Best Whole Life Plans Singapore 2021 – The Ultimate Guide

Best Whole Life Plans Singapore 2020 - The Ultimate Guide
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Last Updated on by Tree of Wealth

4 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. 

Pros & Cons

Aviva MyWholeLifePlan III

Pros

  1. Offers ability to convert cash value to regular payouts during retirement age.
  2. Could be optimal if you’re looking for short premium term (10 years).
  3. Premium Term now has option to pay until age 65
  4. Very Competitive Premiums across most age
  5. Multiplier Benefit able to stretch to age 75
  6. Total Permanent Disability coverage is for Life
  7. Bonuses are paid out on top of Guaranteed Multiplied Sum Assured
  8. One of the most Critical Illness covered Insurer
  9. Additional payout coverage for Benign Tumour & ICU makes it competitive

Cons

  1.  Multiplier must be at least 2 and no option to remove multiplier
  2. Sum assured starts at $50, 000

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Manulife LifeReady Plus

Pros

    1. Longest premium term – up to age 99
    2. Lowest minimum sum assured also mean lower barrier of entry
    3. Option to choose without multiplier
    4. Premium starts at $25,000, allowing more flexible budget planning

Cons 

  1. Multiplier ends at age 70.
  2. Total Permanent Disability is until age 70 only

China Taiping i-Secure

Pros

  1. Highest maximum early stage critical illness sum assured payout at $350, 000
  2. Longest maximum age for multiplier
  3. 161 Critical Illnesses, Special Conditions & Juvenile Conditions covered
  4. Total Permanent Disability coverage is for Life

Cons 

  1. No option to convert cash value to regular payouts
  2. No partial withdrawal/ Surrendering of plan
  3. Insurer is generally unknown of

AXA Life Treasure

Pros

  1. Wide range of premium term – 10, 15, 20, 25 and 30  years
  2. Option to choose without multiplier
  3. GIO Upgrades allow for new term, whole life plan (and ilp) to be included, together with the accompanying CI riders, all without medical underwriting
  4. Advanced Disability Payout allows for 2/6 ADLs instead of 3/6, lowering the claim criteria
  5. Accidental Death Coverage rider covers up to 10 times if death is caused by accidents
  6. Multiplier is one of the highest (up to 5 times) as well as longest (till age 80) in the industry
  7. Coverage of TPD is until age 80, longer than most insurer
  8. Early CI rider covers maximum of $350, 000, higher than most insurer’s $250, 000.
  9. Premium starts at $25,000, allowing more flexible budget planning
  10. A Total of 162 Critical Illnesses covered (one of the highest in the industry)
  11. 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

  1. No short premium terms 
  2. No option to convert cash value to regular payouts 

Features Comparison Table

Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide

Premium Terms Available

10, 15, 20, 25 years

or to age 65

10, 15, 20, 25 or to age 99 5, 10, 15, 20, 25 years 10, 15, 20, 25 or 30 years

Maximum Early Stage Critical Illness Sum assured Payout

$250, 000 000 $250, 000 000 $350, 000 000

$350, 000 000

Multiplier Maximum Age

75 70 86, Whole Life 80

Multiplier

2 to 5 times 1 to 5 times 1 to 4 times 1 to 5 times
Ability to convert Cash Value to regular payouts? Yes Yes No

No

Total Number of Critical Illness Covered 155 145 161

162

Minimum Sum Assured $50, 000 $25, 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: Aviva MyWholeLife Plan IV 

Best whole life insurance with highest multiplier and lowest minimum sum assured: AXA Life Treasure II

Best whole life insurance with longest premium terms: Manulife LifeReady Plus III

Best whole life insurance with ability to convert cash value to regular payouts: Aviva MyWholeLife Plan IV 

Best whole life insurance with longest multiplier with high number of CIs (161): China Taiping i-Secure ii

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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 35 (1986)

Client Profile

Born 1986, Aged 35 in 2021 – Male non smoker. This is based on a 25 years premium term

Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide

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 70 70

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)

$102,478 $114,243 $89,764 $114,005
Cash Value at age 70 (based on 4.25% illustrated projection) $127,316 $136,542 $117,335

$138,503

Cash Value at age 75 (based on 4.25% illustrated projection)

$158,476 $168,784 $152,572 $167,642
Cash Value at age 80 (based on 4.25% illustrated projection) $189,634 $193,279 $180,874

$200,550

Annual Premium $4,477.50 $4,731.36 $4,355

$5,300

Premiums Comparison Table – Female, Aged 35 (1986)

Client Profile

Born 1986, Aged 35 in 2021 – Female non smoker. This is based on a 25 years premium term

Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide

Cash Value at age 65 (based on 4.25% illustrated projection)

$96,870 $114,243 $85,734

$105,379

Cash Value at age 70 (based on 4.25% illustrated projection)

$121,052 $136,542 $113,318

$130,535

Cash Value at age 75 (based on 4.25% illustrated projection) $152,089 $168,784 $148,887

$159,676

Cash Value at age 80 (based on 4.25% illustrated projection) $183,244 $193,279 $177,715

$192,553

Annual Premium

$4,543.75 $4,916,87 $4,591.30

$5,142,50

Note:

*CI – Critical Illness

*TPD – Total Permanent Disability

*TI – Terminal Illness

As can be seen from the above table, at age 80 AXA provides the highest cash value at $200,550.00 . On the other hand, Aviva at $189,634 provides the lowest cash value. 

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Fill in the form below and we will get back to you!

Total Premiums & Cash Value Comparison Table – Male

To get a more realistic picture, based on a premium term of 25 years, here are the total premiums you’ll pay for each of these plans: 

Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide

Cash Value at age 80

(Based on 4.25% illustrated projection)

$189,634 $193,279 $180,874 $200,550
Total Premium for 25 years term $111,937.50 $118,284.00 $108,875.00

$132,500.00

Total Premiums & Cash Value Comparison Table – Female

Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide Best Whole Life Plans Singapore 2020 - The Ultimate Guide

Cash Value at age 80

(Based on 4.25% illustrated projection)

$176,829 $193,279 $177,715 $192,553
Total Premium for 25 years term $113,593.75 $122,921.75 $114,782.50

$128,562.50

When it comes to premium competitiveness, all 4 insurers are the most competitive in the market right now. Aviva is the most well rounded insurer in terms of CI coverage, payout structure as well as premiums value. While China Taiping has slightly lower premium rates, they have gotten more expensive now as compared to the first version of i-Secure. AXA has also stepped up 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.

 

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