Compare the Best Life insurance Plans in Singapore (2022)

Should I buy directly through an agent or through a broker?

You can buy insurance from both agents and brokers. Each have their own advantages and disadvantages to contend with. Brokers have a wider feel for the marker due to working with a variety of different companies in their network and this wide-angle lens can help determine the best prices for the coverage you need. Agents on the other hand may not have this wide-angle lens but are far more specialised and can better assist with personalising your policy from a particular provider. The most important thing is to ensure you have considered all your options when looking for life insurance and making sure you have evaluated the cost-benefits of each.

What if I already have life insurance through work?

That’s great! However, like with many policies provided by organisations, there are often limitations, e.g. the claim capped at small amounts like $100,000 which can leave you under-insured. Work policies also only apply as long as you are working for that company – if you change jobs you will lose the coverage.

Can I change my beneficiary?

Yes, you can list and change beneficiaries on your policy – including what percentage of the death benefit is due to each beneficiary. It is common to name direct family members as beneficiaries, but you can choose others, e.g. friends, business partners, charities or legal entities.

Can I adjust my coverage level?

Yes, some specific policies will allow you to increase or decrease your coverage if you suspect you may need to change your coverage later on:

• Variable life, universal life and variable universal life – these are permanent policies that also have built-in flexibility to allow you to change the coverage amount. Changing the amount however, does have an impact on the death benefit.
• Decreasing term life insurance – this is a type of “term life insurance” where the amount paid out by the death benefit gradually decreases as you age. This is most suited for those who expect that they will have less debt in the future.

Can I cancel my policy?

Yes you have the ability to cancel your insurance but bear in mind you’ll only receive a refund of any premiums if you fulfil certain criteria:

• You cancelled during the “free look period.” – providers are legally obligated to provide a “cooling-off” period in which policy holders may change their mind about taking out the policy. This timeframe varies between 10-30 days depending where you are geographically as well as which provider you go with.
• You bought a rider that covers return of-premium – if you bought this supporting rider alongside your policy, when you cancel it means that you’ll be reimbursed for the premiums paid (minus any administrative processing costs).