Best Life Insurance In Singapore: Comprehensive Guide

Life insurance is a safety net that ensures your loved ones are financially secure in the event of your death. It is a contractual agreement between the insurance provider and the policyholder, who pays premiums to receive a sum of money upon their death. When choosing a life insurance plan, it is important to consider your unique needs and circumstances, such as your financial situation, health status, and the number of dependents you have. In Singapore, there are several reputable insurance companies offering a range of plans, from term life insurance to whole life insurance. This paragraph will discuss the best life insurance plans available in Singapore and provide an overview of the features, benefits, and coverage options offered by each provider.

Whole life insurance for young adults

Whole life insurance is recommended for young adults, especially those with life-long dependents. Whole life insurance is also suitable for breadwinners and homeowners. Whole life insurance is generally more expensive than term insurance, with premiums ranging from S$4,000 to S$13,000 per year. However, the younger you are, the lower your premiums will be, as you are likely to have fewer health issues.

Whole life insurance is a good option if you want the assurance that your policy will cover you until death. Whole life insurance commonly covers you up to age 99, 100, or death, depending on your insurance company. If you outlive your plan, you will receive cash returns. You can also add a multiplier to boost the total sum.

When choosing a whole life insurance plan, it is important to consider your unique financial situation and long-term goals. It is also essential to read all the required information and ensure you understand the product before purchasing.

• Singlife Whole Life: This plan offers the highest guaranteed returns of $61,100. It also has a unique feature where the death benefit increases beyond the multiplied sum assured as the insurer declares cash bonuses yearly.
• NTUC Income Star Secure Pro: This is the cheapest whole life insurance plan in Singapore, offering riders, extra features, ECI/CI coverage, and one of the highest surrender values at 90.
• Etiqa Essential Lifetime Secure: This plan provides comprehensive protection for critical illnesses, offering additional 20% payouts for critical illnesses such as cancer, severe heart attack, or stroke with permanent deficits. It also includes coverage for special and juvenile conditions, such as ADHD.

Critical illness insurance

There are many different types of critical illness plans available in Singapore, and it can be challenging to know if a particular insurer’s critical illness plan is comprehensive enough. The Life Insurance Association Singapore (LIA) has a list of appropriately considered critical illnesses that you can refer to and compare with an insurer’s plans. The LIA Critical Illness Framework includes definitions of 37 severe-stage critical illnesses that are standardised across the insurance industry.

It is important to note that critical illness plans offered by different insurers may vary in the number and type of critical illnesses covered. Therefore, it is recommended to speak to an insurer if you want coverage beyond the LIA's list. Additionally, most critical illness insurance covers you for any late-stage illness diagnoses, but there are also plans that offer payouts at early and/or intermediate stages.

• Singlife Whole Life: This plan covers 132 conditions across various stages of critical illnesses. It also includes an Early Critical Illness rider that provides coverage for borderline/pre-malignant tumours, a 4-day ICU stay payout, and a lump sum payout for up to 132 medical conditions.
• Etiqa Essential Lifetime Secure: This plan offers an additional 20% payout for critical illnesses such as cancer, severe heart attack, or stroke with permanent deficits. It also provides a monthly payout of up to 12 months of 1% of the sum assured for any of the 63 severe-stage critical illnesses.
• FWD: This plan provides coverage for the three most common illnesses that make up most critical illness claims: cancer, heart attack, and stroke. It offers a one-time 100% cash payout, with the flexibility to choose coverage amounts ranging from $50,000 to $200,000, and premiums starting as low as S$18/month.

Life insurance with disability riders

Life insurance is a financial safety net for your loved ones in the event of your death. However, life insurance does not typically cover disability. If you want protection in the event of losing your income due to illness or injury, you will need to consider long-term disability insurance or a life insurance policy with a disability rider.

A rider is an optional provision in an insurance contract that provides additional benefits or flexibility. Most riders come at an added cost, but some are built into the price of the policy.

When it comes to disability insurance riders in Singapore, one option is the LifeSecure Rider plan from Great Eastern. This plan provides a lump sum payment of 3 or 6 times the monthly benefit insured. The policy covers the cost of hospitalisation, surgical, or medical expenses, and loss of income due to hospitalisation.

Another option for life insurance with a disability rider in Singapore is Singlife Whole Life. Singlife offers the highest guaranteed returns of any whole life insurance plan in Singapore, at $61,100. Singlife also includes an Early Critical Illness rider, which provides coverage for pre-malignant tumours, a 4-day ICU stay payout, and a lump sum payout for up to 132 medical conditions.

When choosing a life insurance policy with a disability rider, it is important to carefully consider your needs and discuss them with a financial professional. Different policies, even from the same insurance company, may have different riders, and it is typically not possible to add riders after purchasing the policy.

Best-value life insurance

When it comes to best-value life insurance in Singapore, there are several options to consider. It's important to remember that the "best" life insurance will depend on your unique needs and circumstances. Here are some of the top recommendations to consider:

Singlife Whole Life

Singlife Whole Life is a popular choice, known for its high guaranteed returns. One standout feature is the increasing death benefit, which continues to grow beyond the multiplied sum assured as the insurer declares cash bonuses annually. This plan also offers coverage for a wide range of medical conditions, including pre-malignant tumours and ICU stays. You have the flexibility to choose your premium payment term and the option to convert your policy's cash value into monthly payouts.

NTUC Income Star Secure Pro

NTUC Income Star Secure Pro is recognised as the cheapest whole life insurance plan in Singapore, offering excellent value for money. Despite its low cost, it provides comprehensive coverage, including riders, extra features, and one of the highest surrender values in the market. This plan is ideal for those seeking affordable and accessible insurance without compromising on benefits.

Etiqa Essential Lifetime Secure

Etiqa Essential Lifetime Secure stands out for its comprehensive protection against critical illnesses. It offers additional 20% payouts for critical illnesses such as cancer, severe heart attack, or stroke. It also provides monthly payouts for early-stage critical illnesses and covers special and juvenile conditions, including ADHD. Etiqa offers flexibility with a range of multiplier-till-age options.

Prudential

Prudential is a well-known and established life insurance company in Singapore, with over 90 years of experience. They offer a wide range of insurance products, including health protection, life protection, wealth accumulation, and legacy planning. Prudential is known for its promotions and discounts on selected insurance plans, making it a cost-effective choice. Their PRUShield health insurance plan is designed to suit different budgets and needs.

When choosing a life insurance plan, it's essential to consider your financial situation, the protection gaps you need to fill, and your budget. Don't hesitate to seek advice from independent financial advisors to make a well-informed decision.

Term life insurance

A term insurance plan can provide coverage for 25 to 30 years, which is usually sufficient until your child is financially independent. It is important to evaluate your company's insurance policies and consider purchasing additional life insurance to ensure your family's needs are met.

You can purchase a direct term life insurance plan directly from the insurance company without the help of an insurance agent. Term life insurance is a good option to provide a safety net for your loved ones in the form of a cash payout in the event of your death.

Frequently asked questions