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Best Whole Life Plans Singapore 2024 [In-Depth Comparison]

Best Whole Life Plans Singapore 2020 - The Ultimate Guide

Last Updated on by Tree of Wealth

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Best Whole Life Insurance Plans in Singapore – Ultimate Showdown Comparison

The insurance sector in Singapore has seen profound changes, especially after 2021, due to the low-interest-rate environment brought on by the Covid pandemic. This period marked the introduction of new, more competitive Whole Life insurance plans and significant alterations to Participating Policies. Such transformations have resulted in a discernible evolution in the benefits structure. The updated plans are now more enriched than their predecessors, offering a suite of improved features. These include updated premium structures, broader coverage, superior critical illness protection, enhanced payout mechanisms, longer multiplier periods, and more adaptable payment options for premiums, rendering them exceptionally comprehensive.

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

China Taiping i-Secure Legacy (ii)

Pros

  1. 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.
  2. 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. 
  3. One of the highest maximum early stage critical illness sum assured payout at $350, 000
  4. Longest maximum age for multiplier
  5. 161 Critical Illnesses, Special Conditions & Juvenile Conditions covered
  6. 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

Full Review Here!

China Taiping i-Secure Legacy II Whole Life Plan In-Depth Review

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FWD Life Protection

Pros

  1. Comprehensive Coverage: Offers an extensive range of coverage, including 175 critical illness conditions, ensuring broad protection against various health issues.
  2. Flexible Premium Payment Terms: Allows policyholders to choose their premium payment term from 5 to 25 years, providing financial flexibility.
  3. Coverage Amplification: The Life Protection Booster enables policyholders to significantly increase their coverage up to 5x, ensuring enhanced financial security.
  4. Adaptable Income Solutions: Offers the ability to convert up to 80% of the policy value into annual income payouts from as early as 55 years old, supporting retirement needs.
  5. Retrenchment Benefit: Provides a 12-month premium waiver in case of retrenchment, helping maintain coverage during financial hardship.
  6. Premium Deferment Option: Allows for up to 12 months of premium deferment without interest, aiding financial management during tough times.
  7. Lifestage Purchase Option: Enables coverage increase without evidence of good health at significant life milestones, adapting to changing needs.
  8. Intensive Care Unit Benefit: Offers financial support when admitted to the ICU for a minimum of four consecutive days, covering both accidents and illnesses.
  9. Pre-Early Cancer and Special Condition Benefits: Provides additional payouts for pre-early cancer diagnoses and covers special, mental, and juvenile conditions.
  10. FWD HealthFirst Programme: Includes 24/7 teleconsultation, medicine delivery, and preferred rates for healthcare services, enhancing the healthcare experience.

Cons

  1. Decreasing Coverage Post-MPL Age: Enhanced coverage gradually decreases by 10% annually after reaching the Minimum Protection Level (MPL) age, until it stabilizes at 50%.
  2. Limited to Policy Terms: Benefits like the Retrenchment Benefit and Premium Deferment Option are subject to specific terms and may not apply to all situations.
  3. Dependency on Policy Performance: Some benefits, especially those related to the policy’s value and payouts, might be influenced by the performance of the Participating Fund.

Full Review

In-Depth Review: FWD Life Protection Comprehensive Coverage & Competitive Premium [2024 Edition]

Singlife Whole Life

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
  3. Early and Intermediate Critical Illness maximum payout is still capped at $250, 000.

Full Review Here

Review – Why The Singlife Whole Life is One of the Best in the Market

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HSBC Life Life Treasure II

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 

Read our HSBC Life – Life Treasure (II) Product Review

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Etiqa Essential Whole Life Cover

Pros

  1. Premiums are waived in the event of early CI, no separate riders need as this comes with the Early CI Protection Rider.
  2. Multiplier term up to 65 and 80 years old, longer than most insurers’ at 70 years old
  3. Premium generally competitive.
  4. 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

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Manulife LifeReady Plus II

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. Total Permanent Disability is until age 70 only
  2. Early and Intermediate Critical Illness maximum payout is still capped at $250, 000, similar to Aviva.
  3. Coverage for Life is until Age 99 where as Aviva and China Taiping is for life.

Read More: Manulife LifeReady Plus II Review

Features Comparison Table

Insurer Singlife with Aviva China Taiping Etiqa Life HSBC Life Manulife FWD 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

 

10, 15, 20, 25 or 99 years 5, 10, 15, 20, 25 years
Maximum Early Stage Critical Illness Sum assured Payout $250,000 $350,000 $350,000 $350,000 $250,000 $350,000 per claim, $700,000 per life
Multiplier Maximum Age 75, Multiplier will be reduced to 0 thereafter 86, Whole Life, including Early CI & not reduced to 0 80, Multiplier will be reduced to 0 thereafter 80, Multiplier will be reduced to 0 thereafter 80, Multiplier will be reduced to 0 thereafter 85, Whole Life,including Early CI & not reduced to 0
Multiplier 2 to 5 times 1 to 4 times 2 to 5 times 1 to 5 times 1 to 5 times 2x, 3x, 5x
Ability to convert Cash Value to regular payouts? Yes No Yes No Yes (payout up to 10 years) Yes (payout minimum of 10 years, maximum up to age 100)
Total Number of Critical Illness Covered 155 161 105 162 125 175
Minimum Sum Assured $50,000 $50,000 $50,000 $25,000 $25,000

$50,000

 

 

 

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 II, FWD Life Protection

Best whole life insurance with highest multiplier and lowest minimum sum assured: Manulife LifeReady Plus II

Best whole life insurance with longest multiplier with high number of CIs (161):FWD Life Protection

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 II and FWD Life Protection

Interested to learn more?

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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

Client Profile

Male non smoker. This is based on a 25 years premium term

Insurers

Singlife with Aviva China Taiping Etiqa Life HSBC Life Manulife FWD Life

Basic Sum Assured – death, TPD, TI

$125,000 $125,000 $125,000 $125,000 $125,000 $125,000

Multiplier

2 times 2 times 2 times 2 times 2 times 2 times
Multiplier Ends at 70 86 65 70 70

86

Early Critical to Advance Stage Illness Sum Assured

$125,000 $125,000 $125,000 $125,000 $125,000

$125,000

Annual Premium

$4,477.50 $4,079.50 $4,516.25

(Premium Term : longest at 20 years)

$5,300.00 $4,731.36

$4211

Total Premium $111,937.50 $101,987.50 $90,325 $132,500.00 $118,284

$105,275

Premiums Comparison Table – Female, Aged 35 

Client Profile

Female non smoker. This is based on a 25 years premium term

Insurer

Singlife with Aviva China Taiping Etiqa Life HSBC Life Manulife FWD Life

Annual Premium

$4,543.75 $3,980.45 $4,646.25

(Premium Term : longest at 20 years)

$5,142.50 $4,916.87

$4054

Total Premium Paid $113,593.75 $99,511.25 $92,925 $128,562.50 $122,921.75

$101,350

Note:

*CI – Critical Illness

*TPD – Total Permanent Disability

*TI – Terminal Illness

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When it comes to premium competitiveness, all 6 insurers are the most competitive in the market right now. FWD Life Protection 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. With China Taiping’s i-Secure Legacy at a tight competition.

Singlife Whole Life insurance plan is also one of the most competitive one following.

FWD 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.

 

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