CSS IS NOT LOADING. The stylesheet was stripped out of this HTML block. Copy the stylesheet into Appearance > Customise > Additional CSS (without the style tags themselves), then delete this paragraph.
Mortgage insurance in Singapore · Reducing and level term
Compare mortgage insurance quotes from 10 insurers.
Tell us your age and loan amount. Our expert sends you a side-by-side comparison within 1 working day, usually sooner.
From $45.55/monthfor $1M cover · female non-smoker, 35
Get your quotes
Verify instantly with Singpass, or fill in the form below.
Premiums generally rise with your age at entry. Compare before your next birthday.
"*" indicates required fields
- Your number goes to one advisor only. It is never sold or passed to other agents.
- No consultation fees. No obligation to buy anything.
This advertisement has not been reviewed by the Monetary Authority of Singapore. Premiums shown are illustrative and subject to underwriting. Buying a life insurance policy is a long-term commitment.
- Reducing and level term compared side by side
- Plans from Singlife, HSBC Life, FWD, Income, Manulife and more, quoted in one request
- One advisor, one comparison — not calls from several agents
Who we compare
Life insurers licensed by the Monetary Authority of Singapore.
There are two ways to insure a home loan
Both pay out if you die, are diagnosed terminally ill, or become totally and permanently disabled. The difference is what happens to the cover as the loan shrinks — and that changes the premium and what your family is left with.
Mortgage reducing term
Cover falls as the loan falls
The sum assured tracks your outstanding balance down at an assumed interest rate. You are never over-insured, and never paying for cover you no longer need.
- Pays outRoughly what is still owed at that moment
- PremiumLevel throughout, lower than level term at the same starting sum
- LeftoverLittle to none once the bank is paid
- Watch forIf your loan rate exceeds the assumed rate, cover can fall behind the balance
Level term Often the better buy
Cover stays flat for the whole term
The sum assured never moves. Early on it matches the loan; later it exceeds it, and the surplus goes to your family rather than the bank.
- Pays outThe full sum assured, whatever is left on the loan
- PremiumHigher at the same sum assured — often by less than people expect
- LeftoverEverything above the outstanding balance stays with your family
- Watch forNot tied to the property, so it survives a refinance or a sale
Prefer to watch?
The two types explained in 60 seconds.
We will often tell you to buy the other thing
Mortgage reducing term does one job well: it clears the bank and starts a little cheaper. But its value falls every year, it is often tied to the specific property, and once the loan is settled there is nothing left over.
For a lot of buyers, level term is the better instrument. Same underwriting, cover that does not shrink, portable if you refinance or move — and as the table above shows, sometimes cheaper outright.
There are real exceptions. Older applicants, borderline health, very large loans on short tenures, and bank packages that bundle the cover can all flip the answer. That is a fifteen-minute conversation, not a form field.
Quoted and advised by Jackson Teo and team
Your enquiry goes to one advisor from our mortgage insurance team, who quotes across multiple insurers and walks you through the comparison. The consultation is complimentary.
Questions people ask us
Do I need to own the property already?
No. Most insurers do not ask for proof of ownership or a financed property to issue cover. Plenty of people arrange it while their loan is still being approved, which is the right order — you want the underwriting done before you are committed.
Can foreigners buy mortgage insurance in Singapore?
Generally yes, whether or not you are resident here. Individual insurers set their own residency and country-of-travel rules, so the panel narrows depending on your passport and where you spend your time. Tell us on the form and we will only quote the insurers that will actually take the case.
Should I buy term insurance instead?
Often, yes. Term insurance covers your family rather than the bank, the sum assured does not decline, and it stays with you if you refinance or move house. Mortgage reducing term is narrower by design.
The premium gap is smaller than most people assume, and at some ages level term is the cheaper of the two. We quote both so you can see the difference on your own numbers rather than the general rule.
What about critical illness cover?
It can be added as a rider on most of these plans. It matters more than people expect for a home loan: surviving a serious illness with your income interrupted is a far more common way to fall behind on repayments than dying. It does add meaningfully to the premium, so it is worth pricing rather than assuming.
What if my health is not perfect?
Insurers price the same condition very differently, and a decline from one is not a decline from all. Declaring it up front is what gets you a clean claim later — tell us what is on your record and we will approach the insurers most likely to take it at standard rates.
How does applying and paying work?
Send the form, we come back with a comparison, and if you want to proceed we submit either online or face to face. Premiums can be paid by recurring credit card, GIRO, AXS, or bank transfer. Nothing is charged until a policy is issued and you have accepted it.
Still deciding which one you need?
Send the loan details and we will price both, so you can see the difference rather than take our word for it.
Get my quotesImportant disclosures and disclaimer
- Moneyline.SG is an independent information provider. It is not a bank or a financial services provider and does not give direct financial advice.
- All sample premiums are based on the criteria stated and are illustrative only. Moneyline.SG does not warrant that anything written here is accurate, timely, or relevant to your circumstances.
- This content has not been reviewed by the Monetary Authority of Singapore. It is general information only, does not consider the financial situation or needs of any person, does not constitute advice, and does not form the basis of a contract.
- SYNTHESIS is a group within Synergy Financial Advisers Ltd (“SYNERGY”) and is not a separate licensed entity. Synergy Financial Advisers makes no representation as to the adequacy, completeness, accuracy or timeliness of any content presented here. Please read Synergy’s Disclaimer for Representatives for more information.
- Promotions shown may change without notice and Moneyline.SG does not take responsibility for their accuracy.
- Buying a life insurance policy is a long-term commitment. Early termination usually involves high costs and the surrender value, if any, may be zero. You are recommended to seek advice from a qualified financial adviser on product suitability and current premium rates before purchasing. If you choose not to seek advice, you should consider whether the product is suitable for you.
- Synthesis Ventures Pte Ltd specifically excludes liability for any loss or damage arising from use of this web portal or of any information or services provided through it.