Etiqa's term life and whole life Direct Purchase Insurance (DPI) plans offer some of the most competitive premiums on the market. In fact, not only are its whole life DPI plan premiums below the peer average, but we also found Etiqa to offer one of the most affordable term life DPI insurance options on the market for younger consumers (in their 20's and 30's) and females. Etiqa also offers a traditional term life insurance policy you can buy online if you want higher term life coverage than what its DPI offers, as well as a unique free 12-month term policy and a more substantial, traditional whole life policy.
Table of Contents
|Summary of Etiqa's Life Insurance Plans|
|DPI term life plans have generally below average premiums for younger consumers|
|Not as competitively priced for seniors, with its premiums hovering around the market average|
|DPI whole life plans are slightly cheaper than average and are purchasable online|
|ePROTECT term life plan is competitively priced compared to peer average|
|Current credit rating: A-|
|ePROTECT Term Life Promotion: Get 14% or 18% off your premiums throughout your policy term, or S$100 cashback (min. annual premium for cashback is S$500) until 19 November 2021.|
DIRECT-Etiqa Term Life Insurance Plan
The DIRECT-Etiqa term life insurance plan is competitively priced for young consumers (especially females). With this plan, you will receive up to S$400,000 of death, terminal illness and total and permanent disability coverage. You can purchase this plan either as a 5-year renewable option, a 20-year fixed term or be covered until you turn 65. As with other DPI term life products on the market, Etiqa guarantees to renew your 5-year plan regardless of your health conditions. You can also get a critical illness rider if you wish to top up your coverage.
However, we found that Etiqa's term life insurance plan is relatively less competitive if you are looking to max out your term life DPI coverage or if you are a senior. While the premiums may not be overly expensive, they still hover around the market average. However, if you are still interested in this plan, you can save around 5% on your premiums by opting to pay annually as opposed to paying monthly, making this plan slightly cheaper than the average term life insurance plan available in Singapore.
Average Monthly Premiums for Term Life DPI (Male, Non-Smoker)
|Death & TPD Coverage||Plan Tenure||Age 25||Age 35||Age 45|
Etiqa ePROTECT Term Life Plan
Etiqa's ePROTECT term life plan can be a suitable option for those who like the idea of DPI term life plans but would like a bit more coverage. This plan is purchasable online and provides between S$401,000 and S$2 million of death, total and permanent disability and terminal illness coverage. Its premiums are especially competitive for young consumers looking for S$1 million coverage or middle-aged consumers looking for S$2 million plans. Similar to Etiqa's term life DPI policy, you can purchase this plan with 5-year renewable or 20 year tenures or receive coverage until the year that you turn 65. It is important to note that you can not purchase a critical illness rider to this plan, so those wanting critical illness coverage may not find this plan as suitable.
Average Monthly Premiums (Male, Non-Smoker)
|Death & TPD Coverage||Plan Tenure||Age 25||Age 35||Age 45|
Etiqa Free Term Life Insurance
If you are newlywed or the parent of a newborn, you may qualify for Etiqa's free term life insurance. This is a unique one-year term life insurance plan that offers a S$25,000 lump sum payment upon the death of the life insured (provided the death occurs during the time they were insured). However, this plan doesn't provide any coverage for terminal illness or total and permanent disability, nor does it let you purchase a critical illness add-on. Because the policy is limited and the coverage is quite low compared to DPI and traditional term life insurance plans, it may suit those who are looking for temporary coverage while they find a comprehensive policy.
DIRECT-Etiqa Whole Life Insurance Plan
Etiqa is one of three insurers that lets you purchase a whole life DPI policy online and out of the three, it is priced slightly below average regardless of demographic and coverage amount. The DIRECT-Etiqa whole life insurance plan is an online purchasable DPI whole life policy offering up to S$200,000 of death, terminal illness and total and permanent disability coverage. With this plan, you will receive lifetime coverage and can choose to pay until you turn 70 or until you turn 85. In general, choosing to pay until you turn 85 will cost you less since you will be spreading your premium payments over a longer period of time. As with traditional whole life policies, Direct-Etiqa whole life also has a cash value and you can accumulate a non-guaranteed bonus.
Average Monthly Premiums for Whole Life DPI (Male, Non-Smoker)
|Amount Insured||Plan Tenure||Age 25||Age 35||Age 45|
Etiqa eProtect Lifetime Plan
Etiqa's eProtect Lifetime plan is a whole life insurance policy that may benefit those who are looking for a traditional whole life insurance plan. Because this plan is not purchasable online, you can only buy it through a financial advisor. There is only one premium payment term option of 15 years, compared to other whole life insurance policies offering either several terms options or the choice to pay up to a certain age. In terms of benefits, you will be covered for death, terminal illness and total and permanent disability, with a guaranteed death benefit of up to 3 times the sum insured before you turn 65. Furthermore, you can also choose to increase your coverage at 2 key life events without health checks. However, the most you can add is either 25% of the original sum or S$150,000 (whichever is lower).
|Coverage & Benefits||eProtect Lifetime|
|Death, TI & TDP Coverage||Yes|
|Sum Assured Multiplier||3x before age 65|
|Premium Tenure||15 Years|
|Option to Increase Coverage||Yes, twice|
This plan also accumulates a cash benefit, offers non-guaranteed bonus and lets you take out a loan on your policy for up to 90% of its cash value. The non-guaranteed lump sum will be given when you reach age 65. There are also 4 riders offered if you want to enhance your coverage: eXTRA multiplier (boosts your protection up to 5x), eXTRA secure (for advanced payment if you are diagnosed with a critical illness before age 65), eXTRA secure waiver (a premium waiver once diagnosed with critical illness) and an eXTRA payer waiver (a premium waiver for children of the payer if the payer died or became permanently disabled).
Critical Illness Riders
Etiqa only has one critical illness rider for its DPI policies. It covers the standard 30 critical illnesses (listed below). The cost to add the rider falls slightly below average compared to other critical illness add-ons for DPI plans.
|Critical Illnesses Covered with DPI CI Rider|
|Alzheimer's/Severe Dementia||Angioplasty & Other Invasive Treatments||Aplastic Anaemia|
|Bacterial Meningitis||Benign Brain Tumour||Blindness|
|Coma||Coronary Artery Bypass Surgery||Deafness|
|End Stage Liver Failure||End Stage Lung Disease||Fulminant Hepatitis|
|Heart Attack of Specified Severity||Heart Valve Surgery||Viral Encephalitis|
|Kidney Failure||Loss of Speech||Major Burns|
|Major Cancers||Major Head Trauma||Major Organ/Bone Marrow Transplant|
|Motor Neurone Disease||Multiple Sclerosis||Muscular Dystrophy|
|Paralysis||Parkinson's Disease||Primary Pulmonary Hypertension|
|Stroke||Surgery to Aorta||Occupationally Acquired HIV Due or due to Blood Transfusion|
Etiqa has the standard policy exclusions including but not limited to suicide within the first two years of the policy being in place, non-occupational or blood transfusion-caused HIV/AIDS, intentional acts of self harm, criminal acts and participating in dangerous activity such as steeplechasing, horse racing, mountaineering or skydiving. Diseases arising from drug and alcohol abuse are not covered either. As with all insurance policies, you should always read what things are excluded from your policy in your policy contract.
Claims & Contact Information
You must send in your claim within 3 months of the insured event happening. To submit the claim, you will have to download the appropriate forms and mail them, along with any supplementary documentation.
Etiqa Life Insurance Summary
Etiqa's policies may be suitable for younger consumers and females due to its competitive premiums for its DPI plans. However, a life insurance policy is a long-term commitment and you should evaluate all your options carefully before settling on a policy. An early termination of this or any other life insurance policy may result in high costs and the surrender value payable may be less than the total premiums paid. If you would like to see how Etiqa's plans compare to other plans on the market, you can read our comprehensive guide to other life insurance policies in Singapore.