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Best Cash Value Life Insurance – 8 Best Life Insurance Plans in Singapore (2023 Edition) We compare life insurance plans across insurers in Singapore to bring you this comprehensive list to meet all your health and property needs.
Not all life insurance policies are created equal, as each insurance company offers its own unique selling points to differentiate itself from its competitors.
Best Cash Value Life Insurance
Reviewed insurance policies from all insurers in Singapore to come up with this comprehensive list of the best life insurance plans based on individual product features and benefits.
How Whole Life Insurance Works
The whole life insurance plans listed here have been hand-picked to be a great fit based on their strongest unique selling points.
If you’re looking for a temporary option instead, check out the article on the 8 best life insurance plans in Singapore for more options.
Generally, life insurance plans are selected according to their level of protection coverage and wealth accumulation features. At the same time, the total insurance premium payable must be competitively lower among competitors.
The criteria used to select the best life insurance policies based on their unique product features and benefits are as follows:
Term Vs Whole Life Insurance: Pros And Cons
Note: The life insurance policies listed below are based on features and benefits that are considered outstanding within a specific category.
Manulife LifeReady Plus provides you life insurance as well as wealth creation up to the grand old age of 99. You can choose to pay premiums over a period of 10, 15, 20 or 25 years or until the age of 99.
More protection coverage is important because your insurance premium for coverage is significantly higher as you get older. This allows your life insurance plan to be highly geared towards providing death and critical illness cover.
Aviva MyWholeLifePlan III offers the most comprehensive coverage options with a wide range of additional riders that can be added to the main plan. Not only do you have complete flexibility in terms of coverage options, but you can also choose additional coverage from 100% to 400% of your sum assured.
Compare The Best Whole Of Life Insurance Quotes & Cover 2023
Aviva MyWholeLifePlan III also offers one of the highest redemption values when you terminate or convert the plan for its accumulated cash value in future years.
All multipliers for this example end at age 70, reverting to the original Sum Assured for individual cover.
Note: Aviva MyWholeLifePlan III is the only whole life insurance plan on the market with lifetime TPD cover.
Tokio Marine Legacy LifeFlex offers the highest coverage multiplier of up to 9 times your basic sum assured, making this life insurance plan the highest multiplier among its competitors. You can also expect an annual non-guaranteed dividend award from age 65 onwards, until the plan is surrendered due to its lump sum cash value.
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TM Legacy LifeFlex coverage multipliers end at age 65, making it one of the earliest life insurance plans on the list. This can cause a large and significant payout shortfall if an unforeseen event occurs after the multiplier ends.
Manulife LifeReady Plus provides an excellent blend of coverage and long-term wealth accumulation thanks to a very competitive life insurance plan premium. No further insurance and health checks are required for additional coverage when you reach life milestones such as marriage, parenthood, owning your first home or graduating.
Even smokers are eligible for a Health Advantage discount for the first 2 years, with subsequent discounts valid as long as certain health goals are met.
Increase your cover with a multiplier of 2x, 3x, 4x or 5x your sum assured till age 70.
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For the same insurance cover, the total premiums paid under a plan with a shorter premium term will always be lower compared to a plan with longer premium terms.
Among all the insurance companies in Singapore, NTUC Income Star Assure is the only life insurance plan that gives you lifetime coverage for paying only 5 years of insurance premium. The plan also comes with built-in critical illness cover and 3 choices of cover multiplier.
The only whole life plan on the list to be mentioned thrice, Manulife LifeReady Plus takes the stage again, giving you comprehensive coverage and high future surrender value.
Aviva MyLifeSavingsPlan is a new class of hybrid lifetime/savings endowment plan that mainly serves to provide high and stable long-term wealth accumulation.
Protect My Family
Aviva MyLifeSavingsPlan has been selected as the best Whole Life Savings/Partial Withdrawal Plan due to the short number of years before your premiums are 100% guaranteed principal.
You can choose to pay premiums over 5, 10, 15, 20 or 25 years. The principal is guaranteed from the 15th year of insurance.
The NTUC Income Senior Plan is specially designed for people aged 49 to 69 who want to be insured up to
Up to $15,000 of the insured amount. Coverage increases with annual declared bonuses, allowing your guaranteed coverage to increase as you age into your golden years.
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NTUC Income Senior Plan pays in the event of death, total and permanent disability (before age 70) or upon surrender of the policy for its cash value.
Applying is easy and acceptance is guaranteed as long as you have not been hospitalized in the last 12 months from the date of application.
The earlier you start, the more you will benefit from a life insurance policy. This is due to the long-term effects of compound returns. Make sure your financial budget is realistic and achievable as you plan your financial goals.
Do your best to ensure that health and medical insurance is sufficient for the next 10 to 15 years. This allows you to move on to other financial priorities and life goals without worrying about insurance.
What Is Whole Life Insurance And Term Insurance
A life insurance plan is structured to offer an all-in-one solution for your health and property needs, but it may not be the perfect policy because of the existing financial products you own.
For other reasons, consider the following life insurance plan alternatives that may provide better overall value to your insurance portfolio.
If budget and affordability are top concerns in the short term, look for a term life insurance plan for coverage gaps. Cover through a term plan until age 60 and under is relatively affordable, at the price of a policy that does not accumulate cash for future withdrawals.
Similarly, the insurance premium paid for a term plan over the entire coverage period may actually be higher than the total premium paid for a limited period in the whole life plan.
Borrowing Against Your Life Insurance Policy
Consider your options carefully as switching or changing coverage options can lead to financial losses. Feel free to send us a message at the end of the article so that our financial planner can calculate the financial benefits and costs of different options.
In your 20s and early 30s, starting to accumulate wealth early allows the effect of compound returns to generate greater financial gains.
An investment-linked policy that combines both coverage and investment can generate higher financial returns, at the cost of greater investment risk and price volatility.
Want to know more about how the above life insurance policies fit into your financial and insurance portfolio? Want to know the real financial returns on the above products based on your age, budget and financial profile?
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Note: All financial figures are based on an approximate estimate and all non-guaranteed figures are based on a higher level of 4.75% ROI. Sample illustrations are for illustrative purposes only and are not a contract of insurance. Premature surrender or cashing out of a life insurance policy will certainly result in financial loss. When in doubt, always refer to the exact terms and conditions as set out in your policy agreement. Seek the advice of a qualified financial professional or licensed financial advisor before making any decision or financial commitment.
*Terms and conditions may apply, speak to our partner financial planners or message us for more details.
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Chapter 18 Life Insurance Purchase Decisions
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