SingLife Life Insurance: What Plans Does it Offer?

SingLife Life Insurance: What Plans Does it Offer?

While SingLife's term life policies are more expensive compared to similar plans for younger consumers, they are fairly competitive for older individuals and provide coverage that may be worth the higher price for some individuals.

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.

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

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.78S$3.24S$5.58
20-YearsS$2.65S$4.26S$9.62
Age 65S$4.56S$6.63S$10.51
S$200,0005-YearsS$9.51S$11.34S$20.71
20-YearsS$8.98S$15.44S$36.88
Age 65S$16.63S$24.91S$40.42
S$400,0005-YearsS$17.39S$21.08S$39.82
20-YearsS$16.36S$29.25S$72.15
Age 65S$31.64S$48.20S$79.23
Premiums are for non-smoking males and do not include the Critical Illness rider. Prices are subject to change. Last updated 09/2018

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.

Average Monthly Premiums for Term Life Insurance (Male, Non-Smoker)

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$24.12S$26.71S$46.95
20-YearsS$28.74S$45.56S$105.27
S$1,000,0005-YearsS$40.28S$44.47S$79.03
20-YearsS$47.95S$75.85S$175.82
S$2,000,0005-YearsS$80.58S$88.93S$158.05
20-YearsS$95.90S$151.70S$351.64
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

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
  • Alzheimer's/Severe Dementia
  • Angioplasty & Other Invasive Treatments
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumou
  • 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

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
  • Alzheimer's Disease/Severe Dementia
  • Angioplasty & Other invasive treatments for Coronary Artery
  • Apallic Syndrome
  • Major Cancers
  • Blindness
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • End Stage Liver Failure
  • Coronary Artery By-Pass Surgery
  • Deafness
  • Heart Valve Surgery
  • Major Organ/Bone Marrow Transplant
  • Other Serious Coronary Artery Disease
  • Coma
  • End Stage Lung Disease
  • Fulminant Hepatitis
  • Major Head Trauma
  • Heart Attack of Specified Severity
  • 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

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.

Contact Information
Customer Service+65 6911 1111
Claim Submission E-mail[email protected]
Contact Address11 North Buona Vista Drive, #13-07 The metropolis Tower 2, Singapore 138589
Learn More About InsuranceProduct FAQ
Claims FormsWebpage
Estimate the Coverage You NeedCPF 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.

Comments and Questions