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:

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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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

 

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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)

 

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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

 

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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

 

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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

 

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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

 

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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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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)

 

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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.

 

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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.

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

One-off premium: S$28.00

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

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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]g. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.