
Best Whole Life Plans Table of Contents
- Why choose a whole life insurance policy?
- Is term life better than whole life as the insurance premiums are lower?
- What makes a good whole life insurance policy?
- Best whole life plan for overall coverage and wealth accumulation – Manulife LifeReady Plus II
- Best whole life plan for comprehensive coverage – Singlife with Aviva MyWholeLifePlan IV
- Best whole life plan for all in one coverage – NTUC Income Star Secure
- Best whole life plan for lifelong and enhanced coverage – AIA Guaranteed Protect Plus II
- Detailed comparison for whole life plans based on coverage amount and cash surrender value
- Detailed comparison for whole life plans based on covered medical conditions
- What should you do next?
- What are the best whole life plans for you?
- Compare and find out about whole life policies
InterestGuru.sg reviewed and handpicked a list of the 4 best whole life insurance plan in Singapore that provides the best insurance coverage.
- Best whole life insurance plan for overall coverage and wealth accumulation – Manulife LifeReady Plus II
- Best whole life insurance plan for comprehensive coverage – Aviva MyWholeLifePlan IV
- Best whole life insurance plan for all in one coverage – NTUC Income Star Secure
- Best whole life insurance plan for enhanced coverage and premium term flexibility – AIA Guaranteed Protect Plus II
This list of the 4 best whole life plans for life-long coverage and wealth accumulation is updated as at: 2023
Why choose a whole life insurance policy?
Whole life insurance plan usually requires a long-term financial commitment with premiums 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 you are older to cover gaps in your insurance coverage shortfalls.
Your whole life insurance plan should have sufficient coverage for:
- Death
- Terminal Illness (TI)
- Total Permanent Disability (TPD)
- Critical Illness (CI)
- Early Critical Illness (ECI)
Coverage multipliers can be attached to a whole life insurance plan to further boost your claims payout up to age 70, 75 or 84, 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 insurance better than whole life insurance as the premiums are lower?
Term life policies require insurance premiums 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 acquiring additional financial commitment. Some life events where term life plans provide excellent value include:
- Birth of a child
- Marriage
- Purchase of a property
On the other hand, whole life insurance plans have a limited payment term (up to 25 years). For a higher premium, the whole life insurance plan has guaranteed and projected surrender values that increase on a yearly basis.
Depending on specific whole life insurance 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 insurance plan may be lower, compare to a term life for a long period of coverage. In addition, the whole life insurance plan can accumulate attractive cash value for a 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 insurance 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 insurance 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 insurance plan for overall coverage and wealth accumulation – Manulife LifeReady Plus II
LifeReady Plus II is the newest whole life insurance plan from Manulife with a multiplier of up to 5x your sum assured up to age 70 or 80. With the recent upgrade, Total Permanent Disability is now covered up till age 99.
With its Health Advantage, you can get a premium discount in the first 2 years if you met their health criteria (For smokers). The new Financial Flexibility option allows you to convert part of the policy value into 10 yearly payouts.
No medical checkup is needed if you were to increase your protection coverage during future milestones for Manulife LifeReady II.
What we like about Manulife LifeReady Plus II
- 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)
- Best retrenchment benefit – Premiums are waived for 6 months if you or your spouse become retrenched
What we do not like about Manulife LifeReady Plus II
- Financial Flexibility option only converts a small part of the policy cash value into payouts
Manulife LifeReady Plus II insurance coverage: (4.5 / 5)
Manulife LifeReady Plus II product features: (4.3 / 5)
Manulife LifeReady Plus II overall rating: (4.4 / 5)
Read about: Manulife LifeReady Plus II Review
Additional product details: Manulife LifeReady Plus II marketing brochure
Thomas, at the age of 25, purchased Manulife LifeReady Plus II to cover himself against Death, Total and Permanent Disability, Terminal Illness, and Critical Illness of all stages.
He chooses a multiplier coverage of 3X the sum assured up till age 75, making sure his coverage is sufficient to financially protect his loved ones should the unexpected occur during his money-making days.
For an annual premium of S$3,934, Thomas is covered with S$150,000 against critical illnesses, and S$300,000 against death, total and permanent disability, and terminal illness.
Should Thomas or his spouse become retrenched for 30 days or more, premiums will be waived for 6 months, allowing Thomas to focus on finding a job without worrying too much about his next premium payment.
Thomas, now age 40, finishes premium payment with a total of S$59,010 paid in premiums to enjoy his lifetime coverage and wealth accumulation.
Upon reaching age 70, Thomas’s coverage reverts to the original coverage of S$50,000 for critical illness, and S$100.000 for death, total and permanent disability, and terminal illness.
Should Thomas decide to surrender his whole life plan, he is illustrated to get S$131,063 at age 70 or S$153,015 at age 75, bringing his life and health coverage to an end. Otherwise, Thomas will continue enjoying life coverage until he surrenders the policy, till age 99, or until he dies.
Best whole life insurance plan for comprehensive coverage – Singlife with Aviva MyWholeLifePlan IV

Singlife with Aviva MyWholeLifePlan IV is a whole life insurance plan which offers a coverage 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 Singlife with Aviva MyWholeLifePlan IV.
What we like about Singlife with Aviva MyWholeLifePlan IV
- Lifetime coverage for Total and Permanent Disability instead of age 70
- High multiplier protection of up to 5x your sum assured
- Choose when your multiplier coverage end from age 65, 70, or 75
- 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 Singlife with Aviva MyWholeLifePlan IV
- MultiPay Critical Illness Cover II rider was phased out in this version
- Coverage boosters are added in increment of 100% (3x, 4x or 5x), no flexibility to choose other coverage multiplier values
Singlife with Aviva MyWholeLifePlan IV insurance coverage: (4.5 / 5)
Singlife with Aviva MyWholeLifePlan IV product features: (4 / 5)
Singlife with Aviva MyWholeLifePlan IV overall rating: (4.3 / 5)
Read about: Singlife with Aviva MyWholeLifePlan IV Review
Additional product details: Singlife with Aviva MyWholeLifePlan IV marketing brochure
Policy Illustration for Singlife with Aviva MyWholeLifePlan IV
At age 25, Daniel purchased Singlife with Aviva MyWholeLifePlan IV to cover himself against Death, Total and Permanent Disability, Terminal Illness, and Critical Illness of all stages.
He chooses a boosted coverage of 3X the sum assured up till age 70, sufficient to financially cover his loved ones should the unexpected happen during his money-making days.
Daniel pays an annual premium of S$4,009.50 for the next 15 years to be covered S$150,000 against critical illnesses, and S$300,000 against death, total and permanent disability, and terminal illness.
Waiving interest on premium loans for 12 months or a year should he become retrenched, Daniel can focus on getting back his footing without worrying about high interests from premium loans.
Daniel, now age 40, finishes premium payment with a total of S$60,142.50 paid in premiums to enjoy his coverage.
Upon reaching age 70, Daniel’s coverage reverts to the unboosted sum of S$50,000 for critical illnesses, and S$100.000 for death, total and permanent disability, and terminal illness.
Should Daniel decide to surrender his whole life insurance plan, he would get S$120,302 at age 70 or S$143,361 at age 75, bringing his life and health coverage to an end.
Best whole life insurance plan for all in one coverage – NTUC Income Star Secure
While NTUC Income Star Secure is not a new insurance plan, this policy stands out for being simple in available options. Available critical illness rider covers 171 conditions of various stages.
Choose to take up Star Secure’s Hospital CashAid rider to receive hospitalization benefits such as daily hospital cash and more.
What we like about NTUC Income Star Secure
- Best value for dollar whole life insurance plan for its coverage
- Get 200% of sum assured for accidental death before age 70
- Retrenchment benefit allows you to pause paying premiums for 6 months if you are retrenched and not able to find employment for 3 continuous months
What we do not like about NTUC Income Star Secure
- Early critical illness rider is capped at 50% of the plan sum assured
- Multiplier coverage, TPD, and accidental death coverage end at age 70
Read about: NTUC Income Star Secure Review
Additional product details: NTUC Income Star Secure marketing brochure
Policy Illustration for NTUC Income Star Secure
At age 25, John purchased NTUC Income Star Secure to cover himself against Death, Total and Permanent Disability, Terminal Illness, and Critical Illnesses of all stages.
He chooses a boosted coverage of 3X the sum assured up till age 70, sufficient to financially cover his loved ones should the unexpected happen during his money-making days.
John pays an annual premium of S$4,110 for the next 15 years to be covered S$150,000 against critical illnesses, and S$300,000 against death, total and permanent disability, and terminal illness.
With the option to pause premium payment for 6 months should he become retrenched, John has one less thing to sweat over as he has wiggle room to find another job.
John, now age 40, finishes premium payment with a total of S$61,650 paid in premiums to enjoy his coverage.
Upon reaching age 70, John’s coverage reverts to the unboosted sum of S$50,000 for critical illnesses, and S$100.000 for death, total and permanent disability, and terminal illness.
Should John decide to surrender his whole life insurance plan, he would get S$126,975 at age 70 or S$181,172 at age 75, bringing his life and health coverage to an end.
Best whole life insurance plan for lifelong and enhanced coverage – AIA Guaranteed Protect Plus II

Enjoy the most flexibility in premium payment terms with AIA Guaranteed Protect Plus II. Choose to pay your premiums in 12 or 20 years or up till age 65 or 75, making premiums more affordable in your day-to-day life.
Choose to 2X, 3X 4X, or 5X your coverage up till age 65 or 75, giving you higher coverage during your working years. Additional riders are available to cover 104 critical illnesses of early to advanced-stage as well as 5 special conditions such as diabetes and osteoporosis.
What we like about AIA Guaranteed Protect Plus II
- Flexible premium terms – choose to pay over 12 to 20 years or up till age 65 or 75
- Multiplier option of 2X, 3X, 4X, or 5X up till age 65 or 75
- You can choose to buy another whole life insurance or endowment policy without medical checks at life milestones
What we do not like about AIA Guaranteed Protect Plus II
- No option to pay the insurance premium for only 5 or 10 years
- Slightly pricier compared to the other whole life insurance plans in the market
Read about: AIA Guaranteed Protect Plus II
Policy Illustration for AIA Guaranteed Protect Plus II
At age 30, Michael purchased AIA Guaranteed Protect Plus II to cover himself against Death, Total and Permanent Disability, Terminal Illness, and Critical Illness of all stages.
He chooses a boosted coverage of 3X the sum assured up till age 75, sufficient to financially cover his loved ones should the unexpected happen during his money-making days.
Michael pays an annual premium of S$5130.50 for the next 20 years to be covered S$150,000 against critical illnesses, and S$300,000 against death, total and permanent disability, and terminal illness.
Michael, now age 45, finishes premium payment with a total of S$102,610 paid in premiums to enjoy his coverage.
Upon reaching age 75, Michael’s coverage reverts to the unboosted sum of S$50,000 for critical illnesses, and S$100.000 for death and terminal illness.
Should Michael decide to surrender his whole life insurance plan, he would get S$137,978 at age 70 or S$163,669 at age 75, bringing his life and health coverage to an end.
Detailed comparison for whole life insurance plans based on coverage amount and cash surrender value
We have compiled detailed data based on age 35 with the intention to pay insurance premiums over 15 to 20 years. The objective here is to compare the whole life insurance plans based on equal coverage multiplier and future surrender value.
Whole life plans comparison based on: Male, Age 30 with minimum coverage multiplier to age 70 | ||||
---|---|---|---|---|
Plan Details | ![]() | ![]() | ![]() | ![]() |
Annual Premium | $4,261.56 | $3,980 | $4,620 | $5,130.50 |
Premium Term | 15 years | 15 years | 15 years | 20 years |
Total Premium paid | $63,923.40 | $59,700 | $69,300 | $102,610 |
Policy coverage | ||||
Death/ TPD | $300,000¹/ $100,0000 | $300,000¹/ $100,0000 | $300,000¹/ $100,0000 | $300,000²/ $100,0000 |
Early critical illness | $150,000¹/ $50,000 | $150,000¹/ $50,000 | $150,000¹/ $50,000 | $150,000²/ $50,000 |
Critical illness | $150,000¹/ $50,000 | $150,000¹/ $50,000 | $150,000¹/ $50,000 | $150,000²/ $50,000 |
Policy surrender values | ||||
Guaranteed/ Projected³ (Age 60) | $46,600 / $83,992 | $41,967/ $59,700 | $46,700/ $75,736 | 46,100/ $85,478 |
Guaranteed/ Projected³ (Age 70) | $62,300/ $132,082 | $49,200/ $114,334 | $61,100/ $112,938 | $64,900/ $137,978 |
Guaranteed/ Projected³ (Age 80) | $73,800/ $182,294 | $64,600/$ 173,151 | $74,800/ $162,107 | $77,200/ $190,535 |
¹ Coverage multiplier to age of 70, after which coverage reverts to the figures on the right. ² AIA Guaranteed Protect Plus (II) only offers option for coverage multiplier to age of 75, after which coverage reverts to the figure on the right. ³ Projected values consist of a guaranteed and non-guaranteed investment returns of 4.75%. |
Another point of consideration will be the total premium paid versus the surrender value of the whole life insurance plans. This is because upon death after the end of the coverage multiplier period, you will receive either the higher of the based death coverage amount or surrender value. Hence, a competitive surrender value would allow you to totally surrender the policy and receive a higher payout than upon death or illnesses.
Note: For users on mobile devices, you may have to swipe/ scroll on the chart to view the complete data.
Detailed comparison for whole life insurance plans based on covered medical conditions
In this table, we compare the covered medical conditions among the best whole life insurance plan in Singapore. The comparison is based on the individual breakdown of each medical condition.
Comparison on the number of covered early, intermediate and advance medical conditions. | ||||
---|---|---|---|---|
Policy Details | ![]() | ![]() | ![]() | ![]() |
Early Critical Illness | 46 | 44 | 55 | 49 |
Intermediate Critical Illness | 34 | 30 | 37 | 32 |
Advance Critical Illness | 44 | 39 | 44 | 43 |
Total Covered Conditions: | 124 | 113 | 136 | 124 |
Additional Coverage | ||||
Special Benefits (Diabetic Complications, Severe Osteoporosis, etc) | 21 | 10 | 16 | 5 |
Juvenile Benefits (Kawasaki Disease, Severe Haemophilia, etc) | 13 | 9 | 12 | 16 |
Total additional coverage: | 34 | 19 | 28 | 21 |
While not all of the covered medical conditions or additional coverage conditional may be applicable or commonly encountered. Taking up the most suitable plans should not be solely based on the plan with the most number of covered conditions. However, knowing that you have more comprehensive coverage may offer better peace of mind.
Note: For users on mobile devices, you may have to swipe/ scroll on the chart to view the complete data.
What should you do next?
The earlier you start, the more you benefit from a whole life insurance 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: How can I accumulate a million dollar (Realistically)
Read about: 8 Best Whole Life Plans in Singapore based on Product Features (2023 Edition)
What are the best whole life insurance 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 insurance plan selector now!
Frequently Asked Questions (FAQs)
Question: What are the premium terms for whole life insurance plans?
- Answer: Whole life insurance premium terms usually go for 5, 10, 15, 20, 25, 30 years or up till age 65.
Question: How long does whole life insurance plans cover me for?
- Answer: Whole life insurance plans generally cover you till age 99 or when the benefits are fully paid out.
Compare and find out about whole life insurance policies
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Best Insurance Plans in Singapore
Related readings
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 Insurance Plans in Singapore for Coverage and Wealth Accumulation
Page updated on 2023
- General and products updates.
Page updated on: 2023
- Updated Manulife LifeReady Plus to replace Manulife LifeReady.
- Additional illustrations to allow for better comparison and determine which whole life insurance plan best suit the user.
Page updated on: 2023
- Added an additional whole life insurance plan, NTUC Income VivoLife. The 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: 2023
- AXA Life MultiProtect replaced AXA Life Exentials as top 3 best whole life insurance policy 2023.
- Insurance coverage rating increased by 0.5 points (First whole life insurance 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 the overall product rating of Aviva MyWholeLifePlan II and Manulife LifeReady
Page updated on: 2023
- 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: 2023
- 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 insurance 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.