Compare Mortgage Insurance Singapore

Moneyline Singapore compares over eight life insurance companies to get you the best and cheapest mortgage insurance plan in Singapore.

Learn about different plans available for mortgage insurance in Singapore from a variety of insurance providers in order to find the plan that best suits your needs.

Mortgage Insurance Singapore

Why Get Mortgage Insurance in Singapore?

Limited Payment

Choose the number of years of coverage and pay for a few years less than your mortgage term.

No Cancellation Fee

There’s nothing stopping you from terminating your insurance plan at any point in time, with or without the mortgage liability.

Low Cost

Mortgage-reducing insurance can be less expensive than a typical level-term insurance plan.especially when it comes to providing you with adequate protection for your home loan liability.

Interest Rate

Choose the interest rate that will be added to the reduced sum assured each year for your mortgage insurance in Singapore to ensure that your coverage is higher than the amount you still owe on your loan.

Compare and Get Quotes from Different Mortgage Insurance Providers

These are the companies we can help you get quotes from. If you are looking for a more cost effective premium we can get you the cheapest mortgage insurance in Singapore.

Mortgage Insurance

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Other Features of a Mortgage Insurance Plan

real financial planning

Add Riders

Here are some riders you could add to your mortgage-reducing insurance protection to provide comprehensive coverage:

  • Total and Permanent Disability
  • Advanced Stage Critical Illness
  • Premium Waiver
  • Spouse Premium Waiver

Joint Application

You can apply for joint mortgage insurance in Singapore with your spouse. This may potentially be the cheapest mortgage insurance option for you, than getting two separate policies. . Take note that the payout will not be paid twice even if both of you meet the claimable event of death or disability.

Sample Premiums

Mortgage Insurance Premium 30 Years Old Non-Smoker

Permutation: 1,000,000 Death & Disability Coverage 30 Years Term

InsurerMale Annual PremiumFemale Annual Premium
NTUC Income$865$657

What Should You Look Out For When Buying Mortgage Insurance in Singapore?

  • Suppose you are buying a private mortgage insurance plan in hopes of replacing your Home Protection Scheme (HPS). In that case, you need to make sure that the interest rate is at least 3.5% of the sum assured, and the policy term should be similar to or higher than your HPS coverage at the very least.
  • While the sum assured by the plan will reduce every year, the premium will remain the same throughout.
  • Although your endowment plan in Singapore might agree on an amount you’ll be paid, poor investment performance could mean the lump sum payout isn’t the generous amount you had in mind.
  • Be sure to get a quote for level-term insurance; sometimes a level-term insurance plan with a promotion may be cheaper than purchasing mortgage insurance in Singapore.
Critical Illness Plan

The Biggest Advantage of Getting a Mortgage Insurance Plan is Helping You Save a Great Deal of Money For Your Protection Needs.

Get Mortgage Insurance Quotes

Our MAS-licensed partner will provide you with objective advice and help you compare insurance quotes from different providers. It is 100% free and requires no commitment. Retrieving your information is as easy as using your SINGPASS app or manually filling out the form below.

Frequently Asked Questions

Just like a term life insurance plan, mortgage insurance in Singapore is a life insurance product that simply pays out a lump sum to your beneficiary upon your death. Nevertheless, when you pay off your mortgage, the coverage will be reduced yearly to match the amount of the outstanding debt. The prime purpose of getting mortgage insurance is to cover your home loan.

No. The premium will remain the same, but the premium cost will typically be lower than level-term insurance for the tenure and the same sum assured during the initial purchase.

Yes, you may buy a mortgage-reducing insurance plan to cover death and disability or even critical illnesses without having any outstanding mortgage liability. Mortgage insurance is just another term for reducing-term insurance. – In most circumstances, unless the amount is substantial, you will not need to prove that you have a home loan to purchase mortgage insurance.

Your HPS is already a mortgage-reducing insurance policy. If you were to buy another mortgage insurance policy to protect the same property covered by HPS, then you are essentially covering the same mortgage liability twice.

You can also seek exemption from HPS if you are already covered by private mortgage-reducing term insurance and the coverage provided by the private insurance is adequate for exemption.

No. The policy can only be paid using cash.

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

If you own a private property or executive condominium, the sum assured can be different from your loan amount. Similarly, the tenure of the coverage is not required to be the same.

Yes, if you own an HDB and wish to seek HPS exemption. Otherwise, it is not mandatory for private property owners. However, some banks may still require you to take up their insurance if you wish to enjoy their special home loan rate.

No, you have to inform the insurer that you wish to terminate the plan. The mortgage-reducing insurance protects your life, and you may choose to leave it in force after selling off the property.

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