Notice: Singlife has merged with Aviva as of November 30, 2020, creating a new entity called Aviva Singlife Entities. For now, the two insurers will operate separately until the transfer is approved by the Singapore courts and becomes fully completed (expected date of January 2021). Existing Singlife and Aviva policyholders will not see changes to their plans or premiums. After the merger is complete, existing policyholders should expect to receive a policy endorsement notifying them of their plan's new entity.
SingLife offers two term life insurance plans, a Direct Purchase Insurance (DPI) plan and a more traditional term life insurance plan. While the term life DPI costs above average for most consumers, we found it to be quite competitively priced for consumers over 50. Furthermore, SingLife's traditional term life plan offers high levels of coverage, which can be enough to possibly make up for its above average. SingLife also offers one universal life policy that is not available through purchase online that may be suitable for those who are interested in legacy planning.
Table of Contents
|Summary of SingLife Life Insurance|
|Both term life plans are competitive for older consumers, but less so for younger consumers|
|Traditional online term life plan offers market beating coverage|
|Current credit rating: BBB|
SingLife Direct-Term Life Insurance Plan
SingLife's Direct-Term is a DPI term life insurance policy providing between S$50,000 and S$400,000 of death, terminal illness and total and permanent disability coverage and may be a suitable option for older consumers. We found that its premiums generally hover around the peer average of term life DPI policies for most consumers, but they can cost up to 15% below average for consumers older than 55, regardless of plan term. This plan is purchasable either as a 5-year renewable, for 20 years or until age 65. You can also add a critical illness rider if you need additional protection against the 30 main critical illnesses. One thing to note is that you will only be covered until age 65 for both the critical illness rider and for total and permanent disability, as per the DPI industry standard.
Monthly Premiums for Singlife DIRECT Term Life
|Sum Assured||Plan Tenure||Age 25||Age 35||Age 45|
SingLife Term Life Insurance
SingLife's Term Life insurance plan is a term life policy for those who are looking for an online plan offering more than the standard DPI death, terminal illness and TPD coverage of S$400,000. In fact, you can purchase up to S$10 million of death and terminal illness coverage—higher than any other non-DPI online term life insurance policy that we've come across. Similar to SingLife's DPI term life plan, we found that this plan not very competitively priced for younger consumers, but it can go to as low as 20% below average for consumers above 50 years old. This plan's tenure options range from 1 year to 81 years, all of which are renewable until you turn 75. Furthermore, you can choose to increase your coverage for 4 life events (marriage, childbirth, legal adoption and major financial changes related to moving/renovating your home).
SingLife's Term Insurance plan also lets you purchase a total and permanent disability rider and a rider critical illness rider, which will cover you up to age 99 and and covers 37 critical illnesses. However, while you can adjust your critical illness coverage, you can't adjust your total and permanent disability coverage. This is because the total and permanent disability coverage follows the amount you chose for your base plan. This means that it may be harder to customise your plan to your needs.
Monthly Premiums for Singlife Term Life Insurance
|Death & TPD Coverage||Plan Tenure||Age 25||Age 35||Age 45|
SingLife Universal Life
SingLife's Universal Life is an investment-linked whole life insurance plan that is offered only through select private banks and high net worth advisors. It may be suitable to those who are looking for a plan to optimise their wealth portfolio in addition to receiving life insurance coverage. With this plan you will receive a death benefit in addition to a guaranteed crediting rate (the interest credited to participant accounts) of 2% per annum. The Universal Life plan also offers the ability to adjust your cover and access your funds at your own volition.
Critical Illness Riders
SingLife's critical illness rider provides the DPI industry standard coverage of 30 critical illnesses (listed below). We found that the cost of this rider ranges between 15%-30% below average across all age groups and coverage amounts. You can remove this add-on at any time during the policy term if you find it's not meeting your needs. As with any insurance policy, you should be sure to read your contracts term and conditions for a full list of exclusions.
|Critical Illnesses Covered by DPI Rider|
SingLife's Term Insurance plan also offers a critical illness rider. You will have three critical illness coverage amounts to choose from when you are purchasing your policy, making it easier to get the coverage you require. It offers coverage for 37 illnesses (listed below).
|Critical Illnesses Covered by Rider|
SingLife does not cover suicide or intentional self harm during the first year of the plan. It also doesn't cover HIV or AIDS for terminal illness claims. The Direct-Term life plan also won't cover total and permanent disability due to misuse of drugs or alcohol, injuries sustained during aerial travel except as a paying passenger or from participating in strikes, riots, civil commotion or war-like activities.
Claims & Contact Information
You have to inform SingLife of a claim within 6 months of the insured event happening. You can do this via email (listed below). You should then submit all the required documents before SingLife will be able to disburse payment to your account. This includes, but is not limited to, death certificates and medical practitioner statements.
|Customer Service Hotline||+65 6911 1111|
|Claim Submission E-mail||[email protected]|
|Contact Address||11 North Buona Vista Drive, #13-07 The metropolis Tower 2, Singapore 138589|
|Learn More About Insurance||Product FAQ|
|Estimate the Coverage You Need||CPF Board Insurance Estimator|
SingLife Life Insurance Summary
While both SingLife's DPI and traditional term life insurance plans are not as competitive for younger consumers, older consumers may find its premiums to be quite affordable. Furthermore, the high coverage offered by the traditional term life plan coupled with the convenience of it being purchasable online may be worth the cost even for those who will see higher than average premiums. However, to make the right decision on any life insurance policy, it is important to carefully analyse your financial needs and take the time to compare all your possible options. If you would like to learn more about the different life insurance products available in Singapore, you can read our comprehensive life insurance guide.