Whole Life Insurance in Singapore: A Comprehensive Guide for 2024

Whole Life insurance is a permanent life insurance policy that provides lifelong coverage and combines a death benefit with a savings component. In Singapore's context, where financial planning for the long-term is crucial due to high living costs and an aging population, Whole Life insurance plays a vital role in providing both protection and wealth accumulation opportunities for individuals and families.

How Whole Life Insurance Works in Singapore

Whole Life insurance in Singapore operates on a dual-benefit principle. Policyholders pay regular premiums, typically higher than term insurance, which are divided into two portions. One part goes towards the death benefit coverage, while the other is invested to build cash value over time.
This cash value grows tax-deferred and can be accessed through policy loans or withdrawals during the policyholder's lifetime. If the insured passes away, beneficiaries receive the death benefit, which is usually tax-free in Singapore. Unlike term insurance, Whole Life policies do not expire as long as premiums are paid, providing lifelong coverage and peace of mind.

Benefits of Whole Life Insurance in Singapore

• Lifelong Coverage: Protection that lasts your entire life
• Cash Value Accumulation: Builds savings over time
• Guaranteed Death Benefit: Provides financial security for beneficiaries
• Potential Dividends: Some policies offer dividends, enhancing returns
• Loan Option: Ability to borrow against the policy's cash value
• Estate Planning Tool: Helps in wealth transfer and legacy planning
• Fixed Premiums: Premiums generally remain level throughout the policy
• Tax Benefits: Cash value grows tax-deferred
• Forced Savings: Encourages disciplined long-term saving
• Versatility: Can be used for various financial needs over time

12 Best Whole Life Insurance Policies in Singapore 2024

Following is a list of the 12 best whole life insurance in Singapore 2024 offered by top whole life insurance companies.

• GREAT Flexi Protect Series 3

  The GREAT Flexi Protect Series offers multiplied coverage of up to 300% or more with optional riders, providing enhanced protection that increases over time through non-guaranteed bonuses. The plans offer comprehensive protection with additional payouts for special medical conditions and the option to continue coverage even after a full claim for early or intermediate stage critical illness. The series provides lifetime coverage with flexible premium payment terms of either 20 years or until age 65, allowing for lifelong protection without ongoing premiums.

  • Multiplied coverage up to 300% or more
  • Comprehensive protection with additional payouts
  • Flexible premium payment terms

• Singlife Whole Life

  Singlife Whole Life provides comprehensive lifetime protection options to boost coverage when it really matters. The plan offers flexible premium payment terms of 10, 15, 20, 25 years or up to age 65, allowing you to choose a payment schedule that aligns with your financial capacity and goals. You can increase your coverage at key life stage events without evidence of insurability through the Guaranteed Extra Protection Option, ensuring your insurance keeps pace with major life changes.

  • Comprehensive lifetime protection
  • Flexible premium payment terms
  • Guaranteed Extra Protection Option

• Income Star Secure Pro

  The NTUC Income Star Secure Pro provides comprehensive coverage against 152 critical illness conditions, the highest in the market. The plan offers flexibility to choose protection levels up to 500% of the sum assured for death, terminal illness and total permanent disability. It includes unique benefits like premium waivers for retrenchment and family member's critical illness, providing financial relief during difficult times.

  • Coverage against 152 critical illness conditions
  • Protection levels up to 500% of sum assured
  • Premium waivers for retrenchment and family member's critical illness

• Manulife LifeReady Plus (II)

  The Manulife LifeReady Plus (II) offers flexible coverage enhancement of up to 5X the basic sum insured until age 70 or 80, providing substantial protection against death, terminal illness, and total permanent disability. The plan includes a unique financial flexibility option that allows converting the policy's cash value into annual payouts over 10 years starting at age 70 or 80, helping to supplement retirement income. It features a Health Advantage Benefit that provides premium discounts for the first 2 policy years and potentially beyond if health targets are met, rewarding policyholders for maintaining good health.

  • Flexible coverage enhancement up to 5X
  • Financial flexibility option for retirement income
  • Health Advantage Benefit with premium discounts

• PRUActive Life (II)

  PRUActive Life II offers flexible premium payment terms from 5 to 35 years, allowing customization to meet individual financial needs. The plan provides a multiplier benefit that can boost coverage up to 5 times for death, terminal illness, total and permanent disability, and critical illness until age 80. It includes unique features like the Crisis Care Accelerator Benefit for serious illnesses/accidents affecting major organs and the Kinship Booster Benefit for additional coverage when family members purchase the plan.

  • Flexible premium payment terms from 5 to 35 years
  • Multiplier benefit boosting coverage up to 5 times
  • Crisis Care Accelerator Benefit and Kinship Booster Benefit

• PRUActive Life (III)

  PRUActive Life III offers flexible premium payment terms between 5 to 35 years, allowing customization to meet individual financial needs. The plan provides a Multiplier Benefit that can boost coverage up to 5 times until age 80 for death, terminal illness, and total permanent disability. Optional riders are available for early, intermediate and late stage critical illness coverage, including a Crisis Care Accelerator Benefit for serious illnesses or accidents requiring ICU admission.

  • Flexible premium payment terms between 5 to 35 years
  • Multiplier Benefit boosting coverage up to 5 times
  • Optional riders for critical illness coverage

• PruLife Multiplier Flex

  PRULife Multiplier Flex offers the flexibility to multiply your total coverage by 3 or 4 times, providing enhanced protection for your loved ones. The plan provides comprehensive coverage against death, Total and Permanent Disability, Terminal Illness, and Critical Illness, ensuring broad financial protection. It allows you to choose from a range of premium payment terms (10, 15, 20, or 25 years) to suit your financial planning needs.

  • Multiply total coverage by 3 or 4 times
  • Comprehensive coverage against multiple risks
  • Flexible premium payment terms

• AIA Guaranteed Protect Plus (III)

  AIA Guaranteed Protect Plus (III) offers up to 5X boosted coverage, allowing you to increase your protection up to 5 times the basic sum assured until age 65 or 75. The plan provides long-lasting protection against death and total and permanent disability, safeguarding your family's future. It accumulates guaranteed cash value and potential bonuses over time, offering financial security and savings.

  • Up to 5X boosted coverage
  • Long-lasting protection against death and TPD
  • Accumulates guaranteed cash value and potential bonuses

• PRULife Vantage Achiever Prime Series

  The PRULife Vantage Achiever Prime Series offers a Multiplier Benefit that provides higher protection against death and terminal illness up to age 85 or 100, allowing you to actively provide a legacy for loved ones and business continuity. The plan provides flexibility with options for a one-time premium payment or regular payments over 3 to 30 years, allowing you to choose what's most comfortable for your financial situation. It offers potential wealth growth through accumulation of non-guaranteed bonuses over the years, helping to build your legacy over time.

  • Multiplier Benefit for higher protection up to age 85 or 100
  • Flexible premium payment options
  • Potential wealth growth through non-guaranteed bonuses

• PRUActive Link Guard

  PRUActive LinkGuard offers double coverage with a Multiplier Benefit, providing twice as much protection against death, terminal illness and total permanent disability before age 50. The plan allows flexibility to adjust coverage and investments based on changing life priorities, with options to reduce coverage or power up investments through top-ups. It provides 10 years of guaranteed coverage, ensuring protection remains secured even in a volatile market.

  • Double coverage with Multiplier Benefit before age 50
  • Flexibility to adjust coverage and investments
  • 10 years of guaranteed coverage

• AIA Pro Lifetime Protector (II)

  AIA Pro Lifetime Protector offers flexibility to customize protection and investment levels as needs change over time, allowing you to maximize coverage when younger and shift focus to wealth accumulation later in life. The plan provides guaranteed protection for the first 10 years regardless of investment performance, giving peace of mind even if markets underperform. It offers access to professionally-managed Guided Portfolios designed to optimize returns while minimizing risk, simplifying the investment process for policyholders.

  • Flexibility to customize protection and investment levels
  • Guaranteed protection for the first 10 years
  • Access to professionally-managed Guided Portfolios

• AXA Life Exentials

  Receive up to three times your chosen basic Sum Assured, and up to six times if the death is a result of an accident. Option to purchase additional coverage without underwriting at key milestones of your life. Choose to pay for your premiums over as little as 10, 15, 20 or 25 years and be covered for life.

  • Up to 3x basic Sum Assured, 6x for accidental death
  • Option to purchase additional coverage at key milestones
  • Flexible premium payment terms with lifetime coverage

How to Choose the Best Whole Life Insurance Plan in Singapore

• Assess Your Long-Term Financial Goals
• Compare Coverage Amounts and Premiums
• Evaluate the Cash Value Growth Potential
• Check the Insurer's Financial Strength and Reputation
• Understand the Policy's Dividend Structure (if applicable)
• Review Rider Options for Additional Coverage
• Consider the Policy's Flexibility and Loan Provisions
• Analyze the Surrender Value and Terms
• Consult with a Licensed Financial Advisor
• Take Advantage of the Free Look Period

Types of Whole Life Insurance Available in Singapore

• Traditional Whole Life: Fixed premiums and death benefit
• Limited Pay Whole Life: Premiums paid for a specific period, coverage for life
• Participating Whole Life: Potential to earn dividends
• Non-Participating Whole Life: No dividends, typically lower premiums
• Index-Linked Whole Life: Cash value growth tied to market index performance
• Single Premium Whole Life: One-time premium payment for lifetime coverage

Whole Life Insurance for Different Life Stages in Singapore

Remember, Whole Life insurance is a long-term commitment. It's crucial to carefully assess your financial situation, future goals, and consult with a qualified financial advisor to choose the most suitable policy for your needs in Singapore's unique financial landscape.