Compare & Find The Best Whole Life Insurance in Singapore
We partner with unbiased financial advisors to help you compare and find the best whole life insurance policies.
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What is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance policy designed to provide coverage for your entire lifetime, as long as premiums are paid. Unlike term life insurance, which covers you for a specified term, whole life insurance doesn’t expire. It’s a comprehensive financial product that combines life coverage with an investment component known as the cash value.
Life Insurance
Whole life insurance offers a guaranteed death benefit, providing lifelong financial protection for your beneficiaries should you pass on.
Cash Value
The cash value in a whole life insurance policy grows over time, offering a pool of funds that you can use in your retirement years.
Limited Pay
The limited pay option allows you to pay off your premiums over a shorter period, securing lifelong coverage while freeing you from hefty payment obligations in your later years.
Pros of Whole Life Insurance
Lifelong Coverage
Whole life insurance ensures that you are covered for your entire life, providing a constant safety net for your loved ones without worrying about expiry dates.
Guaranteed Cash Value
The policy includes an investment component that grows at a guaranteed rate, offering a form of savings that can be used for you to retire comfortably.
Fixed Premiums
Premiums are set at the inception of the policy and do not increase over time, making it easier to plan your finances without the concern of rising costs.
Cons of Whole Life Insurance
Higher Premiums
Whole life insurance typically comes with higher premiums, making it a more substantial financial commitment that may not be feasible for everyone.
Complexity
The combination of insurance and investment components can make whole life policies more complex and harder to understand, requiring thorough research.
Lower Returns
The cash value component grows at a conservative rate, which might be lower than returns from other investment options, potentially leading to missed opportunities.
Who should get whole life insurance?
The Security Seeker
Individuals who prioritise stability and security above all else, valuing the peace of mind that comes from knowing their loved ones will be financially protected, no matter what the future holds. They find comfort in the guaranteed death benefit and lifelong coverage.
The Prudent Saver
Those with a natural inclination towards saving and financial prudence, who see the value in the combination of protection with a savings element. They are attracted to the cash value component as a disciplined savings tool that complements their financial strategy.
The Legacy Builder
People who are deeply motivated by the desire to leave a lasting financial legacy for their family or beneficiaries. They are drawn to whole life insurance for its ability to provide a guaranteed sum to their loved ones and see it as a cornerstone in their estate planning efforts.
Best Whole Life Insurance Plans in Singapore
AIA Guaranteed Protect Plus III
NTUC Income Star Secure Pro
Manulife LifeReady Plus II
Singlife Whole Life
Prudential PRUActive Life III
HSBC Life’s Life Treasure II
Great Eastern Complete Flexi Living Protect 2
How to apply for a comparison session?
Step 1
Submit a request for a comparison session with Life Insurance Singapore. Based on your request, we will match you with one of our MAS-licensed partners.
Step 2
Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.
Step 3
Once you've found the perfect whole life insurance policy, feel free to purchase it from a friend, directly from the insurer, or from our partners!
Why do I need life insurance?
Life insurance is essential for ensuring your loved ones have financial security in the event of your untimely death. It can help cover funeral expenses, outstanding debts, and provide ongoing income support for your dependents. Life insurance is a crucial part of financial planning that offers peace of mind, knowing that your family will be taken care of financially.
How much life insurance do I need?
Determining the amount of life insurance you need involves assessing your current financial obligations, future goals, and the level of financial support your dependents will require. Consider factors such as your income, debts, living expenses, and future obligations like college tuition. A general guideline is to have coverage that is 10 times your annual income, but individual circumstances may require more detailed calculations.
Should I choose whole life insurance or term life insurance?
The choice between whole life and term life insurance depends on your personal financial goals, need for coverage, and investment preferences. Term life insurance provides coverage for a specified period and is often less expensive, making it suitable for temporary coverage needs. Whole life insurance offers lifelong coverage and includes a cash value component that can serve as an investment or savings tool. Consider your long-term financial objectives and whether you’re looking for a straightforward insurance product or one that also serves as a financial asset.
Can I cash out a whole life insurance policy?
Yes, you can cash out a whole life insurance policy. Over time, these policies accumulate a cash value that policyholders can borrow against or withdraw. This feature provides financial flexibility, allowing you to access funds for emergencies, retirement, or other needs. However, withdrawing or borrowing against the cash value can reduce the death benefit.
How many years do you have to pay for a whole life insurance policy?
Premium payments for a whole life insurance policy are typically required for the duration of the policyholder’s life. However, many policies in Singapore offer a “limited pay” option, where premiums are paid over a specified period, such as 10, 20, or 30 years, after which no further premiums are due. The choice depends on your financial situation and how you prefer to manage premium payments.
How much does $500,000 whole life insurance cost?
The cost of a $500,000 whole life insurance policy depends on various factors, including the policyholder’s age, health status, lifestyle, and the policy’s terms and features. Younger, healthier individuals generally receive lower premium rates. Additionally, the policy’s cost is influenced by the chosen payment plan (e.g., standard lifetime payments vs. limited pay options) and any added riders or benefits. It’s important to get personalised quotes from insurance providers to accurately assess the cost for your specific situation.