FWD Life Insurance: What Are Your Options?

FWD Life Insurance: What Are Your Options?

Although FWD doesn't offer whole life insurance, FWD's term life insurance plans are competitively priced for most demographics.

FWD offers two life insurance policies that are purchasable online and do not require 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, which is also about 5% to 20% cheaper than those of its competitors. This policy offers death and terminal illness coverage up to S$3 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.

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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:

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 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$9.4S$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. Last updated 09/2018

FWD Term Life Insurance

FWD's traditional online term life insurance policy lets you purchase up to S$3 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. You can purchase a plan with coverage between S$50,000 and S$3,000,000. You can also choose between 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. There is an additional S$5,000 funeral benefit as well.

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$2-4 million, at around 5%-15% below average even with the total and permanent disability rider included. Prices for S$300,000 and S$400,000 are also competitive and cost around 15-20% less for 5 and 20-year plans.

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

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. Last updated 09/2018

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
  • Alzheimer's/Severe Dementia
  • Angioplasty & Other Invasive Treatments
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Coronary Artery By-pass 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

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
  • Alzeimer's Disease
  • Severe Dementia
  • Angioplasty & Other invasive treatments for Coronary Artery
  • Major Cancers
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Coma
  • Coronary Artery Bypass Surgery
  • Deafness
  • Major Head Trauma
  • Major Organ/Bone Marrow Transplant
  • Other Serious Coronary Artery Disease
  • End Stage Liver Failure
  • End Stage Lung Disease
  • Fulminant Hepatitis
  • Heart Attack of Specified Severity
  • Heart Valve Surgery
  • Occupationally Acquired HIV or due to Blood Transfusion
  • Kidney Failure
  • Loss of Speech
  • Major Burns
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Paralysis
  • Parkinson's Disease
  • Primary Pulmonary Hypertension
  • Stroke
  • Surgery to Aorta
  • Viral Encephalitis
  • Progressive Scleroderma
  • Apallic Syndrome
  • Systemic Lupus Erythematosus with Lupus Nephritis
  • Poliomyelitis
  • Loss of Independent Existence

Policy Exclusions

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).

Contact Information
Customer Service+65 6820 8888
Emergency Assistance+65 6322 2072
E-mail[email protected]
AddressFWD Singapore Pte Ltd. 6 Temasek Boulevard, #18-01 Suntec Tower Four, Singapore 038986
Direct-Term Claims Guide & FormsClaims Webpage
Term Life ClaimsOnline Form
Direct-Term Life ClaimsOnline 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 & BenefitsDIRECT-term lifeTerm Life
Death, Terminal Illness (& TPD for Direct)S$50,000-S$400,000S$50,000-S$3,000,000
Funeral BenefitS$5,000S$5,000
Total Critical Illnesses Covered3035
Total & Permanent Disabilities CoverageIncludedAdd-On
Critical Illness CoverageAdd-OnAdd-On

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