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Mortgage Insurance

Mortgage
Insurance Plan Singapore

Compare Mortgage insurance and get the cheapest premium for your coverage needs.
Protect your home mortgage liabilities with a reducing term coverage.
  • Please enter a number from 20 to 60.
Aviva MyProtector Decreasing
Features
Pay 2 years less than your policy term
Opt for single or joint life coverage
Flexible and affordable premium
Customize your tenure and sum assured for riders
Annual Premium
$650.00/year
Premium to be paid over 20years
Sum Assured For Death
$500,000.00
Manulife Decreasing Term
Features
Fixed premiums during the premium payment term
Enjoy 4% discount for joint lives
Annual Premium
$715.00/year
Premium to be paid over 20years
Sum Assured For Death
$500,000.00
TM Decreasing Term
Features
Pay 3 years less than policy term
Coverage of 10-30 years
Opt for single or joint life coverage
Annual Premium
$832.50/year
Premium to be paid over 20years
Sum Assured For Death
$500,000.00
AXA Decreasing Term
Features
Pay 3 years less than policy term
Coverage of 10-30 years
Opt for single or joint life coverage
Annual Premium
$875.00/year
Premium to be paid over 20years
Sum Assured For Death
$500,000.00
  • All results are based on the criteria selected and for Non-Smoker status by default.
  • Results are intended as general information only and do not take into account financial situation or particular need of any user or reader, any specific person or group of persons.
  • Premium rates are based on the dates such rates were generated by us. Actual rates may differ from those currently offered by the respective insurers.
  • Premium rates are for standard terms and do not take into consideration lifestyle, health condition, occupation or any other factors that may cause rates to differ or any policy coverage exclusions offered by the insurer, where applicable.
  • It is recommended to seek financial advice from a qualified financial adviser for product suitability and its latest premium rates quotation before making a decision to purchase the product. In the event you choose not to seek advice, you should consider if the product is suitable for you.
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FAQs

What is a Mortgage insurance?

A mortgage insurance, also known as a reducing term insurance is a term insurance product catered mainly to pay-down a home owner’s home loan in the event of his/her death, disability or critical illness diagnosis.

How does a mortgage insurance works?

The sum assured of a mortgage insurance is usually pegged to the home loan value of the life assured.

How is a mortgage insurance different from a level term insurance?

The sum assured of a mortgage insurance reduces each year in proportion to the loan amount and loan tenure of the life assured. A term insurance on the other hand provides a levelled coverage through out the policy term.

What are the other features and benefit of Mortgage Insurance?

An interest rate can be added in to decide how fast the sum assured of the mortgage insurance reduces over time, the higher the interest rate, the slower the reducing rate.

What are the riders available to be added for Term Insurance?

Some riders include but are not limited to:

  • Total and Permanent Disability
  • Advance Stage Critical Illness
  • Premium Waiver Rider for Critical Illness

What are the coverage terms available for Term insurance?

Most company provides up to 35 years term of coverage to match the bank’s maximum loan tenure.

Are the premiums for Mortgage insurance plans guaranteed?

For most companies, the premium for the death benefit and total and permanent disability benefits are guaranteed.

Premiums for riders such advance stage critical illness and critical illness waiver are not guaranteed and may be subjected to change in relation to the insurer’s future claim experience.

Is mortgage insurance only available for home owners?

No, most insurers allow mortgage insurance to be taken up by anyone like a normal life insurance policy, some insurers may request the life assured shows his/her mortgage statements whilst most do not have this requirement if your sum assured is below a certain amount.

I have CPF Home Protection Scheme (HPS), can I still get a mortgage insurance?

Yes, you can. You can also seek exemption from HPS if you are already covered by a private mortgage insurance if the coverage is adequate enough for exemption.

Can I pay for mortgage insurance through my CPF OA?

Mortgage insurance can only be paid using cash.

Why should I get Mortgage Insurance?

If you ever wish to seek a low-cost way to protect your mortgage liabilities, mortgage insurance may be the best option for you, alternatively, you may consider getting a term insurance if you prefer a levelled coverage.

Must the amount of my mortgage insurance sum assured be the same as my loan amount?

If you are owning a private property or executive condominium, the sum assured do not have to be the same as your loan amount.

Are mortgage insurance compulsory for all home owners with home loan?

Yes, if you own a HDB and wish to seek HPS exemption. Mortgage insurance is not compulsory for private property owners for now. However, some banks may require you to take up mortgage insurance if you wish to enjoy their special home loan rate.

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