7 Best Life Insurance in Singapore to Get the Necessary Protection [2024]

Getting a life insurance is important for individuals of all ages, especially more so if you have a family to take care of. Life insurance can provide a peace of mind for you and your family by providing protection when you least expect it.

There are 2 types of life insurance – term life and whole life insurance. Whichever one you choose, the purpose of both life insurance are similar – to provide financial protection for you and your family in the event you are diagnosed with total permanent disability, terminal illness, or if you pass on.

Check out the 7 best life insurance in Singapore for you and your loved ones.

1. AIA Guaranteed Protect Plus (III)

AIA Guaranteed Protect Plus (III) is one of the best life insurance in Singapore, designed as a single solution that offers wider coverage to meet all your protection needs. It provides coverage for death and total and permanent disability, and allows you to boost this coverage by 2X, 3X or 5X for greater financial assurance up to age 65 or 75, while ensuring affordability.

You can select from 3 premium payment options to better suit your budget. Payments are highly flexible where you can choose to pay over 15, 20 or 25 years. Upon completion of premium payments, you can still continue to enjoy the benefits of the plan.

2. Etiqa ePROTECT Life Insurance

Etiqa ePROTECT Life Insurance allows you to choose your preferred sum insured, which ranges from S$50,000 to S$2 million. You can also choose your policy term from 5 years renewable, 20 years or up to age 65.

Etiqa also offers optional add-on cover, so that you and your family can better cope with medical expenses and living costs in the event you suffer from a specified medical condition. In the event of death, your family will also receive a lump sum payout, providing them the financial protection they need.

3. AXA Life Treasure (II)

As one of the best life insurance in Singapore, AXA LIFE TREASURE (II) is a customisable whole life plan that offers flexibility to multiply your sum assured and enhance your critical illness coverage. Their payments terms are highly flexible where you can choose to pay over 10, 15, 20, 25 or 30 years.

In the event that you are unable to carry out 2 out of 6 Activities of Daily Living, you will receive an advanced disability payout. You can also choose to boost your coverage by purchasing selected AXA plans upon significant life stage events without underwriting.

4. NTUC Income Star Secure

NTUC Income Star Secure offers five levels of protection, of up to 500% of your sum assured. You can choose how long you want to pay for the premiums, from 5 to 30 years (in intervals of five) or up to age 64.

In the event of death, diagnosis of terminal illness or total and permanent disability of a family member, future premiums will be waived and you will be able to receive a lump sum of 24 months of premiums.

5. Prudential PRUActive Life II

With over 90 years of experience in the insurance industry, Prudential PRUActive Life II is a whole-of-life plan that gives you multiplied assurance when you need it most. They offer customisable whole-of-life insurance plan that is designed to meet your growing needs, and provide you and your loved ones comprehensive protection at every stage.

Get to choose your premium payment term between 5 to 35 years to meet your unique needs, and also have the option to defer your premium payment, interest-free for up to 2 years without disrupting your coverage.

6. Manulife LifeReady Plus II

Manulife LifeReady Plus II wants to help you plan for every stage of your life. They offer comprehensive coverage that can be customised to meet all your needs. You can stack up your protection by up to 5X your basic sum insured, with the option for additional riders including coverage for Critical Illness.

Should you wish to get additional coverage, they offer a wide range of critical illness riders that pay a lump sum or waive your future premiums in the event that critical illness strikes. In the event that you or your spouse is retrenched and unemployed for 30 days or more, before turning age 65, 6 months of your premiums will be waived while coverage continues.

7. FWD Term Life Plus Insurance

With FWD Term Life Plus Insurance, you can get up to S$1.5 million of coverage, from as low as $1 a day, without the need for a medical check-up if you are in the pink of health. FWD also offers additional coverage with optional benefits to protect yourself if you are diagnosed with a critical illness or become unable to work due to a total and permanent disability.

FWD Term Life Plus Insurance offers both fixed and renewable terms for their policy. If you are looking at fixed term, your premium will remain the same over the policy period you choose. As for the renewable term, your premium will change every year, allowing you to start with a lower premium.

Conclusion

Do you have any reviews and comments to share regarding our choices for the best life insurance in Singapore?

While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the listed life insurance in Singapore.

We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best life insurance in Singapore.

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