Last Updated on May 11, 2023 by Tree of Wealth

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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

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

Read more here: China Taiping i-Secure Legacy Whole Life Plan In-Depth Review: Most Competitive Whole Life Insurance Singapore

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.

Read more here: REVIEW – Singlife Maternity Care Maternity Insurance 

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 more here: HSBC Life – Life Treasure (II) Product Review

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

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

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

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.