Whole Life Insurance With No Medical Exam

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Whole Life Insurance With No Medical Exam – 4 Best Life Plans in Singapore for Insurance Coverage (2022 Edition) We compare the unique features and benefits of the best whole life insurance policies in Singapore

Reviewed and handpicked list of the 4 best life insurance plans in Singapore that provide the best insurance coverage.

Whole Life Insurance With No Medical Exam

Whole Life Insurance With No Medical Exam

This list of the 4 best life plans for lifetime coverage and wealth accumulation was updated on: 22/04/2022

Life Insurance Plans: Secure Your Future

Whole life insurance plans usually require a long-term financial commitment with premiums usually paid over 15 to 25 years. However, the policy can provide lifetime insurance and financial security for you and your family.

Since early replacement or termination will lead to financial loss, make sure you have comprehensive coverage throughout your life insurance policy. This reduces the likelihood that you will have to pay higher premiums as you get older to cover the gaps in your insurance coverage.

Coverage multipliers can be attached to the whole life plan to further increase the payout of your claim up to age 70, 75 or 84, during which time serious illness can have a major impact on your income and finances.

Depending on your personal life profile, the sum insured for the above can be individually adjusted to meet your coverage needs.

Group Life Insurance

Life insurance policies require insurance premiums to be paid for each policy year, with significantly higher premiums payable after the expiration or end of your coverage period. Because the premiums collected go towards offsetting the insurance risk by providing coverage, whole life plans do not generate cash value.

However, term life plans are excellent for additional coverage where losses are expected to be temporary or when receiving additional financial obligations. Some life events where term life plans provide excellent value include:

On the other hand, whole life plans have a limited repayment period (up to 25 years). For higher premiums,  whole life plans have guaranteed and predicted surrender values ​​that increase every year.

Whole Life Insurance With No Medical Exam

Depending on the specific features of the whole life plan, the surrender value can be withdrawn as a single lump sum upon termination or converted into an annuity for annual income payment.

The 7 Types Of Life Insurance Policies: What’s The Best One For You?

The amount of insurance premium paid for a whole life plan may be lower compared to a long period. Additionally, all life plans can accumulate attractive cash value for future lump sum withdrawals.

A good life plan is determined by the level of protection cover and wealth accumulation features. At the same time, the total insurance premium payment should be competitively lower among its peers.

Note: All life insurance policies listed below have no priority. Early surrender or cash-out of your policy will result in financial loss.

LifeReady Plus II is the latest life insurance plan from Manulife with a multiplier of up to 5x your sum assured until age 70 or 80. With the new improvement, Total Permanent Disability is now covered up to the age of 99.

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With their health benefits, you can get a premium discount for the first 2 years if you meet their health criteria (For smokers). The new financial flexibility allows you to convert part of the policy’s value into 10 annual payments.

No medical examination is required if you wish to increase your protection coverage during future Manulife LifeReady II milestones.

At the age of 25, Thomas bought Manulife LifeReady Plus II to cover himself against death, total and permanent disability, terminal illness and critical illness at all stages.

Whole Life Insurance With No Medical Exam

He opted for a 3X multiplier cover of the sum assured up to the age of 75, which ensures that the cover is sufficient to protect his loved ones financially if the unexpected happens during his money-making days.

Types Of Insurance You Can’t Go Without

For an annual premium of S$3,934, Thomas is covered by S$150,000 against critical illness and S$300,000 against death, total and permanent disability and terminal illness.

If Thomas or his wife is laid off for 30 days or more, premiums will be waived for 6 months, so Thomas can focus on finding a job without worrying too much about his next premium payment.

Thomas, now aged 40, ended up paying premiums with a total of S$59,010 paid in premiums to enjoy life cover and accumulated wealth.

At age 70, Thomas’ cover reverts to the original cover of S$50,000 for critical illness and S$100,000 for death, total and permanent disability and terminal illness.

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If Thomas decides to give up his whole life plan, he is expected to earn S$131,063 at age 70 or S$153,015 at age 75, losing his life and health cover. Otherwise, Thomas will continue to enjoy life insurance until he surrenders the policy before he turns 99 or until he dies.

Singlife and Aviva MyWholeLifePlan IV is a whole life insurance plan that offers a cover multiplier of up to 5x your sum assured up to the age of 70. No medical examination is required if you wish to increase your protection cover during future Singlife and Aviva MyWholeLifePlan IV milestones.

At the age of 25, Daniel bought Singlife and Aviva MyWholeLifePlan IV to cover themselves against death, total and permanent disability, terminal illness and critical illness at all stages.

Whole Life Insurance With No Medical Exam

He opted for an increased cover of 3X the sum assured up to the age of 70, enough to cover the finances of his loved ones if the unexpected happens in his money days.

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Daniel pays an annual premium of S$4,009.50 for the next 15 years to cover S$150,000 against critical illness and S$300,000 for death, total and permanent disability and terminal illness.

Eliminate premium loan interest for 12 months or a year if fired, Daniel can focus on getting back on his feet without worrying about the high interest rate on premium loans.

Daniel, now aged 40, ended up paying premiums totaling S$60, 142.50 paid in premiums to enjoy his cover.

At age 70, Daniel’s cover reverts to the unenhanced amount of S$50,000 for critical illness and S$100,000 for death, total and permanent disability and terminal illness.

Best Senior Life Insurance Plan 2023

If Daniel decides to give up his life plan, he will receive S$120,302 at age 70 or S$143,361 at age 75, bringing his life and health cover.

Although NTUC Income Star Secure is not a new insurance plan, this policy is a simple one in the options available. Available critical illness rider covers 171 conditions at various stages.

Choose to take Star Secure’s Hospital CashAid rider to receive hospital benefits such as daily hospital cash and more.

Whole Life Insurance With No Medical Exam

At the age of 25, John bought NTUC Income Star Secure to cover himself against death, total and permanent disability, terminal illness and critical illness at all stages.

What Is Voluntary Life Insurance And How Does It Work?

John pays an annual premium of S$4,110 for the next 15 years to cover S$150,000 against critical illness and S$300,000 against death, total and permanent disability and terminal illness.

With the option to pause premium payments for 6 months if fired, John has one less thing to sweat about because he has wiggle room to find another job.

John, now aged 40, completed the premium payment with a total of S$61,650 paid in premiums to enjoy the cover.

At age 70, John’s cover reverts to the unenhanced amount of S$50,000 for critical illness and S$100,000 for death, total and permanent disability and terminal illness.

Which Is Better

If John decides to surrender his whole life plan, he will receive S$126,975 at age 70 or S$181,172 at age 75, bringing his life and health cover.

Enjoy maximum flexibility in premium payment terms with AIA Guaranteed Protect Plus II. Choose to pay your premiums over 12 or 20 years or until age 65 or 75, making premiums cheaper over the course of your daily life.

Choose to 2X, 3X 4X or 5X your coverage until age 65 or 75, giving you higher coverage during your working years. Additional riders are available to cover 104 critical illnesses from early to advanced stages as well as 5 specific conditions such as diabetes and osteoporosis.

Whole Life Insurance With No Medical Exam

At age 30, Michael purchased AIA Guaranteed Protect Plus II to cover himself against death, total and permanent disability, terminal illness and critical illness at all stages.

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He opted for an enhanced cover of 3X the sum assured till he turned 75, enough to financially cover his loved ones if the unexpected happens during his money-making days.

Michael pays an annual premium of S$5130.50 for the next 20 years to cover S$150,000 against critical illness and S$300,000 against death, total and permanent disability and terminal illness.

Michael, now aged 45, ended up paying premiums with a total of S$102,610 paid in premiums to enjoy his cover.

At age 75, Michael’s cover reverts to the unenhanced amount of S$50,000 for critical illness and S$100,000 for death and terminal illness.

Best Whole Life Plans In Singapore For Insurance Coverage (2022 Edition)

If Michael decides to surrender his whole life plan, he will receive S$137,978 at age 70 or S$163,669 at age 75, bringing his life and health cover.

We have collected detailed data based on the age of 35 years with the intention of paying insurance premiums over 15 to 20 years. The goal here is to compare the entire life plan

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