Whole Life Insurance
What is Whole Life Insurance?
Whole life insurance is a form of life insurance that offers coverage for your entire lifetime, provided you keep up with the premium payments.
Unlike Term Life Insurance, which covers you for a specific period, Whole Life Insurance combines a death benefit with a savings component. This savings component builds cash value over time.
Whole Life Insurance however, is generally more expensive than Term Life Insurance as it provides lifelong coverage and cash value component. As replacing or early terminating your Whole Life Insurance will result in financial losses, ensure that you have comprehensive coverage in your Whole Life Insurance policy, any future gaps in your insurance coverage shortfall can then be address using a Term Life Insurance.
Why Whole Life Insurance?
Whole life insurance is often introduced as a foundational plan for younger individuals, as it offers boosted coverage (Up to 5x) through a multiplier component. Premiums are payable for a limited period, ensuring they’re covered during your active working years and providing lifetime coverage.
Since Whole Life Insurance includes a cash value component, you can surrender the policy for cash upon reaching your retirement age for retirement needs when you no longer need the coverage.
Riders covering for Critical Illness, Total and Permanent Disablity or Premium Waiver can be added for a more comprehensive coverage on your Whole Life Insurance.
Compare Plans
Policy Term: 10 to 30 Years in Multiples of 5 Years
Multiplier: 2.5, 3.5, 4.5 or 6 times
Promotion: N.A.
Unique Features: Multiplier reduce by 10% every year upon reaching expiry age and stays at 50% for lifetime
Policy Term: 10 to 25 Years in Multiples of 5 Years or Till Age 99
Multiplier: 1, 2, 3, 4 or 5 times
Promotion: 10% off 1st Year Premium, 1% Cash Rebates on Premium
Unique Features: Health Advantage Benefit, Retrenchment Benefit
Policy Term: 5 to 25 Years in Multiples of 5 Years
Multiplier: 2, 3, 4 or 5 times
Promotion: Up to 8% off 1st Year Premium
Unique Features: Multiplier reduce by 10% every year upon reaching expiry age and stays at 50% for lifetime
Policy Term: 5 to 20 Years in Multiples of 5 Years
Multiplier: 1, 2, 3 or 4 times
Promotion: N.A.
Unique Features: Option to convert cash value as a stream of retirement income
Policy Term: 5 to 25 Years in Multiples of 5 Years or Till Age 99
Multiplier: 2, 3 or 5 times
Promotion: 10% off 1st Year Premium, 1% Cash Rebates on Premium
Unique Features: Wide Range of Critical Illness Conditions covered with Critical Illness Rider, Multiplier reduce by 10% every year upon reaching expiry age and stays at 50% for lifetime
Policy Term: 10 to 25 Years in Multiples of 5 Years or Till Age 65
Multiplier: 2, 3, 4 or 5 times
Promotion: N.A.
Unique Features: Retrenchment Benefit, ICU Care Benefit
Policy Term: 5 to 30 Years in Multiples of 5 Years or Till Age 64
Multiplier: 1, 2, 3, 4 or 5 times
Promotion: N.A.
Unique Features: Retrenchment Benefit, Family Waiver Benefit
Policy Term: 5 to 25 Years in Multiples of 5 Years
Multiplier: 1, 2, 3 or 4 times
Promotion: N.A.
Unique Features: Retrenchement Benefit. Option to convert cash value as a stream of retirement income
Sample Premiums
30 Years Old Non-Smoker
Death and Disability Coverage: $50,000
Early CI Coverage: $25,000
Mulitplier: 4x till Age 70 unless otherwise stated
Premium Term: 20 Years
| Insurer | Male Annual Premium | Female Annual Premium |
|---|---|---|
| Singlife Whole Life | $1,336.50 | $1,209.50 |
| HSBC Life - Life Treasure III (4.5X) | $1,607.75 | $1,363.25 |
| ChinaTaiping i-Secure Legacy II (Till 76) | $1,326.05 | $1,202.65 |
| FWD Life Protection (3x till 75) | $1094.50 | $1009.50 |
| Etiqa Essential Whole Life Cover (Till 65) | $1,208.60 | $1,131.53 |
| NTUC Income Star Secure (Till 75) | $1205.70 | $1101.90 |
| Manulife LifeReady Plus II | $1,390.03 | $1,319.27 |
| China Life Whole Life Multiplier Guardian | $2,797.50 | $2,437.00 |
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