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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 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.

4.0/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Affordable
  • More suitable for younger consumers

Cons

  • Lower than average coverage

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-

FWD DIRECT-term Life Insurance

Pros:
Affordable
More suitable for younger consumers
Cons:
Lower than average coverage

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.

Monthly Premiums for FWD DIRECT-term (Male, Non-Smoker)

Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.76S$3.77S$7.24
20-YearsS$4.17S$6.05S$12.23
Age 65S$6.45S$8.02S$11.53
S$200,0005-YearsS$7.72S$10.70S$20.52
20-YearsS$8.95S$16.31S$39.99
Age 65S$18.42S$25.61S$39.82
S$400,0005-YearsS$12.63S$17.19S$32.98
20-YearsS$14.38S$26.31S$64.55
Age 65S$29.82S$41.39S$64.20
Monthly premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 11/2020

FWD Term Life Plus Insurance

Pros:
Affordable
Higher than average term life capOffers S$5,000 funeral death benefit
Cons:
Above average price for 20-year plans

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 TenureAge 25Age 35Age 45
S$500,0005-YearsS$16.93S$23.06S$47.10
20-YearsS$21.40S$32.49S$81.82
S$1,000,0005-YearsS$34.47S$41.48S$101.03
20-YearsS$36.22S$55.16S$139.36
S$1,500,0005-YearsS$51.70S$62.22S$151.55
20-YearsS$54.33S$82.75S$209.03
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
  • Major Cancer
  • Heart Attack of Specified Severity
  • Stroke with Permanent Neurological Deficit
  • Coronary Artery By-pass Surgery
  • End Stage Kidney Failure
  • Irreversible Aplastic Anaemia
  • End Stage Lung Disease
  • End Stage Liver Disease
  • Coma
  • Deafness (Irreversible Loss of Hearing)
  • Open Chest Heart Valve Surgery
  • Irreversible Loss of Speech
  • Major Burns
  • Major Organ/Bone Marrow Transplantation
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Idiopathic Parkinson’s Disease
  • Open Chest Surgery to Aorta
  • Alzheimer's Disease/Severe Dementia
  • Fulminant Hepatitis
  • Motor Neurone Disease
  • Primary Pulmonary Hypertension
  • HIV Due to Blood Transfusion/Occupation
  • Benign Brain Tumour
  • Severe Encephalitis
  • Severe Bacterial Meningitis
  • Angioplasty & Invasive Treatment for Coronary Artery
  • Blindness (Irreversible)
  • Major Head Trauma
  • Paralysis (Irreversible)
  • Terminal Illness
  • Progressive Scleroderma
  • Apallic Syndrome
  • Systemic Lupus Erythematosus with Lupus Nephritis
  • Other Serious Coronary Artery Disease
  • Poliomyelitis
  • Loss of Independent Existence

FWD's Term Life Plus insurance provides a critical illness rider that covers 35 conditions. We've listed them below:

Critical Illnesses Covered by Term Life Plus Rider
  • Alzheimer's Disease/Severe Dementia
  • Angioplasty & Other Invasive Treatment for Coronary Artery
  • Irreversible Aplastic Anaemia
  • Severe Bacterial Meningitis
  • Benign Brain Tumour
  • Coma
  • Coronary Artery By-Pass Surgery
  • Deafness (Irreversible Loss of Hearing)
  • End Stage Liver Failure
  • End Stage Lung Disease
  • Fulminant Hepatitis
  • Heart Attack of Specified Severity
  • Open Chest Heart Valve Surgery
  • HIV Due to Blood Transfusion and Occupationally Acquired HIV
  • End Stage Kidney Failure
  • Irreversible Loss of Speech
  • Major Burns
  • Major Cancer
  • Major Head Trauma
  • Major Organ / Bone Marrow Transplantation
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Paralysis (Irreversible Loss of Use of Limbs)
  • Idiopathic Parkinson's Disease
  • Primary Pulmonary Hypertension
  • Stroke with Permanent Neurological Deficit
  • Open Chest Surgery to Aorta
  • Severe Encephalitis
  • Progressive Scleroderma
  • Persistent Vegetative State (Apallic Syndrome)
  • Systemic Lupus Erythematosus with Lupus Nephritis
  • Other Serious Coronary Artery Disease
  • 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 Hotline+65 6820 8888
Emergency Assistance Hotline+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 Plus
Death, Terminal Illness (& TPD for Direct)S$50,000-S$400,000S$50,000-S$1,500,000
Funeral BenefitS$5,000S$5,000
Total Critical Illnesses Covered3035
Total & Permanent Disabilities CoverageIncludedAdd-On
Critical Illness CoverageAdd-OnAdd-On

Protected up to specified limits by SDIC. This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future financial needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.

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