Singapore Insurance Premium Calculator - Life & Health Insurance

Term Life Insurance:

• Pure Protection: Provides death benefit only
• Temporary Coverage: Coverage for specific term (10-30 years)
• Lowest Cost: Most affordable premium rates
• No Cash Value: No savings or investment component

Whole Life Insurance:

• Permanent Coverage: Lifelong protection
• Cash Value: Builds savings component over time
• Fixed Premiums: Level premiums throughout life
• Guaranteed Benefits: Guaranteed death benefit and cash value

Endowment Insurance:

• Dual Purpose: Protection and savings combined
• Maturity Benefit: Pays out at end of policy term
• Higher Premiums: More expensive than term insurance
• Guaranteed Returns: Minimum guaranteed cash value

Personal Factors:

• Age: Younger applicants pay lower premiums
• Gender: Actuarial differences in life expectancy
• Health Status: Medical conditions affect risk assessment
• Lifestyle: Smoking, drinking, exercise habits

Occupational Factors:

• Risk Level: Office work vs hazardous occupations
• Income Level: Higher income may qualify for better rates
• Travel Requirements: Frequent travel to high-risk areas
• Professional Status: Some professions get preferential rates

Policy Factors:

• Coverage Amount: Higher coverage increases premiums
• Policy Type: Term vs permanent insurance
• Riders: Additional benefits increase cost
• Payment Frequency: Annual vs monthly payment modes

Local Insurers:

• Great Eastern: Largest life insurer in Singapore and Malaysia
• NTUC Income: Cooperative insurer serving Singaporeans
• Etiqa Insurance: Maybank's insurance arm
• HSBC Life: Bank-affiliated life insurance

International Insurers:

• AIA Singapore: Leading pan-Asian life insurer
• Prudential Singapore: UK-based multinational insurer
• Aviva Singapore: British multinational insurance company
• Tokio Marine Life: Japanese insurance group

Bancassurance Partners:

• DBS Insurance: Partnership with various insurers
• OCBC Insurance: Bank-distributed insurance products
• UOB Insurance: Comprehensive insurance solutions
• Standard Chartered: Life and general insurance products

Medisave (Mandatory):

• Basic Coverage: Compulsory health savings account
• Contribution Rates: 8-10.5% of salary depending on age
• Coverage Limits: Basic ward and treatment coverage
• Withdrawal Rules: Specific conditions for usage

MediShield Life (Basic):

• Universal Coverage: Basic catastrophic illness insurance
• Automatic Enrollment: All citizens and PRs covered
• Premium Subsidies: Government subsidies for lower-income
• Coverage Limits: Annual and lifetime claim limits

Integrated Shield Plans (Enhanced):

• Private Coverage: Enhanced benefits beyond MediShield Life
• Higher Limits: Increased annual and lifetime limits
• Private Hospital: Coverage for private hospital treatment
• Additional Benefits: Outpatient and specialist coverage

Life Insurance Relief:

• Tax Deduction: Up to $5,000 annual premium deduction
• Qualifying Policies: Life insurance and annuity policies
• Spouse Coverage: Premiums for spouse's policy qualify
• Documentation: Keep premium payment receipts

Supplementary Retirement Scheme (SRS):

• Tax Deferral: Contributions reduce current taxable income
• Insurance Purchase: Can buy insurance using SRS funds
• Withdrawal Rules: Specific conditions for early withdrawal
• Retirement Benefits: Tax advantages during retirement

CPF Insurance Scheme:

• Dependants' Protection Scheme: Basic term life insurance
• Home Protection Scheme: Mortgage-reducing term insurance
• Premium Payment: Paid using CPF Ordinary Account
• Automatic Coverage: Default enrollment with opt-out option

Coverage Mistakes:

• Under-insurance: Insufficient coverage for needs
• Over-insurance: Excessive coverage beyond requirements
• Wrong Product Type: Choosing inappropriate insurance type
• Ignoring Inflation: Not adjusting coverage for inflation

Financial Mistakes:

• Premium Affordability: Taking on unaffordable premiums
• Policy Lapse: Allowing policies to lapse due to non-payment
• Early Surrender: Surrendering policies prematurely
• Ignoring Returns: Not considering investment returns

Process Mistakes:

• Incomplete Disclosure: Not revealing health conditions
• Poor Documentation: Inadequate record keeping
• No Regular Review: Failing to update coverage regularly
• Single Insurer: Not comparing multiple insurers

How much life insurance coverage do I need?

A general rule is 10-15 times your annual income, but consider your debts, family needs, and existing coverage. Young families typically need more coverage than older individuals with grown children.

What's the difference between term and whole life insurance?

Term life provides temporary coverage at lower cost, while whole life offers permanent coverage with cash value buildup but higher premiums. Choose based on your needs and budget.

When is the best time to buy life insurance?

The younger and healthier you are, the lower your premiums. It's best to buy insurance when you have dependents or significant debts, typically in your 20s or 30s.

Can I change my insurance policy after purchase?

Yes, most policies allow changes such as increasing coverage, adding riders, or converting term to permanent insurance, subject to underwriting and policy terms.

Are insurance premiums tax-deductible in Singapore?

Yes, life insurance premiums qualify for tax relief up to $5,000 annually. This includes premiums for your own policy and your spouse's policy.