Basic Features of a Whole Life Insurance
Life Assured Entry Age
As early as 0 year old till as late as 70 ANB, but normally up to 60-65ANB
Note: Vary among Insurers
p.s.: ANB: Age Next Birthday
Premium Term
Normally come with 5/10/15/20/25 years of Premium Term and some insurers may ever allow longer premium term up to Age 65 - 99
Note: Vary among Insurers
Basic Benefit
Death / Terminal Illness (TI) / Total permanent disability (TPD)
Note: Insurers will include age limit on the above
Special Features
Common optional features include:
Additional Cover on Death Benefit
Multiplier
Unemployment Benefit
Retirement Benefit
Retrenchment Benefit
Financial Flexibility
Options of adding CI, ECI and premium waiver riders
Click on the icons to see products
​Budget
Illustrations
Alex is looking for a Whole Life insurance with :
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$100K Sum Assured, inclusive of Critical Illness (or Early CI) rider and preferable to Limited Pay
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Male
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Age 35
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Non-Smoker
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Premium Term | Annual Premium | Early Stage Illness / Critical Illness | Multiplier | Immediate Gtd Protection Value | Total Protection Value @ age 70 | Gtd Surrender Value @ age 70 | Total Surrender benefits @ age 70 | Yield@75 | Detail on Premium |
|---|---|---|---|---|---|---|---|---|---|
15 years payment term
(Expiry @ age 70) | $ 6,100 (Approx) | Early Critical Illness | 3X | $ 300,000 | $352,640 | $57,700 | $94,728 | 2.50% | Higher end @ approx $6,500 - $8,300 with longer cut off age |
15 years payment term
(Expiry @ age 70) | $ 4,600 (Approx) | Critical Illness | 3X | $ 300,000 | $352,640 | $57,700 | $94,728 | 2.50% | Higher end @ approx $5,800 - $6,800 with longer cut off age |
25 years payment term
(Expiry @ age 70) | $ 4,300 (Approx) | Early Critical Illness | 3X | $ 300,000 | $360,651 | $57,700 | $100,466 | 2.95% | Higher end @ approx $5,300 - $5,900 with longer cut off age |
25 years payment term
(Expiry @ age 70) | $ 3,300 (Approx) | Critical Illness | 3X | $ 300,000 | $360,651 | $57,700 | $360,651 | 2.50% | Higher end @ approx $3,900 - $4,900 with longer cut off age |
You can see premium difference between adding Critical Illness (CI) and adding Early Critical Illness (ECI). Though, ECI will cost policyholders higher premium since insurers start to give the payout at the early stages of major illnesses, the policy owner can be better covered with early payment of medical fees so that he/she can focus on recovery without worrying about expenses.
In fact, the above example has included the Multiplier to increase the whole life plan's coverage by 3 times (this factor can be higher), and by adding the multiplier that lasts up to a certain age, will also load onto your total annual premiums paid.
Let's Shop for Promotions
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Plan Name | SRS | CPF | Promotion | Promotion Period | Detail |
|---|---|---|---|---|---|
Mum2Baby Protect | - | - | - | - | |
AIA Platinum Gift for Life (II) | - | - | Maturity Campaign 2022 | till 31 Dec 2022 | |
AIA Smart Wealth Builder (II) | YES | - | Maturity Campaign 2022 | till 31 Dec 2022 | |
Platinum Wealth Heritage (USD) | - | - | - | - | |
Platinum Generations (II) | - | - | - | - | |
AIA Platinum Gift for Life Plus | - | - | - | - | |
AIA Guaranteed Protect Plus (III) | - | - | - | - |
Plan Name | SRS | CPF | Promotion | Promotion Period | Detail |
|---|---|---|---|---|---|
Multiplier Guardian/Plus | - | - | 8% Cash Rewards | 1 April to 30 June | |
Whole Life Guardian II | - | - | - | - | |
Harvest Income II (USD) | - | - | 3% Cash Rewards | till 30 June 2022 | |
Lifetime Income Plan Series 3 | - | - | 3% Cash Rewards | till 30 June 2022 |
Eligible plans which are on yearly premium payment mode (“Qualifying Plans”). For the avoidance of doubt, policies which are on monthly, quarterly or half-yearly premium payment mode will not qualify for this Promotion.
Plan Name | CPF | SRS | Promotion | Promotion Period | Detail |
|---|---|---|---|---|---|
Infinite Elite Legacy (USD) | - | Roaring Wealth Promotion * | 1 May to 30 June | ||
Infinite Legacy (II) | - | Roaring Wealth Promotion * | 1 May to 30 June | ||
i-Secure Legacy | - | Roaring Wealth Promotion * | 1 May to 30 June | ||
Infinite Harvest (III) | - | Roaring Wealth Promotion * | 1 May to 30 June |
* Roaring Wealth Promotion :
Infinite Elite Legacy (USD): enjoy 3% and 5% rewards on 1st annual premium, for 3 years and 5 years premium payment respectively
Infinite Legacy (II): enjoy 1.5% and 3% rewards on 1st annual premium, for single and 3 years premium payment respectively
i-Secure Legacy: enjoy 10% and 20% rewards on 1st annual premium, for 25 years and 5-20 years premium payment respectively
Infinite Harvest (III): enjoy 0.8% rewards on 1st annual premium, on every policy incepted
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Note: Secure (II) has been withdrawn by the insurer
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Plan Name | SRS | CPF | Promotion | Promotion Period | Detail |
|---|---|---|---|---|---|
Signature Lifetime Rewards | - | - | HNW Campaign * | till 8 July 2022 | |
Ready LifeIncome III | - | ||||
IncomeGen | - | - | |||
Signature Income II (USD) | - | - | HNW Campaign * | till 8 July 2022 | |
Signature Income III (SGD) | - | - | HNW Campaign * | till 8 July 2022 | |
ReadyBuilderII | YES | - | |||
Signature Life II (SGD) | - | - | |||
LifeReadyPlus II | - | - |
* HNW Campaign :
Single Premium: Less than $ 1,000,000, Premium Discount : 0.30% - 0.50%
Single Premium: $ 1,000,000 & Above, Premium Discount : 1.00%
Note: Ready LifeIncome II has been withdrawn by the insurer
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Plan Name | SRS | CPF | Promotion | Promotion Period | Detail |
|---|---|---|---|---|---|
MyLifeIncome III | YES | - | Cashback Customer Promotion * | 1 Mar to 31 May 2022 | |
MyWholeLifePlanIV | - | - |
* Cashback Customer Promotion :
Regular Premium: S$ 15,000 - S$ 19,999; Annualised Premiums Cashback 3%
Regular Premium: S$ 20,000 and above; Annualised Premiums Cashback 6%
Single Premium: S$ 125,000 and above; Annualised Premiums Cashback 0.5%