What are the Best Life Insurance Plans in Singapore?
Not all whole life insurance policies are created equal, with every insurance company offering its own unique selling points to differentiate among its competitors.
InterestGuru.sg reviewed insurance policies across all insurers in Singapore to bring this comprehensive list of the best life insurance plans based on individual product features and benefits.
The whole insurance life plans listed here are handpicked to be an excellent fit based on their strongest unique selling points.
- Best Life Insurance Plan for Lifetime Coverage: Manulife LifeReady Plus
- Best Life Insurance Plan for Optional Insurance Riders: Aviva MyWholeLifePlan III
- Best Life Insurance Plan for Highest Coverage Multiplier: TM Legacy LifeFlex
- Best Life Insurance Plan for Cheapest Insurance premium: Manulife LifeReady Plus
- Best Life Insurance Plan for Shortest Payment Terms (5 yrs): NTUC Income Star Assure
- Best Life Insurance Plan for Highest Surrender Value: Manulife LifeReady Plus
- Best Life Insurance Plan for Savings/ Partial Withdrawal: Aviva MyLifeSavingsPlan
- Best Life Insurance Plan for Seniors/ Age above 50s: NTUC Senior Plan
This list of the 8 Best Life Insurance Plans in Singapore is last updated on: 31/5/2023
If instead, you are looking for a temporary option, take a look at the 8 best term life insurance plans in Singapore article for more options.
What makes a life insurance plan the best in their respective categories?
In general, the life insurance plans are selected for their level of protection coverage and wealth accumulation features. At the same time, the overall insurance premium payable must be competitively lower among its peers.
The criteria being used to select the best life insurance policies based on their unique product features and benefits are as below:
- The usefulness of unique product features
- In-depth policy terms and conditions
- Overall insurance premium and the future surrender value
- Additional insurance premium required against provided benefits
Note: The life insurance policies listed below are based on features and benefits which are considered outstanding within a specific category.
Best Life Insurance Plan for Lifetime Coverage: Manulife LifeReady Plus
Manulife LifeReady Plus provides you life coverage as well as wealth generation up to the grand age of 99. You can choose to pay premiums over a term of 10, 15, 20 or 25 years or up to age 99.
How Manulife LifeReady Plus coverage multiplier work:
- For coverage multiplier (to age 70) of: 1x, 2x, 3x, 4x or 5x
The higher protection coverage matters as your insurance premium for coverage is significantly higher as you get older. This allows your life insurance plan to be highly geared toward providing coverage for death and major illnesses.
Pros of Manulife LifeReady Plus
- Life protection and wealth generation up till age 99
- Retrenchment benefit payout of 50% of the yearly premium in the event of retrenchment
Cons of Manulife LifeReady Plus
- No option to turn policy cash value into monthly retirement income (only lumpsum upon surrendering)
- Multiplier coverage ends at age 70
What is the expected insurance premiums for Manulife LifeReady Plus
Based on a female, age 35 with the following insurance coverage multiplier:
- Basic sum assured of: $200,000 (Up to $600,000 with 3x multiplier)
- Total and Permanent Disability sum assured of: $200,000 (Up to $600,000 with 3x multiplier)
- Early Critical Illness sum assured of: $100,000 (Up to $350,000 with 3.5x multiplier)
All multipliers completely end at age 70, reverting back to the original sum assured for individual coverage.
The payable insurance premium for Manulife LifeReady Plus:
- Premium payable: $542.20/ monthly
- Premium term: 25 years
Related article: Manulife LifeReady Plus policy review
Best Life Insurance Plan for Optional Insurance Riders: Aviva MyWholeLifePlan III
Aviva MyWholeLifePlan III offers the most comprehensive options for coverage with a wide range of optional riders that can be added on to the main plan. Not only do you have complete flexibility on your coverage options, but you can also choose to have additional 100% to 400% coverage of your sum assured.
Optional insurance riders for Aviva MyWholeLifePlan III:
- MultiPay Critical Illness Cover II
- Up to 5 lump sum payouts, totalling 500% of the chosen sum assured upon diagnosis of various stages of Critical Illnesses.
- 20% refund of chosen sum assured when there are no claims made from this rider.
- Early/ Critical Illness Advance Cover II (Various)
- Lifetime early critical illness protection and advanced payout against the early, immediate and advanced stages of critical illness
- Total and Permanent Disability Advance Cover II
- Lifetime Total and Permanent Disability protection and advanced payout.
- Premium Waiver riders (Various)
- All future premiums waived in the event that the applicable premium waiver rider is purchased.
Aviva MyWholeLifePlan III also offers one of the highest surrender value when you terminate or convert the plan for its accumulated cash value in your future years.
Pros of Aviva MyWholeLifePlan III (Comprehensive coverage)
- Only life insurance plan with lifetime Total and Permanent Disability coverage
- 5x claims for different stages of critical illness with just 1 rider required
- No health underwriting within 90 days for additional death and TI coverage for key life events
- 20% refund on the sum assured of MultiPay Critical Illness Cover II if no claims are made
- Choose when your coverage booster ends at either age 65,70, 75 or 80
Cons of Aviva MyWholeLifePlan II (Comprehensive coverage)
- High insurance premium for MultiPay Critical Illness Cover II, especially if age 40 and above
What is the expected insurance premiums for Aviva MyWholeLifePlan III
Based on a female, age 30 with the following insurance coverage and 4x coverage multiplier:
- Basic sum assured of: $100,000 (Up to $400,000 with 4x multiplier)
- Total and Permanent Disability Lifetime sum assured of: $100,000 (Up to $400,000 with 4x multiplier)
- MultiPay Critical Illness Cover II sum assured of: $50,000 to age 85 (Up to 5x payout of sum assured)
All multipliers for this example ends at age 70, reverting back to the original sum assured for individual coverage.
The payable insurance premium for Aviva MyWholeLifePlan III:
- Premium payable (Approx): $3,800/ yearly
- Premium term: 25 years
- Projected lump sum surrender value at age 85 (Approx): $224,000
Note: Aviva MyWholeLifePlan III is the only whole life insurance plan in the market with lifetime TPD coverage.
Related article: Aviva MyWholeLifePlan III policy review
Best Life Insurance Plan for Highest Coverage Multiplier: TM Legacy LifeFlex
Tokio Marine Legacy LifeFlex offers the highest coverage multiplier of up to 9x your basic sum assured, making this life insurance plan with the highest multiplier among its peers. You may also expect a yearly non-guaranteed dividend reward from the age of 65 onward, as long as the plan is not surrendered for its lump-sum cash value.
TM Legacy LifeFlex coverage multipliers end at age 65, which is one of the earliest among the life insurance plans on the list. This may cause a high and significant shortfall in payout should the unforeseen happens after the multiplier ends.
Pros of TM Legacy LifeFlex
- High multiplier coverage to age 65
Cons of TM Legacy LifeFlex
- Very low coverage after age 65
- Very low surrender value due to the low basic sum assured
What is the expected insurance premiums for TM Legacy LifeFlex
Based on a male, age 30 with the following insurance coverage and 9x coverage multiplier:
- Basic sum assured of: $50,000 (Up to $500,000 with 9x multiplier)
- Total and Permanent Disability sum assured of: $50,000 (Up to $500,000 with 9x multiplier)
- Early Critical Illness sum assured of: $50,000 (Up to $500,000 with 9x multiplier)
All multipliers end at age 65, reverting back to the original sum assured for individual coverage.
The payable insurance premium for TM Legacy LifeFlex:
- Premium payable: $4,977/ yearly
- Premium term: 25 years
Related article: TM Legacy LifeFlex policy review
Best Life Insurance Plan for Cheapest Insurance premium: Manulife LifeReady Plus
Manulife LifeReady Plus provides an excellent blend of coverage and long-term wealth accumulation due to having a very competitive premium for the life insurance plan. No further underwriting and health checkup is required for additional coverage when you reach milestones in life such as marriage, parenthood, owning your first home, or graduation.
Even smokers are entitled to a Health Advantage discount for the first 2 years, with subsequent discount valid as long as specific health targets are met.
Enhance your coverage with multiplier for 2x, 3x, 4x, or 5x of your sum assured up to age 70.
Pros of Manulife LifeReady Plus
- Low insurance premium compared to its peers for the same coverage (5x multiplier)
- One of the highest surrender value after age 85
Cons of Manulife LifeReady Plus
- For 3x coverage multiplier, Aviva MyWholeLife Plan III may be slightly cheaper
What is the expected insurance premiums for Manulife LifeReady Plus
Based on a male, age 30 with the following insurance coverage and 5x coverage multiplier:
- Basic sum assured of: $100,000 (Up to $500,000 with 5x multiplier)
- Total and Permanent Disability sum assured of: $500,000 (Up to $500,000 with 5x multiplier)
- Early Critical Illness sum assured of: $50,000 (Up to $250,000 with 5x multiplier)
All multipliers end at age 70, reverting back to the original sum assured for individual coverage.
The payable insurance premium for Manulife LifeReady Plus:
- Premium payable: $3,669/ yearly
- Premium term: 25 years
Related article: Manulife LifeReady Plus policy review
Best Life Insurance Plan for Shortest Payment Terms (5 years): NTUC Income Star Assure
For the same insurance coverage, the overall premiums paid by a shorter premium term plan will always be lower, compared to a plan with longer premium terms.
Across all the insurance companies in Singapore, NTUC Income Star Assure is the only whole life insurance plan that allows you to get lifetime coverage for only paying 5 years of insurance premium. The plan also comes with built-in Critical Illness coverage and 3 choices of coverage multiplier.
Choose your coverage multiplier of 1x, 2x, 3x, 4x or 5x
NTUC Income Star Assure also provides you coverage against COVID-19 and future unknown diseases such as COVID-19.
Pros of NTUC Income Star Assure
- Above average surrender value due to longer wealth accumulation
- Shorter financial commitment for premium payment
- Covers future unknown diseases such as COVID-19
Cons of NTUC Income Star Assure
- Higher initial financial commitment
What is the expected insurance premiums for NTUC Income Star Assure
Based on a female, age 35 with the following insurance coverage and 3.5x coverage multiplier:
- Basic sum assured of: $100,000 (Up to $350,000 with 3.5x multiplier)
- Total and Permanent Disability sum assured of: $100,000 (Up to $350,000 with 3.5x multiplier)
- Early Critical Illness sum assured of: $75,000 (Up to $262,500 with 3.5x multiplier)
- Critical Illness sum assured of: $100,000/ $25,000 if ECI is claimed, (Up to $350,000/ $87,500 if ECI is claimed with 3.5x multiplier)
All multipliers end at age 70, reverting back to the original sum assured for individual coverage.
The payable insurance premium for NTUC Income Star Assure
- Premium payable: $15.744.15/yearly
- Premium term: 5 years
Related article: NTUC Income Star Assure policy review
Best Life Insurance Plan for Highest Surrender Value: Manulife LifeReady Plus
The only whole life plan in the list to be mentioned thrice, Manulife LifeReady Plus takes the stage again, allowing you to have comprehensive coverage and high future surrender value.
In order to minimise financial disruption, your premiums can be waived if you lose your job.
Pros of Manulife LifeReady Plus (High surrender value):
- Very high surrender value should you choose to terminate the plan for a lump sum cash
- Competitive insurance premium for coverage
Cons of Manulife LifeReady Plus (High surrender value):
- For 3x coverage multiplier, Aviva MyWholeLife Plan III may be slightly cheaper
What is the expected insurance premiums for Manulife LifeReady Plus (High surrender value)
Based on a female, age 30 with the following insurance coverage and 3x coverage multiplier:
- Basic sum assured of: $125,000 (Up to $375,000 with 3x multiplier)
- Total and Permanent Disability (till age 70) sum assured of: $125,000 (Up to $375,000 with 3x multiplier)
The payable insurance premium for Manulife LifeReady Plus:
- Premium payable (Approx): $2,759/ yearly
- Premium term: 25 years
- Projected lump sum surrender value at age 85(Approx): $250,0000
Related article: Manulife LifeReady Plus policy review
Best Life Insurance Plan for Savings/ Partial Withdrawal: Aviva MyLifeSavingsPlan
Aviva MyLifeSavingsPlan is a new class of hybrid lifetime whole life/ savings endowment plan that mainly serves to provide high and stable long-term wealth accumulation.
Aviva MyLifeSavingsPlan is selected as the best whole life plan for savings/ partial withdrawal due to the short number of years required before your premiums are 100% principal guaranteed.
You can choose to pay premiums over 5, 10, 15, 20 or 25 years. Principal is guaranteed from the 15th policy year.
Pros of Aviva MyLifeSavingsPlan
- Very high surrender value
- Flexibility to withdraw from the cash value without surrendering the plan
- Option to appoint a secondary life insured for wealth accumulation continuity
- No medical underwriting required
Cons of Aviva MyLifeSavingsPlan
- No insurance coverage
What is the expected insurance premiums for Aviva MyLifeSavingsPlan
Based on a female, age 30 with a savings period of 15 years:
- Basic sum assured of: $92,500 (No coverage multiplier for Aviva MyLifeSavingsPlan)
The payable insurance premium for Aviva MyLifeSavingsPlan:
- Premium payable: $6,160.94/ yearly
- Premium term: 15 years
- Projected lump sum surrender value/ yield at age 65: $270,831
- Projected lump sum surrender value/ yield at age 75: $414,543
Related article: Aviva MyLifeSavingsPlan policy review
Best Life Insurance Plan for Seniors/ Age above 50s: NTUC Senior Plan
NTUC Income Senior Plan is specially catered for individuals aged 49 to 69 years who wish to be insured for up
to $15,000 sum assured. Coverage increases with yearly declared bonuses, allowing your guaranteed coverage to increase as you age till your golden years.
What NTUC Income Senior Plan pay in the event of a claim
- During the 1st policy year – 20% of the sum assured
- During the 2nd policy year – 40% of the sum assured
- During the 3rd policy year – 60% of the sum assured + 100% of bonuses
- During the 4th policy year – 80% of the sum assured + 100% of bonuses
- During and after the 5th policy year – 100% of sum assured + 100% of bonuses
NTUC Income Senior Plan pays in the event of Death, Total and Permanent Disability (before the age of 70) or upon surrendering of the policy for its cash values.
The application is hassle-free and acceptance is guaranteed as long as you have not been hospitalised in the past 12 months from the date of your application.
Pros of NTUC Income Senior Plan
- Short premium term of 10 years for lifetime coverage
- Short projected break-even on the 13th to 14th policy year.
- Affordable insurance premium
- No medical underwriting required
Cons of NTUC Income Senior Plan
- No Early Critical Illness coverage
- No Critical Illness coverage
What is the expected insurance premiums for NTUC Income Senior Plan
Based on a male, age 50 with the following insurance coverage:
- Basic sum assured of: $15,000 (No coverage multiplier for NTUC Income Senior Plan)
- Total and Permanent Disability sum assured of: $15,000 (No coverage multiplier for NTUC Senior Plan)
Total and Permanent Disability coverage end at age of 70.
The payable insurance premium for NTUC Income Senior Plan:
- Premium payable: $1,078/ yearly
- Premium term: 10 years
- Projected break-even: 13th year of the policy
Related article: NTUC Income Senior Plan policy review
When should you take up a life insurance plan?
The earlier you start, the more you benefit from a life insurance policy. This is due to the long-term effects of compounding returns. Do make sure that your financial budget is realistic and achievable as you plan for your financial goals.
Take the effort to ensure that the health and insurance coverage provided is sufficient over the next 10 to 15 years. This allows you to move on to other financial priorities and life goals without worrying about insurance coverages.
Read about: How can you accumulate a million dollar (Realistically)
Read about: 3 Best Whole Life Plans in Singapore for Coverage and Wealth Accumulation (2023 Edition)
What are the alternatives to a life insurance plan?
A life insurance plan is structured to offer an “all in one” solution for your health and wealth needs, it may not be the perfect policy due to the existing financial products you own.
For reasons otherwise, consider the following alternatives to a life insurance plan that may provide better overall value to your insurance portfolio.
Alternatives to life insurance plans: Term life insurance plans
If budget and affordability is a major concern in the short-term, seek a term life insurance plan for your coverage shortfalls. Coverage via a term plan to age 60 and below relatively affordable, at the cost of the policy not accumulating cash value for future withdrawal.
Similarly, the insurance premium payable for a term plan throughout the entire coverage period might actually be higher than the total premium paid for a limited period in a whole life plan.
Carefully consider your options as switching or change your coverage options may result in financial losses. Feel free to drop us a message at the end of the article for our financial planner to work out the financial benefits and cost of the various options.
Related article: Term life vs Whole life (Financial cost and benefits analysis)
Related article: The 8 Best Term Life Insurance Plan in Singapore based on Product Features (2023 Edition)
Alternatives to life insurance plans: Investment-linked policies
In your 20s and early 30s, having an early start to wealth accumulation allows the effect of compounding returns to generate higher financial gains for you.
An investment-linked policy that combines both coverage and investment may generate higher financial returns, at the cost of higher investment risk and price volatility.
Related article: Investment-linked policies (Are they suitable for you?)
Related article: The 3 Best Investment-linked Policies in Singapore for Coverage and Wealth Accumulation (2023 Edition)
What are the best life insurance plans for you?
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Note: All financial figures are based on close approximate and all non-guaranteed figures are based on the higher tier of 4.75% investment returns. The sample illustrations are for illustrative purposes only and is not a contract of insurance. Early surrendering or cashing out from a whole life insurance policy will certainly result in financial loss. In the event of doubt, always refer to the precise terms and conditions as specified in your policy contract. Seek the advice of a qualified financial professional or a licensed financial adviser before making any decision or financial commitment.
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