Life Insurance

Here are some of the highlights that we think you should know.

whole life insurance

What is Life Insurance?

It Is
  • A form of financial protection or coverage. Monetary support will be given to you if you are permanently disabled or critically ill, if your policy provides for this, or paid to your estate if you are no longer around
  • A form of retirement planning, savings or investments. Some life insurance products consist of a savings and investment component coupled with insurance protection
Things People Usually Cover For
  • Mortgages
  • Living expenses for your family
  • Stay-at-home expenses (cooking, cleaning, etc.)
  • Burial expenses
  • Loans from family members
  • Property taxes that your heirs must pay for other assets
Typical Cost

Annual premium for a 35 years old, Non-Smoker (With S$1 Million Death and Total Permanent Disability Coverage) is approximately:

  • Male: S$1811
  • Female: S$1244
Monthly average household expenses
  • Communication: $2,604/ year
  • Transport: $9,732/ year
  • Food & Beverage: $14,256/ year
  • Clothing & Footwear: $1,872/ year

*Data obtained from SingStats

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