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WHAT IS LIFE INSURANCE?
Ever wonder how your family would manage financially without you? It’s a tough thought, but one that life insurance helps you answer with confidence.
Life insurance is a promise to your loved ones that they’ll be financially supported, even if you’re no longer around. It provides a cash payout so your family can handle daily expenses, clear outstanding debts, or simply have breathing room during a difficult time.
- Life insurance helps your family:
- Get a financial safety net to cover daily living costs.
- Handle final expenses without financial stress.
- Pay off outstanding debts like credit cards or loans.
- Keep their home by covering mortgage or rent payments.
- Replace your lost income so they have time to adjust.
FIND THE BEST LIFE INSURANCE FOR YOU
Your life, your needs and your budget are unique. That’s why comparing personalised options is the smartest way to find the perfect life insurance for you.
HOW DOES LIFE INSURANCE WORK?
Life insurance gives your chosen family members (your ‘beneficiaries’) a cash payout if you pass away while the policy is active.
Choose Your Plan
Pick the type of policy, how much cover you want, and how long you need it for.
Keep Your Cover Active
Simply pay your regular premiums (usually monthly or yearly) to keep the policy going.
Your Loved Ones Make a Claim
If you pass away, your beneficiaries contact the insurer to file a claim.
They Receive the Payout
Once the claim is approved, the insurer pays out the funds, and the policy ends.
WHAT DOES LIFE INSURANCE COVER?
Knowing what your policy covers gives you confidence that your family is protected. While every plan is different, here’s a quick guide.
What’s usually covered?
Death from most common causes, like illness, old age, or an accident.
Any pre-existing conditions you honestly declared (and your insurer agreed to cover).
Terminal illness (some policies pay out upon early diagnosis, if you have the necessary ‘rider’)
What’s not usually covered?
Death resulting from suicide, usually within the first 12 months of the policy.
Providing false or incomplete information during your application.
Death from specific activities that were explicitly excluded in your policy.
Death occurring after the policy has expired or lapsed due to missed payments.
Death caused by drug or alcohol abuse.
WHAT ARE THE MAIN TYPES OF LIFE INSURANCE?
Not sure which type is right for you? Here’s a simple breakdown of your options in Singapore.
TERM LIFE INSURANCE
Best for: Families on a budget needing affordable protection for a set period (like while the kids are young or the mortgage is being paid off). It’s the simplest and most popular type of life insurance.
WHOLE LIFE INSURANCE
Best for: Individuals looking for lifelong protection that also builds a cash value over time. It’s more expensive but provides permanent cover and a savings component you can borrow against or cash out later.
ENDOWMENT PLAN
Best for: People who want to save for a specific goal, like a child’s education or retirement, while having insurance protection. It pays out on a set date or upon death, whichever comes first.
INVESTMENT-LINKED POLICIES (ILPs)
Best for: Those who are comfortable with investment risks and want to combine insurance with the potential for higher returns. Your premiums are invested in funds, so the value can go up or down.
UNIVERSAL LIFE INSURANCE
Best for: High-net-worth individuals focused on estate planning. These plans offer flexible lifelong coverage and are often used as a tool for wealth transfer.
COMPARE LIFE INSURANCE QUOTES
Take the first step towards protecting your family. Compare life insurance plans from Singapore’s top insurers now. It’s fast, free, and otter-ly simple.
HOW CAN I GET CHEAPER LIFE INSURANCE?
Ollie’s Tips for Cheaper Life Insurance
1. Buy Young, Pay Less
The younger and healthier you are, the lower your premiums will be. It’s smart to lock in a good rate early.
2. Don't Just Settle, Compare
Shopping around is the easiest way to find a better deal. We’ll help you compare prices and benefits in one place.
3. Check Your Existing Cover
You might already have some life insurance through your employer. Check first, as this could mean you need less cover than you think.
4. Don't Over-Insure
Only pay for the amount of cover and the policy length you actually need.
5. Live a Healthier Lifestyle
Non-smokers pay significantly less. If you’ve quit for over a year, you could qualify for much cheaper premiums.
FREQUENTLY ASKED QUESTIONS
You can typically buy life insurance from age 18. Some insurers also offer junior policies that parents can purchase for children.
Yes, you can hold multiple life insurance policies from different insurers. Many Singaporeans combine term, whole life, and endowment plans to meet different financial goals.
It depends on the insurer and the sum assured. For higher coverage amounts or older applicants, a medical exam may be required. Some basic plans offer guaranteed acceptance with no health checks.
If all required documents are in order, most life insurance claims in Singapore are processed within 2 to 4 weeks. Delays can happen if additional investigations are needed.
No, life insurance payouts in Singapore are generally not subject to income tax, capital gains tax, or estate duty, making it a tax-efficient way to protect your family’s future.
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