannot guarantee market trends, as well as past performances are not an indicator of future outcomes, the closest thing is to show accurate reasonable projections like the 2 projections stated above.

    Term Insurance on the other hand, is one common Non-Participating policy that has a definite payout amount under the specific coverage (Death, Early Stage CI, MultiPay CI etc) and does not participate in the profit of the participating fund and underlying assets.

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