Best Whole Life Insurance For Young Adults – 8 Best Life Insurance Plans in Singapore (2021 Edition) We compare life insurance plans from all insurers in Singapore to bring you this wide range to meet all your health and wealth needs.
Not all life insurance policies are created equal, and each insurance company offers its own unique selling points to differentiate it from its competitors.
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Review of insurance policies from all Singaporean insurers to bring you this comprehensive range of best life insurance plans based on the features and benefits of each product.
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The whole life insurance plans listed here have been selected for suitability based on their strongest unique selling points.
If instead, you’re looking for a temporary option, check out the 8 best term life insurance plans in Singapore article for more options.
Generally, life insurance plans are chosen for their level of protection and wealth accumulation features. At the same time, the total insurance premium paid should be competitively low among its peers.
The following are the criteria used to select the best life insurance policies based on their unique product features and benefits:
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Note: The life insurance policies listed below are based on features and benefits that are considered to be the best in a particular segment.
Manulife LifeReady Plus provides life and wealth creation up to age 99.
Advanced cover is important because your cover insurance premium is much higher as you get older. This allows your life insurance plan to be more tailored to provide cover for death and critical illnesses.
Aviva MyWholeLifePlan III offers the most extensive coverage options with a wide range of optional riders that can be added to the main plan. Not only do you have complete flexibility in your coverage options, but you can also choose to have 100% to 400% additional coverage for your sum assured.
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Aviva MyWholeLifePlan III also offers the highest surrender value when you terminate or change its accumulated cash value plan in your future years.
All multiples of this model expire at age 70, reverting to the original amount guaranteed with individual protection.
Note: Aviva MyWholeLifePlan III is the only life insurance plan on the market with whole life TPD.
Tokio Marine Legacy LifeFlex offers the highest multiplier of up to 9x your sum assured, making this life insurance plan the highest multiplier among its peers. You can also expect a non-guaranteed annual dividend income from age 65 onwards, as long as the plan is not offered at cash value.
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The TM Legacy LifeFlex recurring life insurance policy expires at age 65, which is one of the first life insurance plans in the range. This can cause a large and significant shortfall in payouts if the windfall occurs after the multiplier expires.
Manulife LifeReady Plus offers an excellent combination of coverage and long-term wealth accumulation thanks to its highly competitive life insurance plan. No paperwork and health checks are required for added protection when you reach important life milestones such as marriage, parenthood, owning your first home, or graduation.
Smokers are also entitled to a Health Advantage discount for the first 2 years, with subsequent discounts applicable as long as certain health targets are met.
Increase your cover by multiplying your sum by 2x, 3x, 4x, or 5x up to age 70.
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For the same insurance, the total premiums paid for a short term premium plan will always be lower, compared to a plan with long premium terms.
Of all the insurance companies in Singapore, NTUC Income Star Assure is the only life insurance plan that allows you to get life insurance by paying only 5 years of premium. The plan comes with built-in Critical Illness cover and 3 cover options.
The only life plan on the list to be mentioned three times, Manulife LifeReady Plus takes it to the next level, allowing you to have comprehensive coverage and a high value commitment for the future.
Aviva MyLifeSavingsPlan is a new category of compound whole life/savings plan primarily used to provide high and stable long-term wealth accumulation.
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Aviva MyLifeSavingsPlan was chosen as the best life savings/withdrawal plan in part because of the short number of years required before your premiums are 100% guaranteed.
You can make premiums over 5, 10, 15, 20 or 25 years. The principal is guaranteed from the 15th policy year.
The NTUC High Income plan is specifically designed for people between the ages of 49 and 69 who want to be insured.
That sum of $15,000 he confirmed. Insurance increases and bonuses are announced every year, making it possible to increase your guaranteed cover as you age until you reach your golden years.
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The NTUC Super Benefit Plan pays out in the event of Death, Total and Permanent Disability (before age 70) or when the policy is surrendered at its cash value.
The application is challenge-free and guaranteed to be accepted as long as you have not been hospitalized in the last 12 months from the date of your application.
The sooner you start, the more you can benefit from a life insurance policy. This is due to the long-term effects of compounding returns. Make sure your financial budget is realistic and achievable when planning your financial goals.
Try to ensure that the health and insurance coverage provided is sufficient for the next 10 to 15 years. This allows you to move on to other important financial and life goals without worrying about insurance.
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A life insurance plan is designed to provide an “all in one” solution to your health and wealth needs, it may not be the perfect policy because of the financial products you have.
For other reasons, consider the following options for a life insurance plan that can provide the best value for your insurance portfolio.
If budget and affordability are major concerns in the short term, look for a life insurance plan for your default. Providing a term plan up to age 60 and below at an affordable rate, with a policy value that does not accumulate cash value on future withdrawals.
Similarly, the insurance premium paid for a term plan for full term coverage may be higher than the total amount of premium paid for a fixed period of time for a whole life plan.
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Think about your options because changing or changing your security options can lead to financial loss. Feel free to send us a message at the end of the article so that our financial planner can make offers and financial costs for different options.
In your 20s and early 30s, getting an early start on wealth accumulation can have the effect of compounding returns to achieve higher financial gains.
An investment strategy that combines the two with investment can produce high financial returns, at the cost of high investment risk and price volatility.
Want to know more about how these life insurance policies fit into your financial and insurance portfolio? Do you want to know the true financial return on the above products based on your age, budget and financial profile?
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Note: All financial figures are based on approximate estimates and all unconfirmed figures are based on a maximum return on investment of 4.75%. The sample samples are for illustration only and do not constitute an insurance contract. Surrendering or cashing out a life insurance policy will almost certainly result in financial loss. When in doubt, always refer to the exact terms and conditions stated in your policy contract. Get advice from a financial professional or licensed financial advisor before making any financial decision or commitment.
*Terms and conditions may apply, speak to our financial planners or message us for more details.
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