Life Insurance Policies in Singapore

Life insurance pays a lump sum to your loved ones to cushion them from financial instability should the worst happen to you. Once you take up the policy, you pay a premium so that your family can receive a payout upon your death or total and permanent disability (TPD). Life insurance helps safeguard your loved ones from financial uncertainty and provides long-term security, ensuring peace of mind for today and tomorrow.

Key types of life insurance include term life insurance and whole life insurance, each with unique benefits. Understanding how life insurance works and comparing quotes can help you choose the right insurance for life based on your needs.

When comparing whole life insurance and term life insurance, the key differences lie in coverage duration, cash value, and premium.

• What is whole life Insurance - Upon receiving a life insurance quote and signing up, you will be provided with lifelong financial protection along with cash value accumulation over time. This type of insurance typically comes with higher premiums compared to term life insurance but offers long-term benefits such as guaranteed lifetime coverage and cash value growth. 
• What is term life insurance - Upon receiving a life insurance quote and signing up, you will receive financial protection for a specific period, and typically no cash value at the end of the policy term. But it’s generally with lower premiums compared to whole life insurance.  Once the term ends, the coverage ceases unless renewed. 

The cost of life insurance in Singapore depends on several factors, including your age, health condition, gender, coverage amount, policy type, premium payment term and other factors. 

For whole life insurance, premiums are generally higher due to cash value accumulation.

Purchasing life insurance is about making a responsible, forward-thinking decision to protect your loved ones and your future. It’s a commitment that offers peace of mind, financial security, and stability during life’s uncertainties.

Manulife’s life insurance offers the flexibility and variety to match your life goals. Whether you prefer lifelong protection or term-based coverage, you can choose from plans with premiums levels and premium payment term options that fit your budget. You’ll find both whole life plans that build cash value and term plans with lower premiums, along with renewable or convertible features designed to adapt to your changing needs. Optional riders for critical illness and disability make it easy to personalize your protection to fit your needs.