Compare Mortgage Insurance Singapore

We Compare over 8 Life insurers to get you the Best & Cheapest Mortgage insurance plan in Singapore

Learn about the different Mortgage insurance plans and compare mortgage insurance plans from different insurers to find the plan that best suits your needs.

Mortgage Insurance Singapore

Why Get Mortgage insurance plan?

Limited Payment

Choose the years to be covered for and pay a few years lesser than your mortgage term

No Cancellation Fee

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

Low Cost

Mortgage reducing insurance can be even lower cost than a typical level term insurance in providing you with adequate protection for your home loan liability

Interest Rate

Select the interest rate for your mortgage insurance to be added on to the reduced sum assured each year to ensure your coverage is higher than your remaining loan amount

Compare and Get Quotes from Different Mortgage Insurance Providers

These are the companies we can help you get quotes for and get you the best offer

Mortgage Insurance

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Other Features of Mortgage Insurance Plan

real financial planning

Add Riders

Here are some riders you may add on to your Mortgage Reducing insurance protection to provide comprehensive coverage.


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

Joint Application

You can apply a joint mortgage insurance with your spouse, this may potentially be cheaper than if you were to get two separate policies. Take note that the pay-out will not pay twice even if both of you meet the claimable event of death/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?

  • If you are buying a Private Mortgage Insurance to replace Home Protection Scheme, you need to make sure that the interest rate is at least 3.5%, the sum assured, and the policy term should be at least similar or higher than your HPS Coverage
  • While the sum assure of the plan will reduce every year, the premium will remain the same throughout
  • Be sure to get a quote for level term insurance, sometimes a level term insurance with promotion may be cheaper than a mortgage insurance.
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. 100% Free & No Commitment. Retrieve your info using your singpass app or manually fill in the form below.

Frequently Asked Questions

Just like a term life Insurance, the Mortgage insurance is a life insurance product that simply pays out a lump sum to your beneficiary upon your death. However, the coverage will reduce each year to match the remaining loan amount as you pay down your mortgages. The prime purpose of getting a mortgage insurance is to cover for your home loan.

No. The premium will simply remain the same, but premium will typically be cheaper than a level term insurance of the same sum assured and tenure during the initial purchase.

Yes, you may buy a mortgage reducing insurance to cover for death and disability or even critical illness without having any outstanding mortgage liability. Mortgage insurance is just term for reducing term insurance, in most circumstance unless the amount is substantial, you will not need to proof you have a home loan to purchase a mortgage insurance.

Your HPS is already a Mortgage Reducing insurance protection, if you were to buy another mortgage insurance policy to protect the same property covered by HPS then you are essentially double covering the same mortgage liability.

You can also seek exemption from HPS if you are already covered by a private insurer mortgage reducing term insurance if the private mortgage reducing insurance coverage 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 may be the best option for you, alternatively, you may consider getting a term insurance if you prefer a levelled coverage.

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

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

No, you will need 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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