4 Best Whole Life Insurance Plans Singapore 2019

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4 Best Whole Life Insurance Plans Singapore 2019

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.

Otherwise, buy term and invest the rest is arguably a better option.

We select 4 Best Whole Life Insurance plans to consider base on 3 basic criteria:
  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Our top four picks in 2019 are AIA Guaranteed Protect Plus II, NTUC Vivolife, Aviva My WholeLife Plan II & Manulife Life Ready

  1. Best whole life insurance with most competitive premium and flexibility – Manulife Life Ready
  2. Best whole life insurance with longest multiplier term – AIA Guaranteed Protect Plus II
  3. Best whole life insurance with monthly income option and comprehensive ci coverage – Aviva My WholeLife Plan II
  4. Best whole life insurance with most flexible payment terms – NTUC Vivolife
Best whole life insuance with most competitive premium and flexibility – Manulife Life ReadyBest Whole Life - 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

  • Flexible limited premium payment term of 10/15/20/25/99 years
  • Enjoy upfront premium discount due to good health for first 2 years. Continue enjoying the discount if you achieve health target for the remaining premium term
  • Multiplier benefit feature of 1/2/3/4/5 times
  • Early Stage Critical Illness Covers up to 105 Medical Conditions and 18 Special Conditions
  • Free child cover for advanced stage critical illness if you have bought the early critical care rider

What we don’t like

  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
Best whole life insurance with longest multiplier term – AIA Guaranteed Protect Plus II

Best Whole Life Aia Guaranteed Protect Plus II

Having joined the FA space about a decade ago, AIA has started to introduce more competitive protection solutions in recent years. The AIA Guaranteed Protect Plus II is an improved version of the older AIA Guaranteed Protect Plus, one thing for sure is that the premiums are more competitive.

Standing out, this is the only plan amongst the 4 to provide a multiplier benefit until the age of 75, the others only provide multiplier benefit until age 70

Here is why we like AIA Guaranteed Protect Plus II

  • Option to select multiplier between age 65 and 75
  • Add on AIA Vitality to enjoy free additional coverage up to 25% on top of your boosted coverage amount
  • Up to 43 advance stage critical illness covered
  • Multiplier benefit of 2/3/5x

What we don’t like

  • Only 2 premium payment term options of 12 and 20 years
  • While premiums have been revised lower in this latest version, we still think you can get better value from other insurers unless you are willing to pay a higher premium for the extended multiplier feature till age 75
  • No monthly income or partial surrender option at the later stage of the plan
Best whole life insurance with monthly income option and comprehensive ci coverage – Aviva My WholeLife Plan II
 Best Whole Life Aviva My Whole Life Plan II

Our old favourite the Aviva MyWhole Life Plan is back with a more competitive package and an enhanced early stage critical illness rider. The only reason why there is an Aviva My WholeLife Plan II is the existence Manulife LifeReady.

Still, being able to provide a cash out option in the form of a monthly income benefit any time after 65 years old give 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, at a heavy price

Here is why we like Aviva My WholeLife II

  • Premium payment term option of 10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65
  • Multiplier benefit of 2/3/4x
  • Early stage critical illness and Multipay CI II riders covers 105 medical conditions and 24 special conditions making it the most comprehensive in the market
  • Premium waiver without any interest for up to a year if you lose your job
  • TPD coverage for a lifetime

What we don’t like

  • Restrictive minimum sum assured of 50,000
  • Although there is a partial refund in premium suppose there is no claim made after a certain number of years by adding on the Multipay CI II Rider, premium can be very expensive. May make more economic sense to just add on the early stage critical illness and advance stage ci rider instead.
Best whole life insurance with most flexible payment terms – NTUC Vivolife

Best Whole Life Vivolife NTUC

Our local social enterprise NTUC income’s Vivolife is the oldest surviving whole life plan in the market. Recent development sees the inclusion of an Early Protector Accelerator Rider, basically covering for early stage ci, to its package.

Among the 4 insurers NTUC vivolife is the only plan with a 5 years premium paying term option and with a unique multiplier feature of 125%, 180% & 350% of the basic sum assured.

Here is why we like NTUC Vivolife

  • Most flexible premium payment term option of 5/10/15/20/25 years or up to age last birthday of 64 or 84
  • Early Stage CI Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in market)
  • Pays additional 200% of sum assured, on top of the death benefit, in the case of death by an accident
  • If you are retrenched and are not able to find employment for three continuous months, you can extend your grace period for up to six months
  • The Early CI rider provides an Advanced Restoration Benefit, offering 50% extra advance ci coverage for stroke, major cancers, and heart attack of specified severity after an early or intermediate stage dread disease claim is made.

What we don’t like

  • They took away the option to convert this plan into an annuity
  • The Early stage critical illness rider is limited to 90% of the sum assured
  • While the premiums are competitive, the unique multiplier benefit of 120%, 180% and 350% makes it difficult to compare apple to apple with other insurers
  • No option to remove the advance stage CI benefit as the base plan already embeds the advance stage ci in it.

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.

Here is what you can do next.

Make an enquiry on our Life insurance wizard page and our partnered financial advisor will provide you advice and quotation on the above-mentioned plan to suit your protection needs. There is no obligation to take up any recommendations provided

Read if you should get a whole life insurance plan

Read why term insurance makes more sense?

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