Getting a life insurance policy protects you and your loved ones against many life uncertainties. It can cover you financially and let your family enjoy financial peace for the rest of their lives.
To ensure you get the most out of life insurance’s benefits, choose an insurance provider with strong financial stability and has been long known in the industry. But if it’s too difficult for you to assess life insurers’ proficiency, this list of best life insurance in Singapore may help you.
5 Best Life Insurance Policies in Singapore
1. Etiqa ePROTECT Term Life Insurance
Did you know that there are life insurance policies in Singapore that you can buy online? Yes, you don’t need to contact and meet up with an insurance agent because you can purchase the policy at the touch of a button.
Etiqa ePROTECT is one of those direct purchase insurance (DPI) term life plans. Although digitally-focused, this plan offers competitive insurance quotations, especially for young consumers and middle-aged consumers.
Consumers aged 25 may get S$1 million insurance coverage for a low monthly premium, while consumers around 35 to 45 years old may get S$2 million death, total and permanent disability and terminal illness coverage.
Since it’s a term plan, you can choose between a 5-year renewable term, 20-year fixed tenure, or just from now until age 65. You can even add on a critical illness rider to protect yourself and your family from unexpected, high medical expenses when you’re diagnosed with a severe condition.
2. NTUC Income Star Assure
If you prefer a whole life insurance plan over a term plan, NTUC Income Star Assure is a good option. As with other life insurance, it covers you up to death, accidental death, total and permanent disability, and terminal illness.
You may choose to get the pay-out in lump-sum when you run into disabilities, terminal illness, or death. In case of accidental death, your family will receive two times the sum assured you have set in place.
The multiplier benefit makes NTUC Income Star Assure one of the best life insurance in Singapore. This plan offers up to 5 times multiplier until 70 years old, allowing you to increase your base sum assured until 70 years old.
3. Aviva MyWholeLife Plan III
Founded 21 years in London, Aviva PLC has millions of customers across 16 countries, including Singapore. Aviva Singapore offers life insurance plans, ranging from maternity to whole life, term, and decreasing term plans.
One of Aviva SG’s most popular plans is the MyWholeLife Plan III. Like the others, it covers you for terminal illnesses and death. It also comes with a multiplier benefit to boost your total lump-sum coverage by 100%, 20%, 300%, or 400, flexible premiums payment period and riders.
What sets it apart from other whole life insurance policies is its income pay-out option. This benefit gives you a monthly income pay-out after you reach retirement or when you turn 65 years old, providing you guaranteed extra financial protection.
4. Manulife LifeReady Plus
Manulife is a front runner in the life insurance and investment industry. It provides insurance products, financial advice, investment options, retirement plans, and wealth and asset management solutions.
If you’re looking for a life insurance plan with a wealth of benefits apart from death, terminal illness, and total and permanent disability coverage, check out Manulife LifeReady Plus. This whole life plan adapts to your life-changing needs. You may increase your base sum assured upon graduation from tertiary education (for students), marriage, purchase of your first home, or parenthood.
Manulife LifeReady Plus also comes with a health advantage benefit that offers you premium discounts if you continually meet your health targets, a cash value that increases over the years, and a retrenchment benefit that waives your premiums for 6 months in the event you or your spouse becomes unemployed for 30 days or more.
5. AXA Term Protector
Who doesn’t know AXA? AXA is among the trusted and fastest-growing life insurance companies in Singapore and other 56 countries. It serves over 105 million clients, individuals and businesses, worldwide.
This plan also makes it to the list of best life insurance in Singapore because of its flexible payment options, hassle-free guaranteed renewals, protection against inflation, easy policy conversion, and option pay premiums in a specific currency.
This plan also makes it to the list of best life insurance in Singapore because of its flexible payment terms, hassle-free guaranteed renewals, protection against inflation, easy policy conversion, and option to pay premiums in a specific currency.
Summing It Up
Whether you are buying term or whole life insurance, take note of the purpose of getting such: enjoy financial stability and security. Be sure to choose an insurance policy that provides you and your family with an extra level of protection when life uncertainties happen.
When the decision-making gets tough, revisit the life insurance we listed above. Learn about each to find out which plan suits your budget and meets the coverage you need.