Top Life Insurance Providers in Singapore

Top Life Insurance providers in Singapore

There comes a time in life where you start managing your finances and a portion of this may involve insurance. Depending on your lifestyle and needs, there are many types of insurance policies available for your home, vehicle, health and life. Insurance policies not only offer financial protection and coverage, it also offers a peace of mind in the event of an emergency. 

What is covered under life insurance?

Life insurance policies provide a lump-sum payment or death benefit to beneficiaries in case of demise or permanent disability of the insured. As the coverage may vary between insurance plans and insurance providers, it is important to be aware of the terms and conditions covered under the plan.

Some common deaths cases covered are natural death and death due to accidents. There are plans that offer coverage for pre-existing illnesses as long as it is declared during your purchase. Death cases which are typically not covered by the life insurance plans are death under the influence of alcohol or drugs, murder due to criminal activity or suicide.

Top Life Insurance in Singapore

Here is a list of some of the top life insurance in Singapore:

AXA Top Life Insurance in Singapore

Company

AXA Singapore

Speciality

  • Choice of up to three times your chosen basic sum assured, and up to six times if the death due to accident
  • Initial high early critical illness, critical illness and total permanent disability coverage
  • Option to purchase additional coverage at key milestones of life
  • Offers flexibility of withdrawal in insurance policy
Pricing

Contact to request for quotation

Website

https://www.axa.com.sg/

Address

#01-21/22 AXA Tower, 8 Shenton Way, Singapore 068811

Telephone

1800 880 4888
Operating Hours

Weekdays 9am – 5.30pm

 


Aviva Top Life Insurance in Singapore

Company

Aviva

Speciality

  • Choice of premium payment term up to 25 years
  • Flexibility to choose duration of additional coverage up to 5 times of sum assured
  • Covers up to 105 medical conditions and 24 special conditions for early stage critical illness
  • Monthly income benefit as part of cash out option available after 65 years old
Pricing

Contact to request for quotation

Website

https://www.aviva.com.sg/en/

Address

4 Shenton Way, SGX Centre 2, #01-01, Singapore 068807

Telephone 

6827 7988

Operating Hours

Weekdays 8.45am – 5.30pm

 


China Taiping Top Life Insurance in Singapore

Company

China Taiping

Speciality

  • Offers multiplier up to 4 times of sum assured up till 71 and 86 years old
  • Provides option to add on early critical illness rider covering up to 161 illness conditions
  • Early care rider allows 100% lump sum claim
Pricing

Contact to request for quotation

Website

https://www.sg.cntaiping.com/en/
Address

3 Anson Road #16-00, Springleaf Tower Singapore 079909

Telephone

+65 6389 6111

Operating Hours

Weekdays 8.45am – 5.30pm

 


FWD Top Life Insurance in Singapore

Company

FWD

Speciality

  • Offers direct online purchase of insurance plans that do not require a financial advisor
  • For Singaporeans aged 18 to 40, option to sign up for insurance without undergoing for a medical examination
  • Guaranteed right to renew policy yearly until age 85
  • Offers optional cancer benefit rider with 100% payout
Pricing

Contact to request for quotation

Website

https://www.fwd.com.sg/
Address

6 Temasek Boulevard, #18-01 Suntec Tower Four, Singapore 038986

Telephone

6820 8888

Operating Hours

Weekdays 9am – 6pm

 


HSBC Top Life Insurance in Singapore

Company

HSBC Life

Speciality

  • Offers optional extension of multiplier benefit after age 70 to 99
  • Provides 20% payout for 3 pre-existing potential cancerous condition
  •  Flexibility to enhance coverage during important life stages
  • Covers up to 144 critical illness and special conditions
Pricing

Contact to request for quotation

Website

https://www.insurance.hsbc.com.sg/

Address

Customer Service Centre:

9 Battery Road,  #12-01 MYP Centre,  Singapore 049910

Registered Office:

10 Marina Boulevard, Marina Bay Financial Centre, Tower 2 Level 48-01, Singapore 018983

Telephone

+65 6225 6111 

Operating Hours

Weekdays 9am – 5pm

 


Income Top Life Insurance in Singapore

Company

NTUC Income

Speciality

  • Option to purchase insurance plan without financial advice
  • Offer multiplier up to 5 times of sum assured
  • Covers up to 121 medical conditions and for future unknown diseases or serious infections
  • Premium waived upon retrenchment up to 6 months and unable to find job 3 months in a row
Pricing

Contact to request for quotation

Website

https://www.income.com.sg/
Address

Visit website for list of branches

Telephone

For Life Insurance: +65 6788 1122

Operating Hours

Weekdays 8.30pm – 6.30pm

 


Great Eastern Life Top Life Insurance in Singapore

Company

Great Eastern

Speciality

  • Offers flexible plans with options to convert to other financial products
  • Provides high payout coverage up to 4 times of sum assured
  • Covers all stages of critical illness, death, total permanent disability, accidental total permanent disability and terminal illness
Pricing

Contact to request for quotation

Website

https://www.greateasternlife.com/sg/en/index.html

Address
1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659

Telephone

+65 6248 2211

Operating Hours

Weekdays 9am – 5.30pm

 


Manulife Top Life Insurance in Singapore

 

Company

Manulife

Speciality

  • Flexible multiplier benefit up to 5 times of sum assured with payment terms ranging from 10 years to lifetime
  • Covers over 125 critical illness conditions and 18 special conditions
  • Allows waiver of premium up to 6 months if insured or spouse have been retrenched or unemployed for 30 days or more
  • Offers discounts on premium if achieve health target
Pricing

Contact to request for quotation

Website

https://www.manulife.com.sg/
Address

8 Cross Street #01-01A, Manulife Tower, Singapore 048424

Telephone

+65 6833 8188

Operating Hours

Weekdays 9am – 6pm

 


China Life Top Life Insurance in Singapore

Company

China Life Insurance

Speciality

  • Offers lifetime yearly income 
  • Flexibility to choose premium payment terms up to 25 years
Pricing

Contact to request for quotation

Website

https://www.chinalife.com.sg/

Address

1 Raffles Place #46-00, One Raffles Place Tower 1, Singapore 048616

Telephone

6727 4800

Operating Hours

Weekdays 9am – 5.30pm

 


Etiqa Top Life Insurance in Singapore

Company

Etiqa Insurance Singapore

Speciality

  • Payout with guaranteed lump sum plus accumulated bonus in event of death or total and permanent disability or terminal illness
  • Sum assured up from 50,000 to 200,000
  • Choice of premium up to age 70 or 85
Pricing

Contact to request for quotation

Website

https://www.etiqa.com.sg/
Address

16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581

Telephone

6887 8777

Operating Hours

Weekdays 8.30am – 5.30pm

 


Prudential Top Life Insurance in Singapore

Company

Prudential Singapore

Speciality

  • Online purchase of policy available without medial exam required for some applicants
  • Ability to add coverage for dependents and covert policies within first five years
  • Offers survivorship policies that insures two people on the same policy
Pricing

Contact to request for quotation

Website

https://www.prudential.com.sg/
Address 5 Straits View #01-18/19, Marina One The Heart, Singapore 018935

Telephone

1800 333 0333

Operating Hours

Weekdays 9am – 4pm (By appointment only)

 


Singlife Top Life Insurance in Singapore

Company

Singlife

Speciality

  • Covers up to age 99 and over 30 critical illnesses
  • Flexibility on critical illness coverage
  • Offers retrenchment benefit if insured is unemployed for at least 4 months
Pricing Contact to request for quotation

Website

https://singlife.com/
Address 18 Robinson Road, #04-03 Singapore 048547

Telephone

6911 1111

Operating Hours

Weekdays 9.30am – 5.30pm

 


Tokio Marine Top Life Insurance in Singapore

Company

Tokio Marine Life Insurance

Speciality

  • Offers protection for 117 medical conditions as well as procedures
  • Offers early stage per payout claim limit at $200,000
  • Up to 10 times of sum assured for critical illness cover rider before age 70
Pricing Contact to request for quotation

Website

https://www.tokiomarine.com/sg/en/personal/discover.html
Address 20 McCallum Street #04-02, Tokio Marine Centre, Singapore 069046

Telephone

6592 6100

Operating Hours

Weekdays 8.45am – 5.45pm

 


Chubb Top Life Insurance in Singapore

Company

Chubb Insurance Singapore

Speciality

  • Offers protection against 21 types of infectious diseases, food poisoning and worldwide terrorism cover
  • Provides hospital income relief in event of hospitalisation due to accident
  • Free automatic dependent children cover for couple plan
Pricing Contact to request for quotation

Website

https://www.chubb.com/sg-en/home.html
Address 138 Market Street, #11-01 CapitaGreen, 048946

Telephone

6299 0988

Operating Hours

Weekdays 8.30am – 5.15pm

 


AIA Top Life Insurance in Singapore

Company

AIA

Speciality

  •  Offers life insurance protection up to age of 100
  • Guaranteed coverage in event of death or disability before age of 70
  • Option to convert whole or half coverage to 15 years of regular monthly income
Pricing Contact to request for quotation

Website

https://www.aia.com.sg/en/index.html
Address 1 Finlayson Green, Singapore 049246

Telephone

1800 248 8000

Operating Hours

Varies by branch locations

 


Sompo Top Life Insurance in Singapore

Company

Sompo Insurance

Speciality

  • Flexibility in plan
Pricing Request for quotation

Website

https://www.sompo.com.sg/
Address 50 Raffles Place, #03-03 Singapore Land Tower, Singapore 048623

Telephone

65 6461 6555

Operating Hours

Mon – Fri: 9 am to 5 pm

 

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Money Owl Top Life Insurance in Singapore

Company

MoneyOwl

Speciality

  • Comprehensive insurance coverage
  • Offers conflict-free advice
Pricing Request for quotation

Website

https://www.moneyowl.com.sg/insurance/
Address 23 Keong Saik Road Singapore 089130

Email

[email protected]

Operating Hours

Monday – Friday: 9am – 6pm
(6pm – 8pm by appointments only)
Saturday: 9am – 1pm
(by appointments only)

 


How does a life insurance work

It is a form of financial safety net to protect you and your family against the risk of financial losses. There are various types of life insurance available in the market. The most common types of life insurance are term life and whole life. While the death benefits are fairly similar, there are some key differences between the two insurance plans. 

Term life insurance

For a premium amount, term insurance provides insurance protection over a fixed period of time without any savings or investment feature. It pays a lump sum in an event of death or total and permanent disability of the insured within the stipulated period. You can decide on the number of years your policy term covers before you purchase the plan.  

Some insurance firms have guaranteed renewals available for certain policy terms and after an expiry date. Typically the premium paid for term life insurance is more competitive than whole life insurance, but this may increase with age upon renewal. Unlike whole life insurance, the sum assured is fixed and remains the same throughout the term period. 

Whole life insurance

As the name suggests, whole life insurance offers you death or disability coverage for your entire lifetime or in some cases up to age 100 or 120. Some whole life insurance plans also provide a multiplier effect on the sum assured up till a certain age limit. 

Premiums typically start higher than term life insurance to build up cash value or surrender value. Although the cash value is lower than the assured sum, it provides the insured cash payout at the point of withdrawal or if they decide to surrender their policy. Most whole life insurance have surrender fees imposed during the first 10 to 15 years of the coverage. If you are in need for cash, you can consider making a partial withdrawal. But do note the amount will be deducted from the policy’s death benefit. 

Things to look out for before signing up for a life insurance policy

When choosing which life insurance to get – there are no hard and fast rules. The primary reason most people get life insurance is for protection and financial support to surviving beneficiaries in case of emergencies. However, life insurance plans may not make sense for everyone. 

Compare the different types of plans available in the market and seek advice from a trusted financial advisor before making a decision. Here are some key things to look out during your selection. 

Affordability

Buying a life insurance plan is a long term commitment. It is important to find one that meets your coverage requirements without placing additional financial burden. Before committing, consider situations where you may lose your source of income and if you are able to afford the insurance premium under such circumstances. Deferred payments may result in a late payment interest fee or worse, termination of the policy. 

Insurance premium payment schedules

You can decide how often to pay the insurance premium based on your budget. The most common options are on an annual or monthly basis. Depending on the insurance company, there may be discounts offered for annual payments.

Insurance claim process

Before the insurance company can process the payout, beneficiaries are required to file a claim and provide the necessary supporting documents within 30 days of the event. As the claims handling process varies from each insurance firm, do check on the procedures involved when filing for a claim. Read the terms and conditions of the coverage carefully to avoid situations where your claim is denied. You may also want to avoid insurance companies with a reputation for complicated claims handling.

Coverage duration

Assess your coverage needs before deciding on the duration of the insurance policy. This is dependent on a few factors such as your lifestyle, financials and most importantly, age. Online life insurance calculators are a quick way to estimate the recommended amount of insurance coverage based on your needs. 

Tips to lower your life insurance premium

Here are some tips to help you save on your life insurance premium cost:

Don’t wait to buy

At times, we are bombarded with other financial commitments until buying insurance becomes last in priority. However, insurance premiums do not wait for anyone. As the premium increases with age, it is advisable to start investing in a life insurance policy once you start earning. The sooner you buy, the lower the rates.

Take care of your health and weight

Obesity, smoking, problem drinking and history of medical issues can increase your premium. Premiums may even double or triple as insurers view these as potential risks to your life expectancy. Maintain a healthy lifestyle and pay a lesser premium. You don’t only save money, you also get other benefits like better immunity and better self-esteem.

Tax relief

You can claim for your annual premium paid for your life insurance policies if you meet certain conditions. To check on your eligibility, you can refer to the IRAS website on the conditions to qualify for the life insurance relief.

 


 

Best Term Life Insurance

 

Plan

Breadth

Interval

Aviva MyProtector Death 5, 10 years (re-contractable)
MyProtector-Term Plan 2 TPD and Terminal Disease death 11 years reaching till year 85
AIA Secure FlexiTerm Terminal Disease 5, 10, 20, 30 year re-contractable
TM Term Assure II Terminal Cancer death reaching till year 65, 75, 100
TM Term Assure II TPD and Terminal Disease 5, 10 years (re-contractable), 11 years reaching till year 85

Highlights:

An instance of low-cost schemes being retailed, may raise provisions upon major life upheavals, Fill-in accidental death payment, transferable claim Consider AIA secure flexi term: Selection of Currency (SGD/USD), Transferable to full life cover, disability coverage bonus Low-cost, conventional interval life coverage, Selection of scheme currency, assured insurability over extra amounts insured, assured transferability or re-contracting bonus

 

Choosing the Optimum term life insurance

Low-cost Upfront Paid term life Insurance

Term insurance delivers coverage over a set interval over time or may just foot over full amount have guaranteed upon Death, Terminal Disease with full or complete disability happening in full interval covered. Term life direct purchase insurance (DPI) refers to life insurance plan which allows users purchase of term life insurance scheme immediately from given insurer excluding taking on a channel like a financial counsellor.

 

Like a conventional interval life policy, Direct Purchase term life insurance will not pay cash for claims upon cessation of policy, alternatively were it terminated before maturity. The compensation is rather common, covering possibly to S$400,000 upon death, terminal disease (till year 85) or full complete disability (reaching year 65) insurance. One may alternatively buy added Critical Disease Rider. Further are mentioned certain DPI schemes taken from several top insurers within Singapore.

 

Usual monthly premiums covering term life DPI (male, non-smoker)

  • FWD direct purchase term life insurance
  • FWD DIRECT-term life
  • DPI Term Life scheme which pays out substantial premiums to users who look for S$300,000-S$400,000 of insurance.

 

Premiums or Insurance Term Coverage

Sum

Assured Plan 

Age 25

Age 35

Age 45

S$50,000 5-Years S$2.76 S$3.77 S$7.24
  20-Years S$4.17 S$6.05 S$12.23
  Age 65 S$6.45 S$8.02 S$11.53
S$200,000 5-Years S$7.72 S$10.70 S$20.52
  20-Years S$8.95 S$16.31 S$39.99
  Year 65 S$18.42 S$25.61 S$39.82
S$400,000 5-Years S$12.63 S$17.19 S$32.98
  20-Years S$14.38 S$26.31 S$64.55
  Age 65 S$29.82 S$41.39 S$64.20

Month paid premiums apply only to Non-Smoking Males, with no accounting for a Critical Disease Rider. Charges could be subject to market rates. Correct as noted on 11/2020

 

Etiqa direct purchase term life insurance

Etiqa DPI term life

DPI term life scheme which could cover compensation for the lowest priced premiums paid to young non-smoking millennials, more so to females.

Premiums or Insurance coverage terms

Sum

Assured Plan 

Age 25

Age 35

Age 45

S$50,000 5-Years S$2.19 S$3.13 S$5.97
  20-Years S$2.54 S$4.14 S$8.09
  Age 65 S$5.14 S$7.38 S$11.40
S$200,000 5-Years S$6.80 S$9.74 S$18.56
  20-Years S$7.90 S$15.44 S$36.93
  Age 65 S$15.99 S$22.97 S$35.46
S$400,000 5-Years S$12.95 S$18.55 S$35.35
  20-Years S$15.05 S$29.4 S$70.35
  Age 65 S$30.45 S$43.75 S$67.55

Month on month premiums apply to non-smoking males with no accounting in the Critical Disease Rider. Charges could vary with market rates. Correct upon record on 11/2020

 

Great Eastern direct purchase term life insurance

Great Eastern great direct term 5YR/20YR/65

DPI term life scheme covering lowest cost cover up till year 65 scheme premiums covering senior citizens

Premiums & Coverage

Sum

Assured Plan 

Age 25

Age 35

Age 45

S$50,000 5-Years S$3.96 S$4.83 S$7.67
  20-Years S$4.38 S$6.08 S$12.08
  Age 65 S$6.33 S$8.08 S$11.71
S$200,000 5-Years S$9.17 S$12.67 S$24.00
  20-Years S$10.83 S$17.67 S$41.67
  Age 65 S$18.67 S$25.67 S$40.17
S$400,000 5-Years S$18.33 S$25.33 S$48.00
  20-Years S$21.68 S$35.33 S$83.33
  Age 65 S$37.33 S$51.33 S$80.33

Month on month premiums apply to non-smoking males which exclude accounting in  a Critical Illness Rider. Charges could vary according to varied market rates. Correct as recorded on 09/2020

 

SingLife Direct Purchase Term Life Insurance

SingaporeLife DPI Life Term Insurance

DPI Term Life plan that offers competitive premiums for older individuals looking for low to mid coverage

Premiums & Coverage

Sum

Assured Plan 

Age 25

Age 35

Age 45

S$50,000 5-Years S$3.02 S$3.52 S$6.07
  20-Years S$2.88 S$4.63  S$10.46
  Age 65  S$4.95 S$7.21 S$11.42
S$200,000 5-Years S$10.33 S$12.33 S$22.51
  20-Years S$9.77 S$16.78 S$40.09
  Age 65 S$18.07 S$27.07 S$43.93
S$400,000 5-Years S$18.91 S$22.90 S$43.28
  20-Years  S$17.78 S$31.80 S$78.42
  Age 65 S$34.40 S$52.40 S$86.12

Month on month premiums apply to non-smoking males which do not do account in a Critical Illness rider. Prices may vary with market rates. Correct as recorded on 09/2020.

 

Term Life Insurance choices one may purchase online.

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FWD, Etiqa or SingLife alternatively may allow one to buy old term life insurance policies online along with death or terminal illness provisions that extend over a S$400,000 DPI term. You could then get choices of buying either a full or complete disability with Critical Disease Rider in full.

 

FWD COVID-19 Insurance

100-day covered life scheme that covers death premiums over COVID-19

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One-off premium: S$28.00

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Terms & compensation

  • COVID-19 Death Compensation S$50,000

Compensation Caps

  • COVID-19 Death Compensation (frontliners) S$100,000

Policy Term 100 days

  • ICU Daily cash premium (14 days) S$100/day

Post-Hospitalisation compensation S$800

 

FWD Term Life Plus Insurance

FWD Traditional Term Life

Term life scheme that pays up till S$1,500,000 of death and terminal illness insurance cover which you might purchase online

Promotions: “VLIFE15” for 20% off

Read our Full Review

Premiums & Coverage

Death & TPD Coverage (Fixed Term)

Assured Plan 

Age 25

Age 35

Age 45

S$500,000 5-Years S$16.93 S$23.06 S$47.10
  20-Years S$21.40 S$32.49 S$81.82
S$1,000,000 5-Years S$34.47 S$41.48  S$101.03
  20-Years S$36.22 S$55.16 S$139.36
S$1,500,000 5-Years  S$51.70 S$62.22  S$151.55
  20-Years S$54.33 S$82.75 S$209.03

Month on month Premiums apply to Non-Smoking Males, accounting in TPD Rider of 100% of their Death insurance with no accounting in of a Critical Illness rider. Charges vary according to market rates. Correct as of 08/2020

 

Etiqa eProtect Term Life Insurance

Death & TPD Coverage Plan Tenure Age 25 Age 35 Age 45

Death & TPD Coverage 

Assured Plan 

Age 25

Age 35

Age 45

S$500,000 5-Years S$16.19 S$23.19 S$44.19
  20-Years S$18.81 S$37.19 S$93.19
  Age 65 S$38.06 S$54.69 S$88.81
S$1,000,000 5-Years S$29.14 S$41.74 S$79.54

Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

 

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