The Best Rated Life Insurance Companies in Singapore

• Best overall for life insurance: AIA

• Best for those with pre-existing conditions: Prudential

• Best for wide variety of plans: Great Eastern

• Best for great customer experience: NTUC Income

• Best for easy to understand plans: Manulife

AIA Insurance Sample Rates

• Whole life insurance plan: Not available

• Term life insurance plan: S$882 per year (30 year old male), S$707 per year (30 year old female)

Overview: AIA, originally established in 1919 as American Asiatic Underwriters, is a multinational insurance powerhouse with roots tracing back to Hong Kong. Founded in Singapore in 1931, AIA has grown to become one of the largest insurance providers in Asia, currently operating across more than 18 markets in the Asia-Pacific region.

Policies offered: Whole life insurance, term life insurance

>> Learn more: What happens if my mum doesn’t have life insurance?

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Prudential Sample Rates

• Whole life insurance plan: From S$75 per month

• Term life insurance plan: S$802 per year (30 year old male), S$592 per year (30 year old female)

Overview: Prudential Assurance Company Singapore is a well-established life and health insurer with 94 years of history in the country, and a market leader in protection, savings, and investment-linked plans, managing S$57.7 billion in funds as of December 2024. Holding a strong 'AA-' financial strength rating, Prudential serves over one million customers through a network of more than 5,400 financial representatives, bank partners, and specialised enterprise and high-net-worth solutions. Committed to being partners for every life and protectors for every future, Prudential aims to enhance customer experiences and support their health and wealth needs.

Policies offered: Whole life insurance, term life insurance

>> Learn more: Understand the different types of life insurance policies

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Great Eastern Insurance Sample Rates

• Whole life insurance plan: Not available

• Term life insurance plan: S$902 per year (30 year old male), S$662 per year (30 year old female)

Overview: Great Eastern was established in Singapore in 1908 and holds the distinction of being the oldest and largest life insurance company in both Singapore and Malaysia. As a trusted and well-established brand with a long history, Great Eastern operates as a subsidiary of OCBC Bank and serves millions of policyholders across Southeast Asia. 

Policies offered: Whole life insurance, term life insurance

>> Learn more: What is cash value life insurance?

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NTUC Income Sample Rates

• Whole life insurance plan: Not available

• Term life insurance plan: S$662 per year (30 year old male), S$547 per year (30 year old female)

Overview: Established in Singapore in 1970 to address a social need for insurance, Income Insurance Limited is now a leading composite insurer offering a comprehensive suite of life, health, and general insurance solutions. With a people-first approach, Income Insurance focuses on meeting the protection, savings, and investment needs of individuals, families, and businesses. Committed to innovation and social responsibility, the company leverages a lifestyle-centric and data-driven approach while actively supporting financial inclusion and community well-being.

Policies offered: Whole life insurance, term life insurance

>> Learn more: What is universal life insurance in Singapore all about?

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Manulife Sample Rates

• Whole life insurance plan: Not available

• Term life insurance plan: S$820 per year (30 year old male), S$583 per year (30 year old female)

Overview: Manulife Financial Corporation is a leading international financial services provider with a mission to make decisions easier and lives better for its customers. Headquartered in Toronto, Canada, Manulife operates globally as Manulife across Canada, Asia (including Singapore since 1899), and Europe, and primarily as John Hancock in the United States. Serving over 36 million customers worldwide with a strong network of employees, agents, and partners, Manulife in Singapore offers a broad range of insurance, retirement, and wealth management solutions to meet diverse financial needs across all life stages.

Policies offered: Whole life insurance, term life insurance

>> Learn more: How much insurance protection do I need?

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Term life insurance offers straightforward coverage for a specific duration, typically ranging from 5 to 30 years. It’s the most affordable type of coverage that provides a payout if you pass away within the chosen term, ensuring your dependents have financial support to cover expenses like housing, education, and daily living costs. 

Here are some of the recommended insurance providers in Singapore for term life insurance:

• Great Eastern Life: Known for its established reputation and a range of term life products with options for increasing coverage at key life events and renewal up to age 100.  

• AIA Singapore: Offers flexible term life solutions with choices for multiplier benefits and extensive critical illness riders, along with online application options.  

• NTUC Income: Provides diverse term life plans catering to specific circumstances, including coverage for women's health and maternity, alongside traditional term policies.

• Manulife Singapore: Presents a simplified selection of term life plans with clearly defined benefits and a wide array of customisable riders.

• Prudential Singapore: A leading insurer with a strong financial standing, offering a suite of term life products often bundled with options for critical illness and disability coverage.  

• Tokio Marine Singapore: Provides term life insurance plans with a focus on comprehensive coverage and the option to add riders for enhanced protection against critical illnesses and accidents.  

• FWD Singapore: Known for its digitally-focused approach and potentially competitive premiums for straightforward term life coverage with easy online application processes.  

• Etiqa Insurance: Offers a range of term life insurance plans with varying term lengths and the ability to include riders for critical illness and TPD benefits.

• Singtel Protect: An option for those looking to bundle their life insurance plans with other telco services from Singtel. 

• HSBC Life: Provides term life insurance solutions backed by a global financial institution, often with options to integrate with wealth management plans. 

Unlike term life insurance, which offers temporary coverage for a specific period, whole life insurance provides lifelong protection, making it an ideal choice for individuals seeking permanent financial security for their loved ones and potentially offering additional benefits like cash value accumulation. Whole life policies typically come with a guaranteed death benefit and a savings component that grows over time, and some policies may also offer the potential for dividends. 

Here are some of the recommended insurance providers in Singapore for whole life insurance plans:

• Prudential Singapore: Their whole life policies often provide a range of riders for enhanced coverage and participate in the company's financial performance, offering potential for bonuses.  

• Great Eastern Life: Known for its diverse whole life offerings that can be tailored with various riders and may provide opportunities for cash value growth and potential dividends.

• AIA Singapore: Their whole life insurance plans typically offer guaranteed death benefits with the potential for accumulating cash value and may include options for additional critical illness coverage.  

• NTUC Income: Provides whole life insurance options with choices for regular or single premium payments and the potential for policy bonuses to increase the overall value over time.

• Manulife Singapore: Their whole life plans offer a straightforward approach to permanent coverage with the benefit of cash value accumulation and a selection of riders.

• Tokio Marine Singapore: Offers whole life insurance policies that provide lifelong financial protection, with the potential for cash value growth and the option to add riders for critical illness and disability. 

• Singtel Protect: A convenient option for Singtel customers looking to integrate their whole life insurance with existing Singtel services.

No medical life insurance policies offer a simplified path to obtaining life coverage by eliminating the need for a medical examination, making it an attractive option for individuals seeking quick and hassle-free protection. This streamlined application process typically involves answering a series of health-related questions online or over the phone. 

While the coverage amounts might be slightly lower or premiums potentially higher compared to fully underwritten policies, the primary benefit lies in the speed and convenience of securing coverage without the need for medical appointments or tests. These plans are particularly appealing for those who prefer a quicker process or may have health concerns that could complicate a traditional medical exam.

Here are some of the recommended life insurance companies in Singapore offering no medical exam life insurance plans:

• FWD Singapore: Known for its digital-first approach, FWD often provides a straightforward, no medical exam term life insurance with a hassle-free online application process.

• Etiqa Insurance: Offers a no medical exam term life insurance option for customers up to the age of 40 and in the pink of health. If a medical check is required, Etiqa will bear the cost.

• Manulife Singapore: Does not allow the sign-ups of new plans without a medical exam but allows policyholders to convert from term to whole life coverage with no health check-up.

Choosing the right life insurance plan is a crucial step in securing the financial future of your loved ones, providing them with a safety net in the event of your passing. The peace of mind that comes with knowing your family will be taken care of can be invaluable, allowing you to focus on living life to the fullest. 

Follow this guide to review and choose a life insurance plan with suitable coverage for your individual needs and circumstances in Singapore.

1. Find out if you need whole or term life insurance

The first step is to understand the different types of life insurance available. The two main categories are term life insurance, which provides coverage for a specific period, and whole life insurance, which offers lifelong protection and often includes a cash value component. Your choice will depend on your financial goals, budget, and the duration for which you need coverage.  

>> Learn more: Term vs whole life insurance, which one is right for you?

2. Calculate the ideal coverage amount for your dependents to live comfortably

Determining the right amount of life insurance coverage is essential to adequately protect your beneficiaries. Consider factors such as your outstanding debts (mortgage, loans), your family's living expenses, future education costs for children, and any other financial obligations you wish to cover. A thorough assessment of these needs will help you arrive at an appropriate coverage amount.

3. Get quotes from multiple companies 

Once you have a clear idea of the type and amount of coverage you need, it's wise to compare quotes from a shortlist of the best life insurance companies in Singapore. Obtaining prices from a range of insurers will allow you to assess the cost of coverage and identify the most competitive options for your specific requirements. Remember to review not just the premium but also the features and benefits offered by each policy.

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When evaluating and ranking the best life insurance companies in Singapore, we consider several critical factors that are paramount to consumers seeking financial security and peace of mind. Our aim is to provide a comprehensive assessment that empowers readers to make informed choices when selecting their insurance provider. 

Policies on offer: A key consideration is the breadth and variety of life insurance policies available. The top life insurance companies typically offer a comprehensive range, including term life insurance for temporary coverage, various types of whole life insurance for lifelong protection, and potentially no-medical-exam life insurance for quicker application processes. A diverse product portfolio ensures that individuals with different needs, financial situations, and life stages can find suitable coverage.

Financial strength and stability: The long-term stability and ability of an insurer to meet its future obligations are crucial. We analyse the financial strength ratings provided by independent rating agencies. The best rated life insurance companies generally hold high ratings (e.g., A- or higher), indicating a strong capacity to pay out claims consistently and reliably over the policy's duration.

Ability to apply online: We consider whether insurers offer the ability to obtain quotes, apply for policies, and manage their accounts online. The option to buy a policy completely online can be a significant advantage for those seeking a streamlined and hassle-free experience.

Article sources

SingSaver's insurance content is crafted by writers who rely on credible sources, including industry reports, official websites, government publications, and interviews with industry experts in Singapore. Our content undergoes thorough fact-checking for accuracy, timeliness, and relevance, ensuring you receive trustworthy information to make informed decisions.

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