FWD offers two life insurance policies that you can buy online without requiring financial advice. First, FWD's Direct-term life insurance policies tend to be about 15% to 20% cheaper than the market average, while offering similar coverage to other classic Direct Purchase Insurance (DPI) term life policies, with up to S$400,000 of death, terminal illness & total and permanent disability coverage (TPD). FWD also offers a traditional term life policy, Term Life Plus, which is also costs below the average of its competitors. This policy offers death and terminal illness coverage up to S$1.5 million, making it a suitable option for those that prefer higher death and terminal illness coverage. One thing to note is that FWD does not offer online whole life insurance products.
Table of Contents
|Summary of FWD's Life Insurance Plans|
|Below average premiums for most consumers|
|Offers S$5,000 funeral death benefit|
|FWD Group Financial Services current credit rating: BBB-|
|Promotion: "VLIFE20" for 20% off|
FWD DIRECT-term Life Insurance
FWD's DIRECT-term life insurance offers up to S$400,000 of death, terminal illness & total and permanent disability coverage with an option to purchase a critical illness rider, which is a standard amount among plans available in Singapore. These plans allow you to purchase any amount of death, terminal illness and TPD coverage between S$50,000 and S$400,000 as a 5-year renewable, 20-year or up to age 65 plan. However, while the 5-year plan is renewable up to age 80, the plan that offers coverage until age 65 and 20-year plans are not. You will be covered up to age 65 for Total and Permanent Disability and up to age 85 for death and terminal illness.
We found that on average, the pricing for FWD's plans runs somewhere in the middle among DPI life insurance providers in Singapore for lower coverage and younger consumers. However, its S$400,000 coverage 5 and 20-year plans are especially competitive, with most of the monthly premiums ranging between 10%-25% below peer average. You will also receive a S$5,000 funeral benefit in addition to death, terminal illness and total and permanent disability coverage.
Average Monthly Premiums for Term Life DPI (Male, Non-Smoker)
|Death & TPD Coverage||Plan Tenure||Age 25||Age 35||Age 45|
|*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Last updated 09/2018|
FWD Term Life Plus Insurance
FWD's traditional online term life insurance policy lets you purchase between S$50,000 and S$1.5 million of death and terminal illness coverage. It is one of the few policies on the market allowing you to purchase a policy online that goes beyond the S$400,000 DPI term life cap. There are two types of policies to choose from: a renewable term policy and a fixed term policy. The renewable term policy will result in increasing premiums yearly and is renewable until age 100. The fixed term policy initially has higher premiums compared to the renewable term policy, but its premiums won't change throughout your term and is renewable until age 70. You can also add a Total & Permanent Disability add-on up to a sum of your total death & terminal illness sum, as well as a Critical Illness rider. Furthermore, if you die or become diagnosed with a terminal illness, your spouse will be eligible for a complimentary term life cover of up to S$250,000 for one year (not renewable) and there will be a funeral assistance payout of S$5,000.
When comparing pricing with similar players in the market, FWD's monthly premiums are some of the cheapest options. For example, its premiums for middle-aged consumers are the most competitive at around 20% below peer average. Additionally, monthly premiums are also lower for younger consumers looking for coverage of S$1-1.5 million, at around 2%-12% below average even with the total and permanent disability rider included. However, premiums for plans that provide S$200,000 or S$400,000 of coverage is mainly competitive 5-year plans. 20-year plans cost above average for the majority of profiles we looked at. You can also choose to purchase the premium waiver benefit if you are concerned about making payments should you become disabled or critically ill.
Average Monthly Premiums for Term Life Plus (Male, Non-Smoker)
|Death & TPD Coverage (Fixed Term)||Plan Tenure||Age 25||Age 35||Age 45|
|*Monthly 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 08/2020|
Critical Illness Riders
FWD's DIRECT-term life critical illness rider covers 30 critical illnesses. The price will depend on your age, the amount of coverage you desire and the base plan you are purchasing. The illnesses covered are listed below.
|Critical Illnesses Covered by DPI Rider|
FWD's Critical Illness rider for its traditional online term life plan covers the 35 Critical Illnesses and you will receive the full sum assured if diagnosed. The only exception for both the DPI and non-DPI plan is that Angioplasty and other invasive treatment for coronary artery only has a benefit of 10% of the sum assured or S$25,000—whichever is higher. The full list of illnesses covered is listed below.
|Critical Illnesses Covered by CI Rider|
Insurance policy death benefits are not payable if you commit suicide within two years of the policy starting or being reinstated. Additionally, total & permanent disability and critical illness benefits are not payable if you attempt suicide or cause intentional self-harm. Total & permanent disability benefits will also not be payable if you are injured while participating in illegal acts. Furthermore, critical illness benefits will not be paid out if you experience symptoms for a major cancer, heart attack, coronary artery bypass surgery, angioplasty and other invasive surgeries within 90 days from policy commencement.
Claims & Contact Information
To file a life insurance claim with FWD, you can submit your claim online with the required paperwork. If the policyholder/insured person dies, the nominated beneficiaries will receive the payout. The legal estate will need a letter of administration to appoint a person to deal with the estate if the policyholder did not nominate a beneficiary. If you have any questions on how you should submit your claim you can call their customer service hotline, email them or look through their guides (all linked below).
|Customer Service Hotline||+65 6820 8888|
|Emergency Assistance Hotline||+65 6322 2072|
|Address||FWD Singapore Pte Ltd. 6 Temasek Boulevard, #18-01 Suntec Tower Four, Singapore 038986|
|Direct-Term Claims Guide & Forms||Claims Webpage|
|Term Life Claims||Online Form|
|Direct-Term Life Claims||Online Form|
FWD Life Insurance Summary
FWD's DIRECT-term life and traditional term life plan are affordable options for consumers looking for simple term life coverage, with its premiums ranging up to 25% below average for online term life plans. However, before you settle on any life insurance options that do not require a financial advisor, you should be sure to read all the terms and conditions, compare pricing and select only the product that best suits your needs. If you would like to compare FWD's insurance plans to other plans available on the market, you can read our comprehensive term and life insurance guide.
|Coverage & Benefits||DIRECT-term life||Term Life Plus|
|Death, Terminal Illness (& TPD for Direct)||S$50,000-S$400,000||S$50,000-S$1,500,000|
|Total Critical Illnesses Covered||30||35|
|Total & Permanent Disabilities Coverage||Included||Add-On|
|Critical Illness Coverage||Add-On||Add-On|