Best Life Insurance in Singapore 2024
Find the best life insurance policies in Singapore on Seedly to secure your financial future. Read our reviews to compare coverage, premiums, benefits, exclusions, and many more.Updated April 2024Get amazing deals when you sign up for new financial products on Seedly 🎁
23 Products Found
4.7
10 Reviews
FWD Term Life Plus Insurance (Renewable Term)
$1,500,000
MAX SUM ASSURED
5 years
PREMIUM TERM
Death, Terminal Illness
COVERAGE
FWD Term Life Plus Life Insurance (Fixed Term)
$1,500,000
MAX SUM ASSURED
5 years or up to age 70
PREMIUM TERM
Death, Terminal Illness
COVERAGE
"Easy purchase able to do it fuss free… recommended, value for money..." 2w ago
4.0
2 Reviews
Tiq DIRECT - Etiqa Term Life Insurance (Renewable Term)
$400,000
MAX SUM ASSURED
5 years
PREMIUM TERM
Death
COVERAGE
Tiq DIRECT - Etiqa Term Life Insurance (Fixed Term)
$400,000
MAX SUM ASSURED
20 years or up to age 65
PREMIUM TERM
Death
COVERAGE
"It was rather easy to buy online. There was no agents involved,..." 13mth ago
"I purchased this product directly online as an add-on/top-up from the DPS..." 23mth ago
3.0
1 Reviews
AIA Secure Flexi Term Life Insurance (Renewable Term)
$1,000,000
MAX SUM ASSURED
5, 10, 20 or 30 years
PREMIUM TERM
Death, Terminal Illness and Terminal Cancer
COVERAGE
AIA Secure Flexi Term Life Insurance (Fixed Term)
$1,000,000
MAX SUM ASSURED
Up to age 65, 75 or 100
PREMIUM TERM
Death, Terminal Illness and Terminal Cancer
COVERAGE
"Term life insurance, also known as pure life insurance, is a type..." 32mth ago
"Approach great eastern with intent to purchase GREAT Term plan. Took..." 5mth ago
No rating yet
0 Reviews
AIA DIRECT – AIA Term Cover Life Insurance (Renewable Term)
$400,000
MAX SUM ASSURED
5 years
PREMIUM TERM
Death, Terminal Illness and TPD
COVERAGE
AIA DIRECT – AIA Term Cover Life Insurance (Fixed Term)
$400,000
MAX SUM ASSURED
20 years or up to age 65
PREMIUM TERM
Death, Terminal Illness and TPD
COVERAGE
No rating yet
0 Reviews
AXA DIRECT - Term Lite Life Insurance Plan (Renewable Term)
$400,000
MAX SUM ASSURED
5 years
PREMIUM TERM
Death and Terminal Illness
COVERAGE
AXA DIRECT - Term Lite Life Insurance (Fixed Term)
$400,000
MAX SUM ASSURED
20 years or up to age 65
PREMIUM TERM
Death and Terminal Illness
COVERAGE
No rating yet
0 Reviews
AXA Term Protector Life Insurance (Renewable Term)
$2,000,000
MAX SUM ASSURED
5, 10, 15, 20, 25, 30 years
PREMIUM TERM
Death, Terminal Illness and TPD
COVERAGE
AXA Term Protector Life Insurance (Fixed Term)
$2,000,000
MAX SUM ASSURED
15 years or up to age 99
PREMIUM TERM
Death, Terminal Illness and TPD
COVERAGE
No rating yet
0 Reviews
No rating yet
0 Reviews
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Seedly's Product Comparison Page Listing Guidelines
For Life Insurance products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:
- Policies protected under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC)
- Term Life insurance only
- No payouts at end of policy term if no claims were paid during the period
What Is Life Insurance?
Life Insurance is essentially a contractual agreement between the insurance providers and the policy holder which promises a sum of money to your beneficiaries upon death in exchange for premiums paid. This money is meant to help provide a sense of security and continuity upon your passing not unlike a safety net. The amount can be used for any purpose such as paying bills, settling rent and for day to day expenses.
There are different types of life insurance available such as Whole Life Insurance, Term Life Insurance and Universal Life Insurance each with its own specificities such as duration of the plans, the premiums, coverage and more.
Why Do I Need Life Insurance?
Life insurance is necessary to ensure continuity of those the policy holder leaves behind after death because you not only leave behind your dependents but also expenses, bills, mortgages and any liabilities that still needs to be settled.
Life insurance also serves as an income replacement to stem the tide while the dependents adjust to life without the policyholder.
Understanding Term Life Insurance: What Is Term Life Insurance?
Term Life Insurance provides coverage for only a fixed period of time during which the beneficiaries will receive payouts in the event of the policyholder’s death.
Term Life Insurance is much more affordable with typically lower premiums but If a policy holder were to die after the term expires, there will be no cash value or payout since it lacks the investment component of a Whole Life Insurance.
Who Should Get Term Life Insurance?
Term life insurance is recommended for first time insurance applicants, fresh grads, young couples with young children.
Understanding Whole Life Insurance: What Is Whole Life Insurance?
Whole Life Insurance provides coverage for an extended period of time lasting a whole lifetime until the death of the policyholder - after which the beneficiaries will receive payouts.
Whole Life Insurance policies are usually pricier when compared to Term Life Insurance but it includes an investment component in the form of cash returns when a Whole Life Insurance based on the Cash Value of the policy.
Who Should Get Whole Life Insurance?
Whole life insurance is recommended for young adults, breadwinners, homeowners, people with life-long dependents.
Pros & Cons of Term Life VS Whole Life Insurance?
Whole Life Insurance
Pros:
- Covers you for your entire lifetime
- You can choose to either save or invest part of your premium thereby potentially increasing your returns
- Cash Value Returns
Cons:
- Premiums are much more expensive compared to term life insurance
- Investment is not guaranteed to perform well
Term Life Insurance
Pros:
- Premiums are much more affordable compared to whole life insurance
Cons:
- Once the plan expires after the fixed period of time and you have yet to make any claims, you will not receive anything at the end of the policy term
If you have questions about which life insurance to get after reading our Real User Reviews, why not ask our community of experts and experienced members at Seedly QnA? Best of all, you can even ask your questions anonymously if you're really, really shy!
Life insurance Policy Feature | Term Life Insurance | Whole Life Insurance |
|---|---|---|
Insurance Premiums | Term Life Insurance premiums are typically lower due to the shorter duration of coverage and the amount typically stays the same during the initial level term period. | Whole Life Insurance premiums are typically much higher than life insurance but the amount usually stays the same throughout the whole term of the policy. |
Insurance Payouts | If death of a policyholder occurs within the duration of the policy. | Payout is virtually guaranteed as the duration of the policy lasts a lifetime until the death of the policy holder. |
Insurance Coverage Length | Term Life Insurance coverage lasts for as long as premium is paid for the term a policyholder has chosen which could be for a fixed number of years or till the policy holder reaches a specific age. | Whole Life Insurance typically covers the whole lifetime of the policy holder or up to age 99. |
Cash Value | No Cash Value. | Accumulated Cash Value is guaranteed upon surrendering the policy before the death of the policyholder. |
Whole Life Insurance vs Term Life Insurance
Best Term Life Insurance Comparison
Find out which of these providers has the most suitable insurance plans for you based on the Maximum Sum Assured, Premium Term and Coverage.
Insurance | Max Sum Assured | Premium Term | Coverage |
|---|---|---|---|
Great Eastern DIRECT – Great Term Life Insurance | $400,000 | 20 years or up to age 65 | Death, Terminal Illness and TPD |
Manulife DIRECT - ManuAssure Term Life Insurance (Renewable Term) | $400,000 | 5 years | Death, Terminal Illness and TPD |
Tiq ePROTECT Term Life Insurance (Renewable Term) | $2,000,000 | 5 years | Death |
NTUC Income DIRECT Term Life Insurance (Renewable Term) | $400,000 | 5 years | Death, Terminal Illness and TPD |
Tokio Marine DIRECT - TM Basic Term Life Insurance (Renewable Term) | $2,000,000 | 5 years | Death |
Prudential DIRECT - PRUProtect Term 5 Life Insurance | $400,000 | 20 years or up to age 65 | Death, Terminal Illness and TPD |
Singlife DIRECT- Singlife Term Life (Renewable Term) | $400,000 | 5 years | Death, Terminal Illness and TPD |
StashAway Term Life Insurance Plan 1 | $100,000 | 12 Months | Death, TPD |
How To Apply For Life Insurance?
- Before you apply for a life insurance policy, what you need to do is to read all the required information and ensure you understand the product. This is to ensure you only apply for what is most suitable for you and don’t end up overpaying your premiums or having insufficient coverage.
- Either via an insurance agent or via online application, you will then be required to fill up a questionnaire about yourself which will detail your lifestyle, medical history, financial situation etc. This is to gauge how much of a risk you are which will have a direct bearing on the amount of premium you will have to pay.
- You will probably have to do a face-to-face or a video interview with an agent to ensure you understand, are aware, and acknowledge the terms and conditions of the insurance policy.
- If required, you will then be asked to go for a medical examination.
- Your information will then be sent to an underwriter to gauge your eligibility for the insurance plan and the premiums itself.
- If you accept, then you will have to wait for approval before your insurance policy starts.
Life Insurance Frequently Asked Questions
Why Should You Apply for a Term Life Insurance?
A person should apply for a term life insurance if they require additional coverage from a sudden increase in income
A person should apply for a term life insurance if they require additional short-term coverage due to a sudden increase in liabilities
Why You Should Apply For A Whole Life Insurance?
Whole Life Insurance is suitable for those who need to provide for dependants for the rest of their life and beyond.
When Is The Best Time To Buy Life Insurance?
There is no hard and fast rule but the best time to apply for life insurance is as early as possible. Premiums are generally much cheaper the younger and healthier you are. Also, the earlier you apply for insurance, there is a lesser period of time where you are without any sort of coverage.
What is Universal Life Insurance?
Universal Life Insurance guarantees the beneficiaries a large sum of inheritance upon the policy holder’s death but requires a large amount of upfront payment often in the 7 digit range. It involves the standard pay out after death and an investment component which provides guaranteed and a non-guaranteed payout.
What Are Life Insurance Premiums?
Life Insurance premiums is the amount of money paid on a regular basis, ranging from monthly to annualy, to the insurance provider in exchange for coverage. The coverage will stay in effect for as long as premiums are paid for.
How are Life Insurance Premiums Calculated?
Life Insurance premiums may differ due to the amount of perceived risks and vulnerabilities a person is exposed to prior, during and after applying for a life insurance plan.
Life Insurance premiums are calculated based on a number of factors that include
- Age
- Gender
- Existing health conditions
- Lifestyle habits such as consumption of alcohol or tobacco
- The type of coverage required
- Insurance history
- Risk based on lifestyle and occupation
- Place of residence
How Much To Spend On Life Insurance?
As a rule of thumb, 3%-10% of a person’s take-home income should be utilized for life insurance or a person should look at getting 11 times their annual earnings in coverage.
What Is Cash Value?
Cash value is the accumulation of the sum of money in a life insurance policy. This money comes from part of the premiums you pay which is allocated towards building up the cash value of your policy which earns interests based on the performance of the investments.
Is Life Insurance Worth It?
Life Insurance is worth it if a person is in the right financial state and age as the premiums and returns may not make fiscal sense due to the difference in premiums and payouts. It also depends on whether a person has dependents that would require financial assistance upon the passing of a policy holder.
When To Get Term Life Insurance?
Due to the limited period of coverage for a term life insurance policy, it is advisable to only apply for one if you require coverage for a fixed period of time such as until dependents become self-sufficient.
Another reason to get term life insurance is if you require a more affordable option for life insurance.
When To Get Whole Life Insurance?
You should get whole life insurance if you have life-long dependents due to its typically life-long coverage and you can afford the pricier premiums. You should also get whole life insurance if you want to benefit from the guaranteed cash value.
Who Needs Life Insurance?
Life insurance is all about providing a safety net in the form of cash payout in the event of the death of the policy holder. Thus, those who require life insurance first and foremost are those with dependents such as next-of-kins or persons with disability. This also applies if the policy holder is someone who has a hand in paying off bills and mortgages - the death payout will be of great help to the recipient of the payout.
Tools To Help You Choose The Best Life Insurance For You
To help Singaporeans make smarter personal finance decision, here are some resources to help you: