4 Best Whole Life Insurance in Singapore for Lifelong Coverage (2025 Edition)

• Best whole life insurance plan for Cheapest Premiums – FWD Life Protection
• Best whole life insurance plan for Flexible Premium Term coverage – NTUC Income Star Secure Pro
• Best whole life insurance plan for Longest Multiplier coverage – China Taiping i-Secure Legacy II
• Best whole life insurance plan for Flexible Multiplier coverage – Singlife Whole Life Choice
  
  

This list of the 4 Best Whole Life plans for life-long coverage and wealth accumulation is updated as of 02/01/2025

Why choose a whole life insurance policy?

Whole life insurance usually requires a long-term financial commitment with premiums payable over a 5 to 25 years period.  However, whole life insurance policies can provide lifelong insurance coverage and financial assurance for you and your family.

Some whole life insurance providers have even more flexible premium terms which allow you to pay premiums until age 64, thereby paying cheaper premiums monthly.

                                          

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)
  
  

Ensure your exisiting policies has adequate coverage by doing a yearly insurance portfolio review. It is important to review your insurance policies on a regular basis to close up gaps or terminate unneccesary plans for cost savings.

Coverage multipliers can be attached to a whole life insurance plan to further boost your claims payout up to age 70, 75 or 86, when a severe illness can heavily impact your income and finances. Some whole life insurance plans continue to give you boosted coverage even after reaching the age of multiplier expiry

Depending on your personal lifestyle, the sum assured amount for the above can be individually adjusted to meet your coverage needs.

Exisiting medical conditions may impact the application of your whole life insurance, therefore, it is important to get yourself adequately covered within your budget while you are still healthy. Read more about how your exisiting medical conditions can impact your insurance application.

Related article: How much life insurance coverage you do need? (Updated)

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, compared 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.

Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Read About: How does Whole Life Insurance Plans Work?

Best whole life insurance plan for Cheapest Premiums – FWD Life Protection

FWD Life Protection gives you the option of multiplying your sum assured up to 5x until the age of 75 or 85. Upon hitting the chosen age, the multiplied sum assured will decrease yearly by 10% at a cap of 50%. This way, you will still enjoy 50% of your multiplied coverage after age 80 and 90.

From as early as age 55, you can choose to convert part of the policy value (up to 80%) to annual payouts to fund your retirement or other needs, according to your lifestyle.

What we like about FWD Life Protection

• Higher multiplied coverage even after the age of multiplier expiry
• Cheaper premiums as compared to other whole life policies with similar benefits
• Premium waiver of 12 months in the event of your retrenchment
  
  

What we do not like about FWD Life Protection

• Financial Flexibility Option only converts a small portion of the policy cash value into payouts
  
  

Full Policy Review: For the complete policy review and its benefits check out Interestguru’s review of FWD Life Protection

Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Policy Illustration of FWD Life Protection

Thomas, at the age of 25, purchases FWD Life Protection 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 85, 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$2,797, Thomas is covered with S$150,000 against critical illnesses at all stages, an additional $150,000 against advanced-stage critical illness, and S$300,000 against death, total and permanent disability, and terminal illness.

Should Thomas become retrenched for 30 days or more before age 65, premiums will be waived for 12 months, allowing Thomas to focus on finding a job without worrying too much about his ability to pay premiums.

At 50 years old, Thomas finishes premium payment with a total of S$69,925 paid in premiums to enjoy his lifetime coverage and wealth accumulation.

Upon reaching age 86, Thomas’s boosted coverage decreases 10% per year and maintains at 50% throughout his lifetime:

• Age 86 $135,500 ECI & CI | $270,000 Death, Total and Permanent Disability, Terminal Illness
• Age 87 $121,500 ECI & CI | $243,000 Death, Total and Permanent Disability, Terminal Illness
• Age 88 $109,350 ECI & CI | $218,700 Death, Total and Permanent Disability, Terminal Illness
• Age 89 $98,415 ECI & CI | $196,830 Death, Total and Permanent Disability, Terminal Illness
• Age 90 $88,573 ECI & CI | $177,147 Death, Total and Permanent Disability, Terminal Illness
  
  

Should Thomas decide to surrender his whole life insurance plan, he is expected to receive a surrender value of S$118,009 at age 70 or S$145,544 at age 75, figures consist of guaranteed returns and non-guaranteed bonuses.

Otherwise, Thomas will continue enjoying life coverage until he surrenders his FWD Life Protection whole life plan at a later time, till age 120, or until he passes away.

Best whole life insurance plan for flexible premium term – NTUC Income Star Secure Pro

While NTUC Income Star Secure Pro is not a new insurance plan, this policy stands out for being simple in available options. Available critical illness rider covers 152 conditions of early to advanced 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 Pro

• Best value for dollar whole life insurance plan for its coverage
• Get an additional 30% of the 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 Pro

• Early critical illness rider is capped at 50% of the plan’s sum assured
• Multiplier coverage, TPD, and accidental death coverage end at age 70
• The decrease in accidental death benefit from previous plan
  
  

Full Policy Review: For the complete policy review and its benefits check out Interestguru’s review of NTUC Income Star Secure Pro

Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Policy Illustration for NTUC Income Star Secure Pro

At age 25, John purchases NTUC Income Star Secure Pro 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 80, enough to financially cover his loved ones should the unexpected happen during his money-making days.

John pays an annual premium of S$3,189 for the next 25 years to be covered S$150,000 against critical illnesses at all stages, an additional $150,000 against late-stage critical illness, and S$300,000 against death, total and permanent disability, and terminal illness.

Should John become retrenched, he has the option of pausing premium payment for 6 months. This allows John to worry about one less thing while he looks for another job.

John, now age 50, finishes premium payment with a total of S$79,725 paid in premiums to enjoy his coverage.

Upon reaching age 80, John’s multiplied coverage reverts to the base sum of S$50,000 for critical illnesses of all stages, an additional $50,000 against advanced-stage 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 is expected to receive a surrender value of S$108,603 at age 70 or S$134,106 at age 75, figures consist of guaranteed returns and non-guaranteed bonuses.

Best whole life insurance plan for lifelong and enhanced coverage – China Taiping i-Secure Legacy II

Enjoy continuous boosted coverage against Death, TPD, ECI and CI with China Taiping i-Secure Legacy II even after the chosen multiplier Guaranteed Benefit (GB) expires.

Choose to 2X, 3X, 4X, or 5X multiply your coverage up till age 76 or 86, giving you higher coverage during your working years. The multiplied GB coverage decreases by 10% yearly for 5 years. This means you get to enjoy boosted coverage even after the multiplier expires compared to reverting to base amount as with the other plans above.

Additional riders are available to cover 137 critical illnesses of early to advanced-stage as well as 12 juvenile conditions and 12 special conditions.

What we like about China Taiping i-Secure Legacy II

• Multiplier GB option of 2X, 3X, 4X, or 5X up till age 76 or 86
• Multiplier GB reduces 10% every year for 5 years from the chosen age (max 50% reduction)
• You can choose to buy another whole life insurance or endowment policy without medical checks at life milestones
• Total and Permanent Disability coverage covers for whole of life
  
  

What we do not like about China Taiping i-Secure Legacy II

• Slightly pricier compared to the other whole life insurance plans in the market
  
  

Full Policy Review: For the complete policy review and its benefits check out Interestguru’s review of China Taiping i-Secure Legacy II

Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Policy Illustration for China Taiping i-Secure Legacy II

At age 25, Michael purchases China Taiping i-Secure Legacy 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 76, enough to cover his loved ones financially should the unexpected happen during his money-making days.

Michael pays an annual premium of S$2,842 for the next 25 years to be covered S$150,000 against critical illnesses of all stages, an additional $150,000 against late-stage critical illness, and S$300,000 against death, total and permanent disability, and terminal illness.

Michael, now age 50, finishes premium payment with a total of S$71,050 paid in premiums to enjoy his whole life coverage.

Upon reaching age 86, Michael’s coverage decreases 10% yearly, stopping at 50% of the boosted coverage as per below:

• Age 86 $135,500 ECI & CI | $270,000 Death, Total and Permanent Disability, Terminal Illness
• Age 87 $121,500 ECI & CI | $243,000 Death, Total and Permanent Disability, Terminal Illness
• Age 88 $109,350 ECI & CI | $218,700 Death, Total and Permanent Disability, Terminal Illness
• Age 89 $98,415 ECI & CI | $196,830 Death, Total and Permanent Disability, Terminal Illness
• Age 90 $88,573 ECI & CI | $177,147 Death, Total and Permanent Disability, Terminal Illness
  
  

Should Michael decide to surrender his whole life insurance, he would get S$116,326 at age 70 or S$143,039 at age 75 (figures consist of guaranteed returns and non-guaranteed bonuses), bringing his China Taiping i-Secure Legacy II plan to an end.

Best whole life insurance plan for flexible multiplier coverage – Singlife Whole Life Choice

Newest whole life insurance in the market, Singlife Whole Life Choice is all about flexibility and choices!

With Singlife Whole Life Choice, you can choose your sum assured, your multiplier, your multiplier expiry dates and your riders!

Similar to China Taiping’s i-Secure Legacy II, Singlife Whole Life Choice also allows you to enjoy continuous boosted coverage against Death, TPD, ECI and CI even after the chosen multiplier Guaranteed Benefit (GB) expires, but providing you with a choice to end the multiplier from as early as age 65!

What we like about Singlife Whole Life Choice

• Multiplier GB option of 2X, 3X, 4X, or 5X, till age 65, 70, 75, 80 or 85
• Multiplier GB reduces 12.5% every year for 8 years from the chosen age
• You can choose to buy another whole life insurance or endowment policy without medical checks at life milestones
• Total and Permanent Disability coverage covers for whole of life
  
  

What we do not like about Singlife Whole Life Choice

• Boosted coverage goes back to 100% base coverage at the end of 8 years, unlike China Taiping’s, which remains at 150% after 5 years

Full Policy Review: For the complete policy review and its benefits check out Interestguru’s review of Singlife Whole Life Choice

Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Policy Illustration for Singlife Whole Life Choice

At age 25, Yoda purchases Singlife Whole Life Choice 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, enough to cover his loved ones financially should the unexpected happen during his money-making days.

Yoda pays an annual premium of S$2,925 for the next 25 years to be covered S$150,000 against critical illnesses of all stages, an additional $150,000 against late-stage critical illness, and S$300,000 against death, total and permanent disability, and terminal illness.

Yoda, now age 50, finishes premium payment with a total of S$73,125 paid in premiums to enjoy his whole life coverage.

Upon reaching age 70, Yoda’s coverage decreases 12.5% yearly, stopping at 100% of the base coverage as per below:

• Age 71 $135,250 ECI & CI | $275,000 Death, Total and Permanent Disability, Terminal Illness
• Age 72 $112,500 ECI & CI | $250,000 Death, Total and Permanent Disability, Terminal Illness
• Age 73 $93,750 ECI & CI | $225,000 Death, Total and Permanent Disability, Terminal Illness
• Age 74 $75,000 ECI & CI | $200,000 Death, Total and Permanent Disability, Terminal Illness
• Age 75 $56,250 ECI & CI | $175,000 Death, Total and Permanent Disability, Terminal Illness

Should Yoda decide to surrender his whole life insurance, he would get S$127,277 at age 70 or S$153,594 at age 75 (figures consist of guaranteed returns and non-guaranteed bonuses), bringing his Singlife Whole Life Choice plan to an end.

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)

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 your FREE Comparison Quote Today or Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a comparison proposal for you.

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 a whole life insurance plan cover me for?

• Answer: Whole life insurance plans generally covers you till 99 years old or whole of life (Till you passed away)
  
  

Compare and find out about whole life insurance policies