Best Term & Whole Life Insurance 2018

Use our guide below to compare different types of life insurance policies. We took a look at DPI policies, and traditional term and whole life policies to analyse their pricing and benefits.

Table of Contents

Cheapest Direct Purchase Term Life Insurance

Term insurance offers protection for a fixed amount of time and will only pay out the sum assured if death, terminal illness or total and permanent disability occurs within the period insured. Term Life Direct Purchase Insurance (DPI) is a life insurance scheme that lets consumers purchase a term life insurance plan directly through the insurer without going through an intermediary such as a financial advisor. Similar to a traditional term life policy, Direct Purchase term life insurance will offer no cash value when the policy ends or if it is ended prematurely. Its benefits are fairly standard, including up to S$400,000 of death, terminal illness until age 85 and total permanent disability coverage until age 65. You can also get a critical illness rider. Below we discuss some DPI plans from a few leading insurers in Singapore.

Average Monthly Premiums for Term Life DPI (Male, Non-Smoker)

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$3.26S$3.92S$6.71
20-YearsS$3.41S$5.31S$12.14
Age 65S$5.47S$7.68S$11.84
S$200,0005-YearsS$9.80S$12.68S$24.64
20-YearsS$10.79S$18.66S$46.57
Age 65S$17.32S$25.57S$44.53
S$400,0005-YearsS$18.14S$23.23S$44.53
20-YearsS$19.91S$33.70S$80.53
Age 65S$32.69S$48.24S$76.78
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

FWD Direct Purchase Term Life Insurance

FWD DIRECT-term 50000

FWD's DIRECT-Term Life insurance offers death and total & permanent disability coverage (TPD) of up to S$400,000 and offers the opportunity to buy a critical illness rider. You can get the plan for 5 years, 20 years or until you are 65. FWD offers competitive prices for its S$300,000 and S$400,000 plans, with its premiums 10-25% cheaper than the market average for 5 and 20-year plans regardless of your gender. You will also receive S$5,000 for funeral expenses paid by the next business day after they receive the death certificate. However, FWD is not the cheapest option for 25-year olds or those who are looking for plans with coverage of up to age 65. FWD's umbrella company, FWD Group Financial Services, currently has a credit rating of BBB-.

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$4.61S$4.83S$7.18
20-YearsS$4.61S$6.00S$12.14
Age 65S$6.36S$7.96S$11.44
S$200,0005-YearsS$9.40S$12.88S$25.40
20-YearsS$11.14S$18.10S$42.28
Age 65S$18.62S$27.67S$40.72
S$400,0005-YearsS$16.70S$20.18S$36.19
20-YearsS$18.44S$28.19S$67.16
Age 65S$29.93S$43.85S$66.82
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Etiqa Direct Purchase Term Life Insurance

Etiqa DPI Term Life

Direct-Etiqa Term Life provides 5-year, 20-year and until age 65 plans with death and total & permanent disability (TPD) coverage between S$50,000 and S$400,000. It is one of the cheapest options on the market for young non-smoking consumers in their 20-30's, as its premiums range between 20-40% below average for this profile. It is especially affordable for females, as their 5-year plans with S$50,000 of coverage cost less than S$1.50 per month. However, those looking for up to age 65 plans, S$400,000 plans and older consumers may see premiums hover around the market average. Furthermore, Etiqa offers an option to pay annually to save another 5% compared to paying monthly. Etiqa's credit rating according to Fitch is A-.

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.19S$3.13S$5.97
20-YearsS$2.54S$4.14S$8.09
Age 65S$5.14S$7.38S$11.40
S$200,0005-YearsS$6.80S$9.74S$18.56
20-YearsS$7.90S$15.44S$36.93
Age 65S$15.99S$22.97S$35.46
S$400,0005-YearsS$12.95S$18.55S$35.35
20-YearsS$15.05S$29.4S$70.35
Age 65S$30.45S$43.75S$67.55
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Great Eastern Direct Purchase Term Life Insurance

Great Eastern Great Term 5YR/20YR/6550000

Great Eastern's Direct-Great Term Life insurance is one of the cheapest options for older Singaporeans looking for up-to-age-65 plans, regardless of the amount you want to be insured for. For instance, a 55-year old consumer looking for an up to 65-year old plan will see premiums that are around 30% below the market average. On the other hand, Great Eastern is less competitively priced for 5 and 20-year plans and for younger consumers. Furthermore, age is defined as age at next birthday, as opposed to other plans that define your age as the age of your previous birthday, decreasing your total coverage by one year. Great Eastern's latest credit rating from S&P is AA-.

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$3.96S$4.83S$7.67
20-YearsS$4.38S$6.08S$12.08
Age 65S$6.33S$8.08S$11.71
S$200,0005-YearsS$9.17S$12.67S$24.00
20-YearsS$10.83S$17.67S$41.67
Age 65S$18.67S$25.67S$40.17
S$400,0005-YearsS$18.33S$25.33S$48.00
20-YearsS$21.68S$35.33S$83.33
Age 65S$37.33S$51.33S$80.33
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

SingLife Direct Purchase Term Life Insurance

SingaporeLife DPI Life Term Insurance

SingLife's Direct-Term Life insurance offers quite competitively priced plans for older consumers looking for low to mid-level coverage. Its Direct Purchase option offers death and total & permanent disability (TPD) coverage up to S$400,000 and also offers a critical illness rider. Its credit rating is currently BBB.

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.78S$3.24S$5.58
20-YearsS$2.65S$4.26S$9.62
Age 65S$4.56S$6.63S$10.51
S$200,0005-YearsS$9.51S$11.34S$20.71
20-YearsS$8.98S$15.44S$36.88
Age 65S$16.63S$24.91S$40.42
S$400,0005-YearsS$17.39S$21.08S$39.82
20-YearsS$16.36S$29.25S$72.15
Age 65S$31.64S$48.20S$79.23
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Other Online Term Life Insurance Options for Higher Coverage

FWD, Etiqa and SingLife also let you purchase traditional term life insurance policies online with death and terminal illness coverage that goes beyond the S$400,000 DPI limit. You may have the option of purchasing either a total & permanent disability or critical illness rider as well.

FWD Term Life Insurance

FWDDIRECT-Fixed term 200000

FWD offers online traditional Term Life plans that let you purchase up to S$3,000,000 in death and terminal illness coverage. You can either get this as a renewable option, where you can renew your policy each year, or a fixed term policy where you pay the same premiums throughout the selected period. With a flexible design, this policy makes both the total & permanent disability benefit and critical illness benefit available as a rider.

Death & TPD Coverage (Fixed Term)Plan TenureAge 25Age 35Age 45
S$500,0005-YearsS$20.45S$25.23S$45.24
20-YearsS$23.93S$36.11S$93.09
S$1,000,0005-YearsS$29.58S$42.63S$87.87
20-YearsS$34.80S$64.38S$174.87
S$2,000,0005-YearsS$52.20S$78.30S$161.82
20-YearsS$59.16S$118.32S$349.74
*Premiums are for Non-Smoking Males, includes the TPD rider of 100% of the Death coverage, but excludes the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Etiqa eProtect Term Life Insurance

Etiqa DPI Term Life

Etiqa's eProtect term life plans provides between S$401,000 and S$2 million of death, terminal illness and total & permanent disability coverage. eProtect term life policy terms are either 5-years (as a guaranteed renewable), 20 years or up to age 65. We found its premiums to be especially competitive among S$1,000,000 coverage plans for young non-smoking consumers and S$2,000,000 coverage plans for middle-aged consumers. However, there is no option to add a critical illness rider to this plan.

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$16.19S$23.19S$44.19
20-YearsS$18.81S$37.19S$93.19
Age 65S$38.06S$54.69S$88.81
S$1,000,0005-YearsS$29.14S$41.74S$79.54
20-YearsS$33.86S$66.94S$167.74
Age 65S$68.51S$98.44S$159.86
S$2,000,0005-YearsS$51.80S$74.20S$141.40
20-YearsS$60.20S$199.00S$298.20
Age 65S$121.80S$175.00S$284.20
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

SingLife Term Life Insurance

SingaporeLife DPI Life Term Insurance

SingLife's term life insurance policy allows consumers to purchase up to S$10,000,000 of death and terminal illness coverage online with the option to purchase total & permanent disability or critical illness riders. The premiums SingLife's higher coverage plans are pricier for younger consumers compared to other insurers offering similar online plans, but the amount of coverage that you can purchase can be a benefit that may be worth the higher price.

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$24.12S$26.71S$46.95
20-YearsS$28.74S$45.56S$105.27
S$1,000,0005-YearsS$40.28S$44.47S$79.03
20-YearsS$47.95S$75.85S$175.82
S$2,000,0005-YearsS$80.58S$88.93S$158.05
20-YearsS$95.90S$151.70S$351.64
*Premiums are for Non-Smoking Males, includes the TPD rider of 100% of the Death coverage, but excludes the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Traditional Term Life Insurance for Comprehensive Coverage

NTUC Income VivoSolitaire Whole Life
AXATerm-Lite DPI Term
Raffles Medical Preferred Life Protector
AIASecure Term Plus (II)200000
  • NTUC Income VivoSolitaire Whole Life
  • AXATerm-Lite DPI Term
  • Raffles Medical Preferred Life Protector
  • AIASecure Term Plus (II)200000
  • NTUC Income VivoSolitaire Whole Life
  • AXATerm-Lite DPI Term
  • Raffles Medical Preferred Life Protector
  • AIASecure Term Plus (II)200000
{"items":["\u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Cimg alt=\"NTUC Income VivoSolitaire Whole Life\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/ntuc-2\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/ntuc-2 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/ntuc-2 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","\n\u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Cimg alt=\"AXATerm-Lite DPI Term\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/axa-2\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/axa-2 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/axa-2 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","\n\u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Cimg alt=\"Raffles Medical Preferred Life Protector\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/raffles-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/raffles-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/raffles-1 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","\n\u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Cimg alt=\"AIASecure Term Plus (II)200000\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/aia-1\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/aia-1 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/aia-1 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}

Most traditional term life insurance plans are not purchasable online and you will have to speak with your insurance advisor to get information regarding pricing and the plan's fit for your goals. However, traditional term life insurance plans also offer benefits such as guaranteed renewal, inflation protection, a convertibility option (to convert to a whole life policy) and increased coverage for certain life milestones in addition to death, total permanent disability and terminal illness coverage. Some insurers offer unique benefits which can help you in deciding what kind of term plan will best suit your lifestyle. For instance, Raffles Medical's Preferred Life Protector term insurance offers hospital cash benefits, while AXA's Term Protector Prime plan offers cash benefit riders to help protect your business ventures in case you are diagnosed with a terminal illness or become disabled.

There are also two types of term insurance plans available that are arranged by the CPF and the SAF: Dependant's Protection Scheme (DPS) and SAF Group Term Life Insurance. DPS plans are administered by Great Eastern and NTUC Income and SAF plans are administered by Aviva. You can purchase a traditional term life policy with between 5 and 30 year maturities or up to ages between 55-99.

Term Life PolicyMax. Age CoveredCoverageMisc. Benefits
NTUC iterm84Death, Total Permanent Disability, Terminal IllnessGuaranteed renewal
NTUC TermLife Solitaire100Death, terminal illnessMin. S$1 million coverage, 1-time Medical concierge
NTUC Lady 36064DeathScreening benefit, illness benefit, surgery benefit, support benefit, multiple policy claims, premium waiver
Raffles Medical Preferred Life ProtectorN/ADeath, total permanent disabilityDaily Hospital Income (some plans), Available for kids
AXA Term Protector Prime99Death, terminal illnessPreferred currency, convertibility to whole life, automatic renewability, cash benefit riders for business protection
AIA Platinum Term75 or 100Death, terminal illnessPreferred currency, min. coverage S$1 million

Cheapest Direct Purchase Whole Life Insurance

A whole life insurance policy provides lifetime financial protection, sometimes offers a non-guaranteed bonus and can build up cash value over time. Upon death or terminal illness, your policy will pay out a lump sum plus any of the bonuses accumulated. If you want a whole life policy that you can purchase online without going through an intermediary, you can consider a Direct Purchase Whole Life insurance plan. Since DPIs are standardised, you can purchase up to S$200,000 in death and coverage.

Average Monthly Whole Life DPI Premiums (Male, Non-Smoker)

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$58S$80S$123
Age 85S$56S$75S$107
S$100,000Age 70S$110S$154S$238
Age 85S$105S$143S$208
S$150,000Age 70S$165S$231S$315
Age 85S$158S$215S$312
S$200,00Age 70S$217S$305S$474
Age 85S$207S$284S$412
*Premiums are subject to change. Accurate as of 09/2018

Etiqa Direct Purchase Whole Life Insurance

Etiqa DPI Whole Life

Etiqa's Direct-Whole Life premiums are slightly below average. It offers up to age 75 and up to age 85 plans and will cover you up to S$200,000 until your death or a specified maturity date. There is also a cash value and reversionary bonus accumulation attached to the plan and you can add a critical illness rider. If you choose to pay your premiums annually, you will save around 2.3%. Etiqa's current credit rating is A-.

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$54.12S$74.42S$114.17
Age 85S$51.39S$68.07S$96.56
S$100,000Age 70S$108.25S$148.85S$228.35
Age 85S$102.79S$136.14S$193.12
S$150,000Age 70S$162.37S$223.27S$342.52
Age 85S$154.18S$204.21S$289.68
S$200,000Age 70S$216.49S$297.70S$456.70
Age 85S$205.57S$272.28S$386.24
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

AXA Direct Purchase Whole Life Insurance

AXATerm-Lite Whole Life

AXA's Direct Purchase Life insurance is competitively priced for older consumers looking for up to age 70 plans. You will be protected against death and terminal illness until age 99 and in the event you suffer total and permanent disability, you will receive the sum assured and any accumulated bonuses. You can get a plan either up to age 70 or age 85, with the up to age 85 plans being slightly cheaper. AXA's current credit rating is AA-.

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$54.83S$75.50S$115.04
Age 85S$53.17S$69.96S$101.04
S$100,000Age 70S$101.33S$142.75S$221.75
Age 85S$98.00S$131.58S$193.75
S$150,000Age 70S$152.00S$214.13S$332.63
Age 85S$147.00S$197.38S$290.63
S$200,000Age 70S$198.50S$281.33S$439.33
Age 85S$191.83S$259.00S$383.33
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

Traditional Whole Life Insurance for Comprehensive Coverage

Traditional whole life insurance is divided up into three portions: participating (par), non-participating (non-par) and investment-linked policies (ILP). These plans are taken out by consumers who want protection for their dependants. Their premiums change based on what type of policy you choose, with ILPs being the most expensive. These plans are either reach maturity at a certain age or last until the policyholder passes away. Whole life plans come with a variety of benefits, it is imperative that you compare your lifestyle and your financial goals to the benefits offered by the insurer.

Whole Life PolicyCoverageMisc. Benefits
Aviva MyLifeChoiceDeath, total and permanent disability, terminal illnessUp to 275% coverage, potential bonus payouts, retirement fund contribution, unemployment premium waiver
NTUC Income VivoWealthDeath, total and permanent disability, terminal illnessCentennial Maturity Benefit, lifetime monthly cash payouts, special cash benefit ,
NTUC Income VivoLifeDeath, dread disease, total and permanent disability, accidental death3 levels of protection, potential bonuses
ManuLife LifeReadyDeath, total and permanent disability, terminal illnesscash value, protection multiplier of 5x, upgrade coverage during milestones
AIA ProLifetime ProtectorDeath, total and permanent disability, critical illnessCash withdrawal, offers 3 model portfolios, ability to choose funds, can buy for child

Participating Whole Life Insurance

Aviva MyLifeChoice
NTUC Income VivoLife Whole Life
  • Aviva MyLifeChoice
  • NTUC Income VivoLife Whole Life
  • Aviva MyLifeChoice
  • NTUC Income VivoLife Whole Life
{"items":["\u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Cimg alt=\"Aviva MyLifeChoice\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/aviva-2\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/aviva-2 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/aviva-2 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E","\n\u003Cdiv class=\"AffiliateBanner--root \"\u003E\n \u003Cdiv class=\"AffiliateBanner--image\"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--root \"\u003E\n \u003Cdiv class=\"ShortcodeImageBare--image-container\"\u003E\n \u003Cimg alt=\"NTUC Income VivoLife Whole Life\" class=\"ShortcodeImage--image\" style=\"width: 200px;\" src=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/ntuc-2\" srcset=\"https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_1.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/ntuc-2 1x, https:\/\/res.cloudinary.com\/valuechampion\/image\/upload\/c_fit,dpr_2.0,f_auto,h_1600,q_auto,w_200\/v1\/referral_logos\/sg\/insurance\/ntuc-2 2x\"\u003E\n \n \u003C\/div\u003E\n\u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}

Participating whole life plans will pay bonuses depending on the insurer's fund performance and build up cash value over time. Par policies such as Aviva's MyLifeChoice offers other benefits such as a retirement supplemental income and the ability to increase your coverage at key life events without providing evidence of health. NTUC Income's VivoWealth Solitaire is another participating plan, targeting wealthy consumers and offering monthly cash payouts from the 6th policy year, a centennial maturity benefit and a guaranteed special cash benefit equivalent to 1.56% of your net single premium at the start of your 21st and 31st policy year. Alternatively, Income's VivoLife is a more comprehensive whole life policy offering bonuses, 200% of sum assured for accidental death, and an unemployment benefit. For both Income and Aviva, you will also be covered for death and total and permanent disability.

Non-Participating Whole Life Insurance

ManuLife Life Ready Whole Life

Non-participating policies are not linked to the insurer's fund, and therefore you will not share in the profits of insurance company's fund. You will still receive the sum assured upon policy termination, along with death and TPD coverage. For instance, ManuLife's LifeReady plan rewards healthy individuals with discounts on its LifeReady premiums, in addition to death, terminal illness, total and permanent disability coverage along with cash value and a 5x protection multiplier.

ILP Whole Life Insurance

AIASecure Term Plus (II)1000000

ILPs offer an investment portion to your life insurance plan in addition to the usual death and permanent disability benefits. They are usually risky because your plan will end up being dependent on the performance of the fund you select. An example of an ILP is AIA's Pro LifeTime Protector plan. It is a whole life ILP that paired with Mercer to offer consumers 3 different model portfolios of varying risk. It also lets you pick your own basket of funds. Furthermore, you can access your cash through partial withdrawals or opt to receive regular income later in life.

Methodology

To accurately represent the life insurance products featured on this page, we gathered quotes for non-smoking males and females of a variety of ages. We then compared how each insurer's premiums compared to their peers in order to see which plan offered more competitive rates for different demographics. For continuity's sake, premiums for non-DPI term life plans that are purchasable online included total & permanent disability riders since these plans are similar to DPI plans which already include total & permanent disability in their base coverage. For plans where pricing wasn't available, we separated plans based on the category of life insurance they fell under as well as the different features offered.

Insurance Companies Sampled
FWDEtiqaNTUC Income
ManuLifeSingLifeAIA
AXAAvivaGreat Eastern
PrudentialTokio MarineRaffles Medical

Disclaimer

Regardless of the policy you are thinking of getting, analysing all of your life insurance options and speaking to a licensed financial advisor is key to making sure you are getting the right plan. We do not claim to endorse, promote or recommend any product on this page. All products listed here are examples of different types of life insurance and their benefits and is meant to be for educational purposes only.

Anastassia Evlanova

Anastassia is a Research Analyst at ValueChampion Singapore, focusing on insurance. She graduated with Honors from Mohawk College with a postgraduate diploma in International Business Management and holds a B.A. in Economics from New York University. Her prior working experience includes work in the capital markets sector.

Comments and Questions