InterestGuru.sg reviewed and handpick a list of the 4 best whole life insurance plan in Singapore that provides the best insurance coverage.
- Best whole life plan for overall coverage and wealth accumulation – Manulife LifeReady
- Best whole life plan for comprehensive coverage – Aviva MyWholeLifePlan III *NEW*
- Best whole life plan for lifelong and enhanced coverage – AXA Life MultiProtect
- Best whole life plan for all in one coverage – NTUC Income VivoLife
This list of the 4 best whole life plan for coverage and wealth accumulation is updated as at: 19/1/2020
Why choose a whole life insurance policy?
Whole life insurance plan usually requires a long-term financial commitment with premium usually payable over a 15 to 25 years period. However, the policy can provide lifelong insurance coverage and financial assurance for you and your family.
As replacing or early terminating will result in financial losses, ensure that you have comprehensive coverage in your whole life insurance policy. This reduces the chances that you have to pay a higher premium when your are older to cover gaps in your insurance coverage shortfalls.
Your whole life insurance plan should have sufficient coverage for:
- Terminal Illness (TI)
- Total Permanent Disability (TPD)
- Critical Illness (CI)
- Early Critical Illness (ECI)
Coverage multiplier can be attached to a whole life plan to further boost your claims payout up to age 70 or 75, during the period where a severe illness can heavily impact your income and finances.
Depending on your personal life profile, the sum assured amount for the above can be individually adjusted to meet your coverage needs.
Related article: How much life insurance coverage you do need? *NEW*
Is term life better than whole life as the insurance premiums are lower?
Term life policies require insurance premium to be paid for every policy year, with significantly higher premiums payable upon expiry or end of your coverage term. As the premium collected goes towards compensating the risk of the insurer for providing coverage, a term life plan does not generate any cash value.
Term life plans are, however excellent for additional coverage where the shortfall is expected for a temporary basis or when there is an additional financial commitment required. Some life events where term life plans provide excellent value includes:
- Birth of a child
- Purchase of a property
On the other hand, whole life plans have a limited payment term (up to 25 years). For a higher premium, the whole life plan has guaranteed and projected surrender values that increase on a yearly basis.
Depending on specific whole life plan features, the surrender value can be withdrawn as a single lump sum upon termination or converted into an annuity for a yearly income payout.
The total insurance premium paid for a whole life plan may be lower, compare to a term life for a long period of coverage. In addition, the whole life plan can accumulate attractive cash value for future lump sum withdrawal.
Related article:Term life vs Whole life (Financial cost and benefits analysis)
What makes a good whole life insurance policy?
A good whole life plan is determined by its level of protection coverage and wealth accumulation features. At the same time, the overall insurance premium payments must be competitively lower among its peers.
Our criteria for selecting the best whole life insurance plans are based on the factors as below:
- Features and cost of coverage multiplier
- Rate of returns including guaranteed and projected values
- Terms and conditions of insurance coverage
- Available insurance riders to complement coverage
- Practical unique selling points that add real value to the whole life plan
Note: The whole life insurance policies listed below are not ranked in any priority. Early surrendering or cashing out from your insurance policies will result in financial loss.
Read About: How does Whole Life Insurance Work?
Best whole life plan for overall coverage and wealth accumulation – Manulife LifeReady
Manulife LifeReady is the newest whole life insurance plan with a multiplier of up to 5x your sum assured up to age 70. With its Health Advantage, you can get a premium discount in the first 2 years if you met their health criteria (For smokers).
No medical checkup is needed if you were to increase your protection coverage during future milestones for Manulife LifeReady.
What we like about Manulife LifeReady
- High multiplier protection of up to 5x your sum assured
- Free child cover for advanced stage critical illness if you have bought the early critical care rider
- Health advantage whereby you will get premium discount during the first 2 policy years and you can continue your premium discount after 2 years if you hit their health targets (For smokers)
What we do not like about Manulife LifeReady
- No option for monthly payout at later life stages
Manulife LifeReady insurance coverage: (4.5 / 5)
Manulife LifeReady product features: (4.3 / 5)
Manulife LifeReady overall rating: (4.4 / 5)
Read about: Manulife LifeReady Review
Additional product details: Manulife LifeReady marketing brochure
Best whole life plan for comprehensive coverage – Aviva MyWholeLifePlan III
Aviva MyWholeLifePlan III is a whole life insurance plan which offers a multiplier of up to 5x your sum assured up to age 70. No medical checkup is needed if you were to increase your protection coverage during future milestones for Aviva MyWholeLifePlan III.
The newly available MultiPay Critical Illness Cover II rider allows claims of up to 5 times of the Sum Assured for various stages of Critical Illnesses.
While the premiums are higher compared to a single payout rider, this rider allows continual coverage while removing the concerns of getting additional coverage after getting by a critical illness.
What we like about Aviva MyWholeLifePlan III
- Option to pay a single lump sum premium for the plan with lifetime protection (Excellent option for parent purchasing for a newborn or young child)
- Multiple claims of up to 5x of Sum Assured for various stages of Critical Illnesses *First in Singapore*
- High multiplier protection of up to 5x your sum assured
- Choose when your multiplier coverage end from age 65, 70, 75 or 80
- Option to convert your plan to enjoy a monthly income stream (from age 65) up to age 99 to supplement your retirement needs, while your bonuses continue to grow
- Option to put your premiums on hold (up to 1 year) and enjoy a waiver of interest when you lose your job
What we do not like about Aviva MyWholeLifePlan III
- Premiums for MultiPay Critical Illness Cover II is higher than a single payout critical illness rider
- Coverage boosters are added in increment fo 100%, no flexibility to choose other coverage values
Aviva MyWholeLifePlan III insurance coverage: (4.5 / 5)
Aviva MyWholeLifePlan III product features: (4 / 5)
Aviva MyWholeLifePlan III overall rating: (4.3 / 5)
Read about: Aviva MyWholeLifePlan III Review
Additional product details: Aviva MyWholeLifePlan III marketing brochure
Best whole life plan for lifelong and enhanced coverage – AXA Life MultiProtect
AXA Life MultiProtect is the latest whole life insurance plan from AXA Life. Coverage booster can be selected from 2.5x to 5x of the Sum Assured on the main policy. No medical checkup is needed if you were to increase your protection coverage during future milestones for AXA Life MultiProtect.
AXA Life MultiProtect also provides accidental coverage which offers a multiplier of up to 2x your sum assured up to age 70 if death is caused by an accident (Up to 10x of your Sum Assured if coverage multiplier of 5x is selected).
What we like about AXA Life MultiProtect
- Death coverage due to an accident has an additional multiplier effect on top of the coverage multiplier
- Option to pay up to 65 years or even for a lifetime for higher coverage and greater affordability
- When coverage multiplier of 2.5x, 3.5x and 5x expired at age 70, continue to receive enhanced coverage of 1.25x, 1.75x and 2.5x to age 80.
- Receive 100% advance of disability benefit, when 2 out of the 6 Activities of Daily Living (ADL) are disrupted
What we do not like about AXA Life MultiProtect
- No option to pay the insurance premium for only 5 or 10 years
- The cash surrender value of the policy is lower to compensate for enhanced coverage to Age 80
AXA Life MultiProtect insurance coverage: (4 / 5)
AXA Life MultiProtect product features: (4 / 5)
AXA Life MultiProtect overall rating: (4 / 5)
Read about: AXA Life MultiProtect Review
Additional product details: AXA Life MultiProtect marketing brochure
Best whole life plan for all in one coverage – NTUC Income VivoLife
While NTUC Income VivoLife is not a new insurance plan, this policy stands out for being simple in available options. Right after selecting your base plan coverage, critical illness coverage is included in the insurance premium cost.
When you choose a coverage multiplier of 1.25, 1.8 or 3.5 times, your critical illness coverage is also boosted by the same amount. This allows you to select between higher insurance coverage or wealth accumulation.
What we like about NTUC Income VivoLife
- Base plan offers high critical illness coverage at a competitive price
- Get 200% of sum assured for accidental death before age 70
- Retrenchment benefit allows u to waive 6 months of premium if you are retrenched and not able to find employment for 3 continuous months
What we do not like about NTUC Income VivoLife
- Early critical illness rider is capped at 50% of the plan sum assured
- Multiplier coverage, TPD and accidental death coverage end at age 70
NTUC Income VivoLife insurance coverage: (3.8 / 5)
NTUC Income VivoLife product features: (3.3 / 5)
NTUC Income VivoLife overall rating: (3.5 / 5)
Read about: NTUC Income VivoLife Review
Additional product details: NTUC Income marketing brochure
What should you do next?
The earlier you start, the more you benefit from a Whole Life insurance policy. This is due to long-term 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: 8 Best Whole Life Plans in Singapore based on Product Features (2020 Edition)
What are the best whole life plans for you?
Wish to know more about how the above Whole Life insurance policies fit into your financial and insurance portfolio? Like to know the actual financial returns on the above products based on your age, budget and financial profile?
Get INSTANT QUOTES and detailed information based on your individual profile using our whole life plan selector now!
Compare and find out about whole life policies
Our partnered financial planners will draft their proposals based on your given input. Your information and details will only be used for communication with you.
All comparisons done are solely based on your individual needs.
*For a limited time, get attractive incentives when you take up any products that is proposed by our team of financial planners.
We compare whole life quotations on all leading insurers in Singapore
Drop us a message to let our team of independent financial advisers work out a proposal for you.
Too much work to fill in the form above?
Alternatively, use our CompareNOW to compare whole life insurance policies across insurance companies. Compare and get the best for yourself, it doesn’t have to cost you!
- The 8 Overall Best Whole Life Insurance Plan in Singapore (2020 Edition)
- The 8 Overall Best Term Life Life Insurance Plan in Singapore (2020 Edition)
- The 5 Overall Best Critical Illness Plans in Singapore by Product Features (2020 Edition)
- Which type of critical illness insurance plan is the best for you?
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 your whole life insurance policies 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 advisor before making any decision or financial commitment.
*Terms and conditions may apply, speak to our financial planners or drop us a message for more details.
Changelog for: 4 Best Whole Life Plans in Singapore for Coverage and Wealth Accumulation
Page updated on: 10/6/2020
- Added an additional whole life plan, NTUC Income VivoLife. Policy is highly competitive on pricing when only basic and critical illness coverage is required.
- Aviva MyWholeLifePlan II is discontinued and replaced by Aviva MyWholeLifePlan III. This is considered an improvement as Aviva MyWholeLifePlan III offers more features such as:
- Increased range of premium payment options: Single, 5, 10, 15, 20 or 25 years
- Increased coverage multiplier from 2 to 5 times the chosen Sum Assured
- Flexible coverage multiplier options to age: 65, 70, 75 or 80
- Insurance premium may be slightly higher or lower compared to Aviva MyWholeLifePlan II, hence No Change to product ratings.
Page updated on: 11/3/2020
- AXA Life MultiProtect replaced AXA Life Exentials as top 3 best whole life insurance policy 2020.
- Insurance coverage rating increased by 0.5 points (First whole life plan that offers continues to offer enhanced coverage to Age 80 after coverage multiplier ends at Age 70)
- Product features rating increase by 0.5 points (Compared to AXA Life Exentials )
- AXA Life MultiProtect rated as best in lifelong coverage instead of best in accidental death
- No changes to overall product rating of Aviva MyWholeLifePlan II and Manulife LifeReady
Page updated on: 21/1/2020
- Aviva MyWholeLifePlan II has replaced Aviva MyWholeLifePlan due to enhanced coverage benefits
- Insurance coverage rating increased by 0.25 points (Due to the comprehensive Early Critical and Critical Illness coverage)
- Product features rating decreased by 0.25 points (Premiums are higher when MultiPay Critical Illness Cover II is added)
- Aviva MyWholeLifePlan II is rated best in coverage instead of best in flexibility with the update.
- Overall product rating remains unchanged across the board.
Page updated on: 18/11/2020
- AXA Life Exentials product features decreased by 0.25 points as no option for Early Critical Illness cover.
- Manulife LifeReady product features increased by 0.25 points as it is still the only Whole Life policy with 5X multiplier at a competitive premium amount.
Use our Compare NOW for whole life insurance policies, to get the 3 most competitive quotes on whole life Insurance based on your individual profile.