4 Best Whole Life Insurance Plans Singapore 2019 (Updated Jul 2019)

Here, we analyse and explore the best whole life insurance plans in Singapore 2019.

Yes, you read it, whole life insurance plans are known for their high premiums and can be a bit more complex as compared to a term life insurance. Insurance agents love to peddle whole life insurance as coverage with savings that may be surrendered later in life to supplement your retirement needs.

However, by our standards, we believe you should only consider getting whole life insurance if you want a lifetime coverage but do not wish to commit the premium for life (Limited Payment Term) or to take advantage of the multiplier feature for early stage critical illness coverage for your child and yourself.

We select 4 Best Whole Life Insurance plans to consider base on 3 basic criteria:

• Has a multiplier coverage feature
• Has a regular but limited payment term feature
• Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Our top four picks in 2019 are HSBC Life Protect Advantage, NTUC VivoAssure, Aviva My WholeLife Plan III & Manulife Life Ready Plus

1. Best whole life insurance with most competitive premium  – Manulife Life Ready Plus – New!
2. Best whole life insurance with most critical illness covered, lifetime multiplier and pre-existing condition coverage – HSBC Life Protect Advantage
3. Best whole life insurance with and flexible multiplier term – Aviva My WholeLife Plan III
4. Best whole life insurance with most flexible payment terms – NTUC VivoAssure

Best whole life insuance with most competitive premium – Updated (Jul 2019)

Manulife Life Ready Plus

Hailing from Canada, Manulife has probably the most attractive whole life plans in the market right now. The Manulife Life Ready Plus has a flexibility multiplier benefit of 1 – 5x with a payment term ranging from 10 years to a lifetime. It has one of the most competitive premiums across many age categories and permutations.

Hear this, premium for a 100,000 Death, Disability and Early Stage Critical Illness coverage for a 30 years-old adult can be as low as $1,200 per annum* for a limited premium payment term of 25 years. You are likely pay the same for a term policy with the same coverage till age 70.

The new LifeReady Plus new feature allows the insured to convert the cash value from your policy into annual payout, over 10 years, with additional 5% interest

Here is why we like Manulife LifeReady Plus

• Flexible limited premium payment term of 10/15/20/25/99 years
• Sum Assured starts at $25,000
• Part of the cash value can be converted to an annual payout with additional 5% interest over 10 years
• Enjoy upfront premium discount due to good health for first 2 years. Continue enjoying the discount if you achieve health target for the remaining premium term
• Multiplier benefit feature of 1/2/3/4/5 times
• Early Stage Critical Illness Covers up to 105 Medical Conditions and 18 Special Conditions
• Free child cover for advanced stage critical illness if you have bought the early critical care rider

What we don’t like

• It’s hard to find any weakness in this plan now that Manulife has join in the bandwagon to offer annual cash payout after a certain period. The only downside is that the cash payout will be over a period of 10 years and will eat into the total sum assured effectively reducing the coverage amount.

Best whole life insurance with most critical illness covered, lifetime multiplier,  and pre-existing condition coverage –

HSBC Life Protect Advantage 

HSBC Life insurance has finally made its way back to the market with a revolutionary new whole life product. The HSBC Life Protect Advantage offers a wide range of riders including the new Family Waiver Benefit and Life Extended Multiplier Option. HSBC Life Protect Advantage also prides itself as having the most number (144) of critical illness conditions covered if you choose to add on its Early Critical Protect Rider.

HSBC is also the only life insurer to offer an optional extension of its multiplier benefit after the age of 70 all the way till age 99 if the insured is willing to pay the additional premium to make up for the difference in sum assured after age 70.

On top of that, HSBC provides 20% sum assured payout on certain major cancer condition even in the event the insured suffers from 3 types of organ disorder, they are, Benign breast disorder; Elevated prostate-specific antigen and Uterine fibroid. Such conditions are known to result in the exclusion of the specific organ’s cancer by other insurers.

Here is why we like HSBC Life Protect

• Multiplier Factor of 1, 2, 3, 4, 5x
• Accept and provide 20% payout for 3 pre-existing potential cancerous conditions
• Premium payment term of 10,15,20 & 25
• Guaranteed Insurability Option for added protection when your responsibilities increase
• Option to extend multiplier for life after age 70
• The most comprehensive number of critical illness and special conditions covered (144 conditions)

What we don’t like

• The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
• Minimum sum assured is restricted to 50,000
• Uncertain on the potential premiums to be paid after age 70 in order to extend the multiplier benefit till age 99

Best whole life insurance with monthly income option and flexible multiplier term –

Aviva My WholeLife Plan III 

Hold your beer! Aviva MyWhole Life Plan is back with a more competitive package and this time, with a variety of option the allowance on the policyholder to choose a multiplier term till the age of 65, 70, 75 & 80, this makes it the most flexible multiplier term benefit in the market.

The new Aviva MyWhole Life Plan III will also allow the client to choose from a wider range of premium payment term, from single premium payment term to 5/10/15/20/25 years option.

Still, being able to provide a cash-out option in the form of a monthly income benefit any time after 65 years old gives Aviva an edge over its competitors. Aviva also allows the policyholders to add on the popular multipay ci as a rider unless you select a single premium payment term.

Here is why we like Aviva My WholeLife III

• Premium payment term option of Single Premium/5/10/15/20/25 years
• Option to receive monthly income at a reduced sum assured any time after age 65
• Multiplier benefit of 2x/3x/4x/5x
• Early stage critical illness and Multipay CI II riders covers 105 medical conditions and 24 special conditions making it one of the most comprehensive in the market
• Premium waiver without any interest for up to a year if you lose your job
• Highest and most flexible multiplier term with option to choose till age 65/70/75/80
• TPD coverage for a lifetime

What we don’t like

• Restrictive minimum sum assured of 50,000
• Although there is a partial refund in premium suppose there is no claim made after a certain number of years by adding on the Multipay CI II Rider, premium can be very expensive. May make more economic sense to just add on the early stage critical illness and advance stage ci rider instead.

Best whole life insurance with most flexible payment terms and retrenchment premium waiver –

NTUC VivoAssure 

NTUC whole life plan the NTUC VivoAssure has now embarked on the normalcy of 100%, 200%, 300%, 400% & 500% multiplier benefit. This results in a seamless apple to apple comparison with the other 3 companies.  Advance stage critical illness is now an optional rider, unlike the older NTUC whole life insurance which previously embeds the Advance stage CI coverage into the basic plan. Premium has gotten more competitive.

Among the 4 insurers NTUC VivoAssure is the only plan with a maximum 100% lump sum claim of 350,000 for Early critical illness. However, the early stage critical illness rider sum assured has to be 10,000 lesser than the sum assured for advance stage critical illness rider, and it is also still compulsory to add on an Advance Stage CI rider in order to add the Early Stage CI rider.

Here is why we like NTUC VivoAssure

• Most flexible premium payment term option of 5/10/15/20/25/30 years or up to age last birthday of 64 or 84
• Advance Stage CI Rider no longer embedded onto the basic plan
• Early Stage CI Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
• Pays an additional 200% of sum assured, on top of the death benefit, in the case of death by an accident
• If you are retrenched and are not able to find employment for three continuous months, you can extend your grace period for up to six months
• The Early CI rider provides an Advanced Restoration Benefit, offering 50% extra advance ci coverage for stroke, major cancers, and heart attack of specified severity after an early or intermediate stage dread disease claim is made.

What we don’t like

• Advance Stage CI rider is compulsory to be added in order to add on Early Stage CI Rider
• The Early stage critical illness rider is limited to 10,000 less the sum assured of Advance Stage critical illness rider

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself. You may check out our whole life insurance comparison page or,

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