Compare Whole Life Insurance Singapore (2024)

Moneyline Singapore compares over 10 life insurance companies to get you the best whole life insurance plan in Singapore.

Get quote for different whole life insurance plans and compare whole life insurance plans to find the plan that best suits your needs. Get high cash value and comprehensive protection for critical illnesses

Why Get a Whole Life Insurance Plan?

Protection, Savings and Legacy

Legacy Planning

Leave a sum of money to your dependents, regardless of whether or not they are self-reliant throughout your life.

Boost Protection

Enhance your coverage during active years with multiplier benefits.


Opportunity to use your whole life insurance in Singapore as a form of mandatory savings to potentially supplement your retirement needs in the future.

Limited Payment

Lifetime protection with limited payment terms including riders like critical illness and early-stage critical illness coverage.

Compare and Get Quotes from Different Whole Life Insurance Providers

These are the companies we can help you get quotes from so you may compare and choose the best life insurance in Singapore that will suit your needs.

Whole Life Insurance

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Other Features of Whole Life Insurance Plan

real financial planning

Add Riders

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

  • Disability
  • Critical Illness
  • Early-Stage Critical Illness
  • Child Illness Protection
  • CI Premium Waiver
  • Payer Premium Waiver

Income Pay-out Options

Some plans can provide you with an income payout option later in life that could help you – supplement your retirement.


Multiplier Benefit

Choose between two to five times the multiplier benefit to boost your protection coverage for an available time. For example, you could multiply an assured sum of 50,000 by four times, to receive 200,000. The benefit is that you don’t have to pay for the 200,000 coverage until the age of 70 or 86.

Sample Premiums

Whole Life Insurance Premium 30 Years Old Non Smoker Male & Female

Permutation: 100,000 Death, Disability 50,000 Early CI 50,000 Advance CI with 2x Multiplier till Age 70. 20 years premium term

InsurerMale Annual PremiumFemale Annual Premium
China Taiping$3,313$3,363
Singlife $3,176$3,119
Etiqa (Multiplier till 65)$2,822$2,865

What Should You Look Out For When Buying a Whole Life Insurance Plan?

  • The premium for critical illness riders: this is usually not guaranteed in every whole life insurance coverage.
  • Terminal Illness(TI) coverage: a TI which comes with a death benefit is different from a critical illness coverage. TI is claimable only if you have been diagnosed with less than 12 months to live.
  • The cash bonus: once declared by the insurers this is guaranteed.
  • Lifetime coverage for disability: Certain life insurances in Singapore provide lifetime coverage for disability, but the definition becomes more stringent from age 70 onwards.
Critical Illness Plan

The biggest advantages of getting a Whole Life plan are the lifetime coverage feature with cash savings.

Get Whole Life 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 forms below.

Latest Articles Related to Whole Life Insurance

Frequently Asked Questions

A whole life insurance plan is an insurance product that provides the policy holder with a covered benefit for life. The basic function of a whole life insurance plan is to provide a lump sum payout in the event of the death of the insured – if the policy is still in force. To qualify as a whole life insurance policy, the plan has to have a cash value where a policyholder can surrender and withdraw part of it, or the whole of it, as long as the cash value is available.

There are many limited pay terms that allow you to pay a single lump sum premium upfront. Additionally, policyholders have the option of choosing a five-year regular payment period up until age 99. The most common denominations are in the multiples of five at five years, 10 years, 15 years, 20 years, and 25 years.

Almost all whole life insurance plans in the market allow policyholders to add riders to their life insurance policies to enhance the coverage dynamism. Policyholders are able to customise their plan into a one-size-fits-all solution that includes one or all of the following coverages in one product:


  • Total and Permanent Disability
  • Advance Stage Critical Illness
  • Early-Stage Critical Illness
  • Multi Claim Critical Illness
  • Hospital Cash
  • Disability Income
  • Multiplier Benefit

To do so, policyholders will need to top up an additional premium to include these features.

Some insurers have an annuity option featured in their whole life insurance plans where the policyholder can choose to convert them into an annuity plan. This is an excellent feature that enables the policyholders to enjoy a regular stream of income for a period of time,  starting at  a specific age. It also allows them to continue and let the plan provide a minimum amount of coverage without requiring the insured to effectively surrender their policies.

Multiplier benefits allow the insured to raise their sum assured by a factor of two to ten up until a certain age, usually 65 or 70. This effectively boosts the coverage by x number of multipliers during their active years. This may be a more affordable option compared to boosting the basic sum assured to the desired value. The purpose is to provide an additional amount of payout when the insured is younger and has more financial commitments.

Example: Tom purchases a whole life insurance plan with a four-fold multiplier until age 70 for coverage of a $50,000 sum assured in case of death, disability, and critical illness. This effectively increases his coverage amount to $200,000 due to the factors listed.

Thanks to the four-times multiplier benefit feature, should any of the three covered events strike Tom before age 70, he or his beneficiary will receive a lump sum payout of $200,000 even though his basic sum assured is only $50,000.

However, if the covered event were to occur after the age of 70, Tom or his beneficiary would l receive the $50,000 sum plus any accrued bonuses instead.

Cash value is a saving feature that is embedded in a whole life insurance policy, which is also the main reason why a whole life insurance premium is much higher than term insurance.

Cash value is the invested part of the premium that policyholders pay. They are typically invested in a pool of diversified assets managed by the insurance company's in-house or externally appointed fund managers.

The participating fund shares the profit of its investment with the policyholders in the form of yearly bonuses. Once paid out, the bonuses are guaranteed and accumulate throughout the policy term.

A participating whole life insurance policy provides a guaranteed cash value portion and a non-guaranteed cash value portion, typically shown in their benefit illustrations at 3.00% p.a. or 4.25% p.a. The cash value money accumulated will then be paid out to the insured’s beneficiary in addition to the sum assured in the event of the insured’s death or to the insured when he/she surrenders the policy.

The non-participating plan has guaranteed claims benefits and cash values, but it doesn't share in the investment profits of the insurers, as the name suggests.

You should get whole life insurance:

  • If you want to leave a sum of money to your dependents, regardless of whether they are self-reliant or not, throughout your life.
  • If you have the intention to provide coverage during your productive years and have the option to use it as a form of forced savings to supplement your retirement needs.
  • If you want to provide for early-stage critical illness coverage for a longer period – for example, until the age of 85, but at the same time prefer to pay for a limited term rather than continue paying for the premium beyond your retirement years. (In some circumstances, this strategy may be cheaper than getting an early-stage CI stand-alone policy.)
  • If you want to pay for a limited period and enjoy whole life coverage.

The primary distinction is that whole life insurance has a cash value. On the other hand, most term life insurance does not provide any return if the policyholder surrenders or terminates the plan. This is also the reason why whole life insurance in Singapore is more expensive than term insurance.


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