Best Whole Life Plans Singapore October 2022 – The Ultimate Guide

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

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

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 

Interested to learn more?

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

HSBC Life Protect Advantage II

Pros

  1. One of the highest maximum early stage critical illness sum assured payout at $350, 000
  2. Able to extend basic Sum Assured multiplier till age 99
  3. Guaranteed Family Waiver waives off future premiums in the event of the death of a family member of spouse or parent, this unique feature waives off all future premiums.
  4. Accelerated Benign Tumor Benefit – People with pre-existing benign conditions can be accepted without any coverage exclusions or premium loading. HSBC Life will also cover when the condition progresses, covering 20% of the sum assured of the CI rider up to S$50,000

Cons

  1. TPD (Total and Permanent Disability) is only up to age 70 where as certain insurers can cover for life.
  2. Cash surrender value is the same for both male and female, where as other insurers will usually gauge surrender value according to the premiums paid.
  3. No option to convert cash value to regular payouts.
  4. Insurer is generally new in the Life Insurance market.

Read More here: HSBC Life Protect Advantage II Review

AXA 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: AXA 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 HSBC Life Etiqa

AXA

Premium Terms Available

10, 15, 20, 25 years

or to age 65

 

5, 10, 15, 20, 25 years

 

10, 15, 20 or 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

$350,000

Multiplier Maximum Age

75, Mutliplier will be reduced to 0 thereafter 86, Whole Life, including Early CI & not reduced to 0 70, Whole life (Only Basic Sum Assured, not including Early CI) 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 2 to 5 times

1 to 5 times

Ability to convert Cash Value to regular payouts?

Yes No No Yes No

Total Number of Critical Illness Covered

155 161 169 105

162

Minimum Sum Assured $50,000 $75,000 $50,000 $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: AXA 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 HSBC Life Etiqa AXA

Basic Sum Assured – death, TPD, TI

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

$125,000

Multiplier

2 times 2 times 2 times 2 times

2 times

Multiplier Ends at

70 86 70 65

70

Early Critical to Advance Stage Illness Sum Assured

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

$125,000

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

$92,471 $86,560 $76,563 $96,470 $116,505
Cash Value at age 70 (based on 4.25% illustrated projection) $118,382 $115,685 $92,671 $124,332

$142,524

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

$147,529 $150,466 $110,124 $160,526

$170,673

Cash Value at age 80(based on 4.25% illustrated projection)

$178,524 $177,707 $130,453 $195,787

$203,799

Annual Premium

$4,651.25 $4,348.85 $4,669.71

$4,696.25

(Premium Term : longest at 20 years)

$5,471.25

Total Premium $116,281.25 $108, 721.25 $116,742.75 $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 HSBC Life Etiqa AXA

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

$87,259 $82,714 $76,563 $89,401 $105,379
Cash Value at age 70 (based on 4.25% illustrated projection) $112,373 $111,724 $92,671 $118,228

$130,535

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

$141,285 $146,831 $110,124 $155,102

$159,676

Cash Value at age 80 (based on 4.25% illustrated projection)

$172,202 $174,604 $130,453 $191,343 $192,553
Annual Premium $4,696.25 $4,254.45 $5,035.71 $4,811.25

 

(Premium Term : longest at 20 years)

$5,142.50

Total Premium

$117,406.25 $106, 361.25 $125,892.75 $96,225

$128,562.50

*CI – Critical IllnessNote:

*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.

 

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