Best Insurance Plans in Singapore

Life insurance offers a way to protect your dependents and loved ones financially when you are with a terminal illness or pass away. 

That’s why you want to invest in a plan that offers the best coverage possible. Even so, buying a life insurance policy can be tricky. There are multiple options and providers that you need to compare and choose one that best fits your needs.

If you are in the market for a life insurance policy, it is apparent that you want to enter into a contract with a reputable company and get the best plan. Thankfully, MoneySmart helps you compare the top life insurance plans in Singapore, making it easy for you to choose a plan that best aligns with your financial goals, budget, and the cash value you want to build in the long term.

 This post will cover some of the life insurance plans Singaporeans can consider to provide a financial cushion for their lives after passing.

 1. Tokio Marine Legacy LifeFlex

 Legacy LifeFlex by Tokio Marine is a conventional whole life insurance plan that provides coverage for total permanent disability, terminal illness, and death. Unlike other plans, Tokio Marine's Legacy LifeFlex allows you to multiply the sum assured by up to 10 times until age 65 years.

 The plan also offers flexible premium payments, giving you room to pay your premium over a period of 10 to 25 years. The provider also guarantees that the premiums won’t change over the years.

 With Tokio Marine's Legacy LifeFlex, you may receive non-guaranteed annual payouts as dividends after you turn 65 years.

 2. China Taiping I-Secure

 This is a whole life insurance plan that provides lifetime coverage for terminal illness, total and permanent disability, and death. Should you want to increase your plan's coverage, there are two critical illness riders and other sorts of riders, including 11 types of premium waivers, from which you can choose.

 If you wish to multiply your sum assured, you can add a “Guaranteed Benefit” to multiply your lump sum payout by 2, 3, or 4 times up to age 71 or 86. Afterward, you can continue to extend your multiplier until you pass.

 There are also special and juvenile conditions that you can add to your coverage.

 3. AXA Life Treasure

 This is yet another great life insurance plan that covers death, terminal illness, and total and permanent disability for your entire life, up to 99 years. One of the key benefits of this plan is the multiplier, which allows you to increase your lump sum payout by 2 to 7 times so as to increase your total monetary coverage for a specific period, typically until 65 to 70 years old. What’s more, the plan’s Multiplier Benefit rider allows you the flexibility to reduce your multiplied sum assured when you no longer need it.

 For policyholders in need of increasing their coverage, there is a host of riders that you can use to customise your plans to best suit your needs.

 4. AIA Guaranteed Protect Plus II

 In Singapore, AIA offers a number of insurance plans, with AIA Guaranteed Protect Plus II as one of its best offerings. At its core, AIA Guaranteed Protect Plus II is a whole life insurance plan available for Singaporeans aged 0 to 70 years. It typically covers death and total and permanent disability, but you can buy a critical illness rider to increase your coverage.

 With this plan, policyholders have the option to choose a base assured sum for the entire life or a multiplier (2X through 5X) to increase the sum assured for a short period until age 65 or 75 years. Depending on the performance of the funds your premiums have been invested in, you may also get to enjoy non-guaranteed bonuses.

Conclusion

 Life insurance is one of the must-haves, especially for people with dependents. For Singaporeans with no dependents, it may be worth considering uncertainties like terminal illness or total permanent disability, then investing in a suitable life insurance plan.

 Whether you are looking for a plan to protect your financial stability or offer financial support to your loved ones after death, hopefully, you will find this list of life insurance plans in Singapore helpful.