Here, we analyse and explore the 4 best whole life insurance plans in Singapore 2019.
Yes, you read it, whole life insurance plans are known for their high premiums and can be a bit more complex as compare to a term life insurance. Insurance agents love to peddle whole life insurance as coverage with savings that may be surrendered later in life to supplement your retirement needs.
However, by our standards we believe you should only consider getting whole life insurance if you want a lifetime coverage but do not wish to commit the premium for life (Limited Payment Term) or to take advantage of the multiplier feature for early stage critical illness coverage for your child and yourself..
New Update! (01/06/2019) – AXA Life Treasure Replaced with HSBC Life Protect Advantage
Our top four picks in 2019 are HSBC Life Protect Advantage, NTUC VivoAssure, Aviva My WholeLife Plan III & Manulife Life Ready
Hailing from Canada, Manulife has probably the most attractive whole life plans in the market right now. The Manulife Life Ready has a flexibility multiplier benefit of 1 – 5x with a payment term ranging from 10 years to a lifetime. It has one of the most competitive premiums across many age categories and permutations.
Hear this, premium for a 100,000 Death, Disability and Early Stage Critical Illness coverage for a 30 years-old adult can be as low as $1,200 per annum* for a limited premium payment term of 25 years. You are likely pay the same for a term policy with the same coverage till age 70.
Here is why we like Manulife LifeReady
What we don’t like
HSBC Life insurance has finally made its way back to the market with a revolutionary new whole life product. The HSBC Life Protect Advantage offers a wide range of riders including the new Family Waiver Benefit and Life Extended Multiplier Option. HSBC Life Protect Advantage also prides itself as having the most number (144) of critical illness conditions covered if you choose to add in its Early Critical Protect Rider. The Bank backed insurance company is currently the only life insurer to offer an optional extension of its multiplier benefit after the age of 70 all the way till age 99 if the insured is willing to pay the additional premium to make up for the difference in sum assured after age 70.
HSBC Life insurance is also the only insurer that provides coverage for certain major cancer condition even if the Life Insured has certain pre-existing conditions before the policy inception that is declared to, and accepted by HSBC. This feature allows the insured to receive 20% of the CI Rider benefit if the 3 pre-ex condition is related to Benign breast disorder; Elevated prostate-specific antigen and Uterine fibroid. Such conditions are known to result in the exclusion of the specific organ’s cancer by other insurers.
Here is why we like HSBC Life Protect
What we don’t like
Hold your beer! Aviva MyWhole Life Plan is back with a more competitive package and this time, with a variety of option for the multiplier term to stretch for. Aviva My WholeLife Plan III allows the insured to choose a multiplier term till the age of 65, 70, 75 & 80, this makes it the longest and most flexible multiplier term benefit in the market eclipsing AIA Guaranteed Protect Plus II of 65 and 75 previously.
What’s even more amazing now is that Aviva will allow the client to choose from a wider range of premium payment term, from single premium payment term to 5/10/15/20/25 years option, giving NTUC Income Vivoassure a good fight against their slightly more flexible premium term feature. Still, being able to provide a cash-out option in the form of a monthly income benefit any time after 65 years old gives Aviva an edge over its competitors. Aviva also allows the policyholders to add on the popular multipay ci as a rider to the base plan. This multiple ci claim rider makes Aviva my whole plan the most comprehensive ci whole life plan in the market. Single premium payment term is now available for this plan as well without any capability to add it’s suite of critical illness riders.
Here is why we like Aviva My WholeLife III
What we don’t like
Our local social enterprise NTUC income has launched the latest whole life insurance plan in the market on March 2019. What makes this plan different is that NTUC has decided to do away with their unique multiplier feature of 125%, 180% & 350% and has now embarked on the normalcy of 100%, 200%, 300%, 400% & 500%, this results in a seamless apple to apple comparison with the other 3 companies. Advance stage critical illness is now an optional rider unlike the NTUC Vivolife which previously embeds the Advance stage CI coverage into the basic plan. Premium has gotten more competitive and is comparable or, in some scenarios, cheaper than Aviva’s MyWhole Life Plan and Manulife’s LifeReady.
Among the 4 insurers NTUC VivoAssure is the only plan with a maximum 100% lump sum claim of 350,000 for Early critical illness. What irks us still is that the early stage critical illness rider sum assured has to be 10,000 lesser than the sum assured for advance stage critical illness rider, and it is also still compulsory to add on an Advance Stage CI rider in order to add the Early Stage CI rider.
Here is why we like NTUC VivoAssure
What we don’t like
Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself.
Get all four insurers quotes for the most competitive plan here !
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All comparisons done are solely based on your individual needs.