Best Whole Life Insurance Singapore 2023

Whole Life Insurance, as the name goes, is designed to provide you with coverage for lifeThere are many Whole Life Insurance plans in Singapore by many different Insurers out there. We have specially curated the best plans and compare them for you so you don’t have to do so.

What is a Whole Life Insurance Plan?

It is an Insurance protection plan that covers the insured for life. Most Whole Life plans today have a limited premium paying term and upon finishing it, your coverage is for life. Some Insurers have the option for you to pay the premium for life as well.

Although the basic feature of a Whole Life Insurance plan provides for death, you can get a more comprehensive coverage by customising the different Supplementary Benefits, or Riders, to suit your needs. Some riders include multiplier which multiplies your basic sum assured to a few times, as well as certain premium waiver upon Early Stage Critical Illness (CI). This sort of riders are particularly useful if you are paying the coverage for your child or spouse.

Whole Life Insurance pays out a lump sum in the event of Death, Total Permanent Disability (TPD), as well as providing a lifetime of protection for you on Early Stage CI Single Payouts and Multiple Claim Payouts for CI of all stages.

retirement plans

Still unsure about Whole Life Insurance plan?

Read our article here to find out more, or simply contact us instead!

Why Do You Need A Whole Life Insurance Plan?

Do you want to have a shorter premium term (15, 20, 25 years) during your working years so you can stop fussing for premiums during your retirement years and still be covered for life? Or you may want the best of both worlds on having coverage for now when you still have the ability to earn and leaving an option that should no death or critical illnesses of any stage happening during this whole time, you have some cash value to rely on upon retirement age?

Are you looking at providing for Early Stage Critical Illness protection for life as you feel that may occur at a later stage in life? In these scenarios, Whole Life Insurance plans may be more suitable as it may even be lower in cost than spending the premium on a Stand-alone Early Stage CI coverage.

Limited Pay Premium Term

A limited premium term for a lifetime of coverage,
or even legacy planning.

Legacy Planning

Allows you to provide a lump sum to your family regardless if they are still depending on you financially throughout your life.​

Cash Value

Ability to withdraw partially/fully on the cash value, or convert to annuity payouts.


Supplementary benefits can be customised to meet your exact needs and concerns, providing an all rounded coverage.

Further Enhancement

The Sum Assured is able to multiply to enhance the assured amount for Death, TPD and Early to Advance Stage CI.

3rd Party Protection

Premium Waiver of death and even Early Stage CI for payor - useful if you are getting this for your child

Whole Life VS Term Insurance, what are the differences?

Generally they are both protection coverage plans and growing wealth is not their main purpose. The absence of cash value in a term insurance is one primary difference. Only Whole Life Insurances provides for Surrender Value (albeit taking a much longer time to gain as compared to pure endowment plans) if the policy-holder decides to terminate it either fully or partially. This makes Whole Life coverage plans cost much more than Term Coverage plans. The Whole Life plan’s cash value can be cashed out as a lump sum or be converted into a retirement payout while keeping the sum assured.

Singlife with Aviva

Whole Life

Premium Term
10, 15, 20, 25 Or To Age 65
Early CI (Single Pay) Option
  • 2/3/4/5
  • Age 65, 70 & 75
Special Benefits
  • Multiplied Payout Includes Non-Guaranteed Yields
  • Pre-early stage Tumor Coverage
  • ICU Payout Benefits
china taiping

China Taiping
i-Secure Legacy II

Premium Term
5, 10, 15, 20, 25
Early CI (Single Pay) Option
  • 2/ 3/ 4/ 5
  • Age 76 & 86 ANB
Special Benefits
  • 50% Multiplier Benefit After It Ends ** First In Market
Etiqa Insurance

Essential Whole Life Cover

Premium Term
10, 15, 20 Years
Early CI (Single Pay) Option
  • 1/ 2/ 3
  • Age 65 & 80
Special Benefits
  • Convert into annual payouts after age 65
hsbc life

Life Treasure II

Premium Term
10, 15, 20, 25 Or To Age 65
Early CI (Single Pay) Option
  • 1/2/3/4/5
  • Age 65, 70 & 80
Special Benefits
  • Able to buy new Life Plans Upon Milestones (GIO)
China Life Insurance Singapore

China Life
Whole Life Guardian

Premium Term
5, 10, 15, 20, 25 Years
Early CI (Single Pay) Option
Special Benefits
  • Coverage includes ADHD, Bipolar & OCD

NTUC Income
Star Secure

Premium Term
5, 10, 15, 20, 25, 30 or To Age 65
Early CI (Single Pay) Option
  • Yes
  • Must be 10k less than S.A
  • 1/2/3/4/5
  • Age 70
Special Benefits
  •  NA



China Taiping i-Secure Legacy

Most competitive premium with the most comprehensive Critical Illness protection of 161 Conditions, with 12 special & 12 Juvenile conditions. Multiplier benefit is the longest and can be extended to LIFE.



Singlife with Aviva MyWholeLife Plan IV

Competitive premiums across all ages, able to convert to monthly income plan with reduced sum assured. Early CI rider covers for ICU benefits & Benign Tumor benefits. Death and TPD coverage is for LIFE.

2nd Runner-Up


HSBC Life Protect Advantage II

Extend multiplier till age 99 as well as Accelerated Benign Tumor Benefit allows for pre-existing benign conditions to be accepted, will also be covered when the condition progresses.

Get the Best Whole Life Insurance Plan in Singapore 2023

There are many Whole Life Insurance plans in the market. We have specially curated the best plans and compare them for you so you don't have to do so.

Simply fill in the simple Whole Life Insurance Plans questions to find the coverage best suited to your needs. Our experienced licensed FA advisor will get in touch with you shortly upon your request.

No obligations. No hidden fees and costs. Just professional advice.

    Frequently Asked Questions

    • Whole Life Insurance coverage plans have come a very long way. What used to be just Death, Terminal Illness and Total Permanent Disability coverage has now seen a wide variety of range of supplementary benefits to make the Whole Life Insurance an even more comprehensive coverage:
    • Early Stage Critical Illness (Single Payout)
    • Advance Stage Critical Illness (Single Payout)
    • Multiple Pay Critical Illness
      • Early to Advance – some insurers even have the feature to convert them into stand-alone Critical Illness plans
    • Multiplier feature
      • This feature allows you to multiply the Sum Assured (2 – 10 times) to a few times more than the original amount. You are essentially covered more for a lower price. Most insurers have this feature until age 70 with some exception Insurers until age 86 or even whole life.
    • Critical Illness Premium Waiver
      • Waives off premiums in the event of such CI diagnosis
    • Total and Permanent Disability (TPD)
    • Payor Premium Waiver for Child
      • A form of premium protection, in the event of payor’s death or diagnosis upon Early Stage CI, premium for your child’s Whole Life plan will be waived off
    Whole Life plans also have a Cash Value (aka Surrender Value), this often entices on the notion that you are able to spend it if you don’t make any claims. A “one sonte two birds” option.

    Imagine you are looking at a coverage of $250, 000 for Death, TPD and Early Stage CI coverage. Anyone of those occurring and you would like a payout of $250, 000. However a high sum assured like that is going to be expensive. Thus, you can work around a few permutations, for example:

    A sum assured of $50, 000 with 5 times multiplier ($250, 000) and a sum assured of $125, 000 with 2 times multiplier. Both provides $250, 000 of coverage until age 70 (most insurers at age 70, with certain insurers until age 86 or even life).

    That being said, after the age of 70 (or when the multiplier ends), the payout will be basic sum assured ($50, 000 or $125, 000 in this case) and yield it garnered throughout the years. 

    So why would someone choose a lower Sum Assured and a higher Multiplier benefit? The main difference is that the one with $50, 000 sum assured is going to be cheaper than the sum assured of $125, 000, as the cash value is going to be higher for the $125, 000 one and the premium calculation is based on sum assured.

    There is however, an insurer with the ability to extend the multiplier for life. Find out more here.

    It ranges from Single Premium (1 time) to 5, 10, 15, 20 and 25 years. Certain Insurers allow you to pay up to age 99. This may make sense for people whom are advance in age. Mode of premiums are monthly, quarterly, half-annually and annually. 

    Depending on certain Insurers, they have a feature where you have the choice to convert their whole life plan into an annuity retirement plan. It allows you to enjoy a stable stream of income at a chosen stipulated age while at the same time not terminating the policy, with a reduced sum assured.

    This is suitable when you find that the sum assured for death/CI coverage is not as concerning when your life commitments have been completed or dependants are now financially sustainable on their own now.

    The Cash Value of a Whole Life Insurance policy is a pool of money that grows within it. Insurers will allocate some of the premiums that you pay into their underlying investment which can be assets and/or funds portfolios. This is managed by a fund manager either by the insurer or appointed. Having a Cash Value in a whole life plan is what makes the premium so much more expensive as compared to a term insurance. 

    Some believe that the cash value is not as attractive as having their own endowment or investment wealth growth instruments, leading a school of thought that is termed as “Buy Term Invest the Rest” (BTIR), where using the similar premium, you save on focusing life and critical illness with term insurance and growing your own wealth with investments/endowment.

    Participating whole life insurance refers to the plan is being invested in Insurers’ participating fund. By doing so, Insurers share the profit of the returns of the investment also known as bonus, paid yearly, via the smoothing process:

    Smoothing policy: Insurers generally try to avoid large fluctuations in the non-guaranteed bonuses from year to year by smoothing bonuses over time. For example, insurers may hold back some bonuses in the years when the fund has performed well. This is so that bonuses can be maintained when the fund performs poorly. (

    Once the bonus is declared, they are guaranteed and accumulated throughout the whole term. In a Whole Life Insurance, it can be accumulated for life, or age 99 which are some Insurers’ definition of whole life is.

    To differentiate between participating and non-participating policies, have a look at the Policy Illustration and you will see under the Surrender Value (Cash Value upon surrendering) table, there is a Guaranteed and Non-Guaranteed portion, with 2 standard projections of 3.25% and 4. 75%. As insurers cannot guarantee market trends, as well as past performances are not an indicator of future outcomes, the closest thing is to show accurate reasonable projections like the 2 projections stated above.  

    Term Insurance on the other hand, is one common Non-Participating policy that has a definite payout amount under the specific coverage (Death, Early Stage CI, MultiPay CI etc) and does not participate in the profit of the participating fund and underlying assets.

    subscribe now

    Get email updates on the latest financial nuggets!

    A Comprehensive Guide – Critical Illness VS Early CI Coverage: What It Is & How it Works

    Get the latest insight on the Ultimate Guide on Critical Illness Coverage & How you should plan on it

    Fill in the form and get the downloadable copy for free.