Last Updated on by Tree of Wealth
Subscribe to our Telegram & Email Newsletter for immediate updates!
5 Best Whole Life Insurance Plans in Singapore – Ultimate Showdown Comparison
With the recent change of updates in Par-plans (Participating Policies) as well as insurers’ new Whole Life plans, there is a lower guaranteed benefits (as compared to previous par-plans) across all of them. The premiums are adjusted as well as new features of coverage, Critical Illness protection, payout benefits and even longer multiplier periods and longer premium term options. Whole Life plans are certainly more comprehensive than before.
With eight in ten Singaporeans are worried about growing old because of concerns related to finances and ability to look after themselves, selecting an optimal whole life insurance might help you alleviate some stress by providing you lifetime protection as well as death benefits and cash accumulation. If you are considering the importance of getting a whole life coverage with limited paying years, this is one comparison not to be missed, as we look into the critical illnesses payout, cash value, flexibility of premium terms and range of multipliers. To simplify your process of choosing an insurance plan, we have compared a few whole life insurance plans and identified their key strengths and weaknesses.
Here we added 2 competitive Whole Life plans: HSBC Life Protect Advantage and the Etiqa Essential Whole Life Cover.
Pros & Cons
China Taiping i-Secure Legacy (ii)
Pros
- Extensive Multiplier Option **NEW & First in Market** – Default multiplier is until age 76 and 86, longer but cheaper than most insurers across most age groups.
- Enjoy 50% Multiplier Benefit After It Ends **NEW & First in Market** – While multiplier benefits will be reduced to 0 after it reaches the end of coverage (age 65 to 70 for most insurers), China Taiping’s i-Secure Legacy gradually reduces and will remain at 50% for life.
- One of the highest maximum early stage critical illness sum assured payout at $350, 000
- Longest maximum age for multiplier
- 161 Critical Illnesses, Special Conditions & Juvenile Conditions covered
- Total Permanent Disability coverage is for Life
Cons
- No option to convert cash value to regular payouts
- No partial withdrawal/ Surrendering of plan
Read more here: China Taiping i-Secure Legacy Whole Life Plan In-Depth Review: Most Competitive Whole Life Insurance Singapore
Singlife Whole Life
Pros
- Offers ability to convert cash value to regular payouts during retirement age.
- Could be optimal if you’re looking for short premium term (10 years).
- Premium Term now has option to pay until age 65
- Very Competitive Premiums across most age
- Multiplier Benefit able to stretch to age 75
- Total Permanent Disability coverage is for Life
- Bonuses are paid out on top of Guaranteed Multiplied Sum Assured
- One of the most Critical Illness covered Insurer
- Additional payout coverage for Benign Tumour & ICU makes it competitive
Cons
- Multiplier must be at least 2 and no option to remove multiplier
- Sum assured starts at $50, 000
- Early and Intermediate Critical Illness maximum payout is still capped at $250, 000.
Read more here: REVIEW – Singlife Maternity Care Maternity Insurance
Interested to learn more?
Fill in the form below and we will get back to you!
HSBC Life Life Treasure II
Pros
- Wide range of premium term – 10, 15, 20, 25 and 30 years
- Option to choose without multiplier
- GIO Upgrades allow for new term, whole life plan (and ilp) to be included, together with the accompanying CI riders, all without medical underwriting
- Advanced Disability Payout allows for 2/6 ADLs instead of 3/6, lowering the claim criteria
- Accidental Death Coverage rider covers up to 10 times if death is caused by accidents
- Multiplier is one of the highest (up to 5 times) as well as longest (till age 80) in the industry
- Coverage of TPD is until age 80, longer than most insurer
- Early CI rider covers maximum of $350, 000, higher than most insurer’s $250, 000.
- Premium starts at $25,000, allowing more flexible budget planning
- A Total of 162 Critical Illnesses covered (one of the highest in the industry)
- Top Common Critical Illness Benefit – additional 50% of the original CI Sum Assured and will not change even if there were claims made previously
Cons
- No short premium terms
- No option to convert cash value to regular payouts
Read more here: HSBC Life – Life Treasure (II) Product Review
Etiqa Essential Whole Life Cover
Pros
- Premiums are waived in the event of early CI, no separate riders need as this comes with the Early CI Protection Rider.
- Multiplier term up to 65 and 80 years old, longer than most insurers’ at 70 years old
- Premium generally competitive.
- Early CI rider covers maximum of $350, 000, higher than most insurer’s $250, 000.
Cons
- TPD (Total and Permanent Disability) is only up to age 70 where as certain insurers can cover for life
- Only 35 early and intermediate stage CI is covered for, lesser than insurers like Singlife with Aviva and China Taiping.
- Early CI rider can only accelerate the payout by 20%, 50% 80% or 100% of the basic sum assured. This is not as flexible as compared to other insurers as most have a choice of the early CI sum assured being accelerated instead of limiting to the percentages being accelerated.
- For example, if basic sum assured is $100k, the early CI sum assured cannot be flexible like 67k. It has to be in the percentages of 20%, 50% 80% or 100% of the basic sum assured.
- Extra payer waiver rider only waives premium payment for the life assured up to 25 years old instead of the whole premium term.
Read more here: Etiqa Essential Whole Life Cover Review – Etiqa’s Whole Life Insurance Coverage
Features Comparison Table
Singlife with Aviva | China Taiping | Etiqa Life | HSBC Life | |
Premium Terms Available | 10, 15, 20, 25 years
or to age 65
|
5, 10, 15, 20, 25 years
|
5, 10, 15,20 years
|
10, 15, 20, 25 or 30 years
|
Maximum Early Stage Critical Illness Sum assured Payout
|
$250,000 | $350,000 | $350,000 | $350,000 |
Multiplier Maximum Age | 75, Mutliplier will be reduced to 0 thereafter | 86, Whole Life, including Early CI & not reduced to 0 | 80, Mutliplier will be reduced to 0 thereafter | 80, Mutliplier will be reduced to 0 thereafter |
Multiplier | 2 to 5 times | 1 to 4 times | 2 to 5 times | 1 to 5 times |
Ability to convert Cash Value to regular payouts? | Yes | No | Yes | No |
Total Number of Critical Illness Covered | 155 | 161 | 105 | 162 |
Minimum Sum Assured | $50,000 | $75,000 | $50,000 | $25,000 |
Best Whole Life Insurance Features At a Glance
Best whole life insurance with most competitive premium and coverage of critical illnesses: China Taiping i-Secure Legacy
Best whole life insurance with highest multiplier and lowest minimum sum assured: HSBC Life Life Treasure II
Best whole life insurance with longest multiplier with high number of CIs (161): China Taiping i-Secure Legacy
Best whole life insurance with longest premium terms:Singlife Whole Life
Best whole life insurance with ability to convert cash value to regular payouts: Singlife Whole Life
Best Overall whole life insurance for Protection Coverage with longest multiplier with high number of CIs (161): China Taiping i-Secure Legacy
Interested to learn more?
Fill in the form below and we will get back to you!
It’s important to understand how much utility they provide in terms of cash value. To get a better picture of the bang for the buck provided by these plans, let’s look at this table:
Premiums Comparison Table – Male, Aged 36
Client Profile
Male non smoker. This is based on a 25 years premium term
Singlife with Aviva | China Taiping | Etiqa Life | HSBC Life | |
Basic Sum Assured – death, TPD, TI | $125,000 | $125,000 | $125,000 | $125,000 |
Multiplier | 2 times | 2 times | 2 times | 2 times |
Multiplier Ends at | 70 | 86 | 65 | 70 |
Early Critical to Advance Stage Illness Sum Assured | $125,000 | $125,000 | $125,000 | $125,000 |
Cash Value at age 65 (based on 4.25% illustrated projection) | $92,471 | $86,560 | $96,470 | $116,505 |
Cash Value at age 70 (based on 4.25% illustrated projection) | $118,382 | $115,685 | $124,332 | $142,524 |
Cash Value at age 75 (based on 4.25% illustrated projection) | $147,529 | $150,466 | $160,526 | $170,673 |
Cash Value at age 80(based on 4.25% illustrated projection) | $178,524 | $177,707 | $195,787 | $203,799 |
Annual Premium | $4,651.25 | $4,348.85 | $4,696.25
(Premium Term : longest at 20 years) |
$5,471.25 |
Total Premium | $116,281.25 | $108, 721.25 | $93,925 | $136,781.25 |
Premiums Comparison Table – Female, Aged 35
Client Profile
Female non smoker. This is based on a 25 years premium term
Singlife with Aviva | China Taiping | Etiqa Life | HSBC Life | |
Cash Value at age 65 (based on 4.25% illustrated projection) | $87,259 | $82,714 | $89,401 | $105,379 |
Cash Value at age 70 (based on 4.25% illustrated projection) | $112,373 | $111,724 | $118,228 | $130,535 |
Cash Value at age 75 (based on 4.25% illustrated projection) | $141,285 | $146,831 | $155,102 | $159,676 |
Cash Value at age 80 (based on 4.25% illustrated projection) | $172,202 | $174,604 | $191,343 | $192,553 |
Annual Premium | $4,696.25 | $4,254.45 | $4,811.25
(Premium Term : longest at 20 years) |
$5,142.50 |
Total Premium | $117,406.25 | $106, 361.25 | $96,225 | $128,562.50 |
Note:
*CI – Critical Illness
*TPD – Total Permanent Disability
*TI – Terminal Illness
Interested to learn more?
Fill in the form below and we will get back to you!
When it comes to premium competitiveness, all 6 insurers are the most competitive in the market right now. China Taiping’s i-Secure Legacy is the most well rounded insurer in terms of CI coverage, extensive multiplier (including early CI) for life, payout structure as well as premiums value.
Singlife Whole Life insurance plan is also one of the most competitive one following.
HSBC Life is also a new strong contender, having introducing to the market with many good features as well as payout structure, effectively being one of the more comprehensive whole life insurer.
Given that we’ve provided you with the unique aspects of all whole life insurance plans, the ultimate decision of which whole life insurance plan to choose depends on your needs and objectives.
To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
No obligations, no hidden fees. All advice are of no charges.