5 Best Mortgage Insurance in Singapore (Comparison for 2022)

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1179+ Singaporeans have benefitted from our comparisons

best mortgage insurance singapore comparison
  • ​Avoid multiple agents and yet be able to compare across 18 insurance companies
  • ​Our DeepDive™ provides an in-depth comparison of the best mortgage insurance in Singapore
  • Tailored to your specific needs with personalised quotes and premiums
  • Don’t burden your family unnecessarily. Protect yourself and your loved ones.


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The Purpose of a Mortgage Insurance

A mortgage protection insurance is a life insurance policy that protects your loved ones against repaying huge home loans if anything happens to you.

It can pay out a lump sum upon death, total and permanent disability, or critical illness, during the term of the plan.

This lump sum could then be used to pay off the outstanding loan.

With the cover from a home mortgage loan insurance, you are sure to enjoy a peace of mind that your loved ones will still have a roof over their heads, no matter rain or shine.

(If you’re new to mortgage insurance and want to know more about it instead, read this guide first.)

Best Mortgage Insurance in Singapore (Comparison for 2022)

If you like the idea of a mortgage insurance plan, what’s next?

Finding the best one of course!

You’re using your hard-earned money and you’ll definitely want to make the best decision (with no regrets in the future).

But mortgage insurance plans come in all shapes and sizes… and one size doesn’t fit all.

The only way to find the best one for you is to do an in-depth comparison across the different plans offered by the different insurance companies.

And that’s what we’re good at.

Here’s a non-exhaustive list of mortgage insurance plans that we can compare:

Insurance CompanyPlan Name
AIASecure Flexi Term
AvivaMyProtector – Decreasing (withdrawn)
MyProtector – Term Plan II
AXADecreasing Term Assurance (withdrawn)
Term Protector / Term Protector Prime
FWDFuture First
HSBC LifeTerm Protect Advantage
ManulifeManuProtect Decreasing (II)
ManuProtect Term (II)
NTUC IncomeMortgage Term
iTerm
TermLife Solitaire
Tokio MarineTM Term Assure (II)

What’s in Our Mortgage Insurance Comparison DeepDive™

best mortgage insurance singapore comparison


Unlike others, our DeepDive™ gives you the Good and the Bad
So you will be equipped to make better decisions.

What we’ll cover in the comparison:

  • Mortgage reducing term vs Level term
  • Amount of cover for Death, TPD and/or Critical Illness
  • Policy term
  • Premium term
  • Premiums payable
  • Any secondary benefits
  • Any available discounts or promotions
  • Potential disadvantages
  • Anything else you wish to know…

We spent hours scrutinising policy documents so that you don’t have to.

But, We Do Things Differently

Unlike others, we don’t publish these comparisons online (comparisons from other sites are usually generic in nature, may contain outdated information, and their quotes aren’t specific to your profile and your needs). Also, we don’t send these these personalised comparisons directly to your email.

We do this on an appointment basis (via zoom video call or a meet-up) to first understand your situation before going through the comparison with you. This ensures that we can provide appropriate advice there and then.

It may sound troublesome to you, but hear us out.

3 Reasons Why We Need to Meet

(Either through a zoom video call or a meet-up)

You just want to look at the numbers… you got no time… you don’t want to meet strangers.

Perhaps you’re here because you were doing research online or came looking for more information when someone – friend or agent – told you about this.

So you may thinking, “just email the comparison and quotes to me!

As consumers ourselves, we understand the convenience of that.

But a mere comparison table will not help you make a concrete decision (one that you can set in stone).

Here are 3 reasons why there’s a need to meet:

1) Give Accurate Recommendations

understanding your situation

Can you be absolutely sure of what you want? Could there be something that you may have missed?

A wrong decision might lead to a lifetime of regrets.

If you go to a doctor and without asking you anything, the doctor gives you medicine for this, this and this.

Would you have full confidence in the solution? No.

And that’s why there’s a need to understand your situation first before we give a recommendation – we’re not in the business of pushing products.

2) Requirement of MAS

requirement of MAS

In the Financial Advisers Act, it is stated that in order for a recommendation to be made, information on the client has to be gathered first.

Any inaccurate or incomplete information may affect the suitability of the recommendation.

Over the years, MAS has imposed stricter regulations to ultimately protect Singaporeans (and that includes you).

It is there for a reason and that is to ensure that you don’t end up with an unsuitable plan.

3) Touch on Fine Prints

touch on fine prints

What’s the purpose of a comparison table?

It’s to present information in an organised and simple way, so that you can make a decision based on it.

But can you really make an informed decision from it?

If you can easily do that, there wouldn’t be a need for two-digit pages of policy documents (for just one plan).

There are fine prints and clauses that might make or break your decision.

And that’s why we meet to not only show you the comparisons but to go through any critical pointers that you must be aware of.

We don’t want to overpromise and underdeliver.

What Singaporeans Are Saying (Reviews & Testimonials)

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We Compare 18 Insurance Companies to Find the Best Mortgage Insurance Plan for Your Needs

This Is Great if You:

  1. Don’t know which plan is the best
  2. Don’t wish to waste precious time and money going to individual companies for quotes
  3. Don’t wish to tear your hair out looking through product documents

Our Trusted Providers

  • AIA
  • Aviva
  • Friends Provident
  • China Life
  • Generali Worldwide
  • China Taiping
  • NTUC Income
  • Manulife
  • LIC
  • Old Mutual
  • Swiss Life
  • HSBC Life
  • AXA
  • Tokio Marine
  • Singlife
  • Transamerica
  • Etiqa
  • FWD

Frequently Asked Questions

What is a mortgage insurance plan in Singapore?

A mortgage insurance is a life insurance plan that pays a lump sum of money in the event when the insured party passes on or is diagnosed with a total and permanent disability or a terminal illness.

Is mortgage insurance compulsory in Singapore?

If you’re using CPF to pay for your HDB loan, by default, you’re likely to be covered under the Home Protection Scheme (HPS). However, if you have your own life insurance, you could be exempted from HPS. Private property owners can’t be covered under the HPS, and mortgage insurance is not compulsory for them. But, it’s still recommended that they get themselves covered.

Is this service free?

Yes, there’s no fee involved.

How long does the appointment take?

It typically takes around 45 minutes. However, it can be longer for more complex situations or if you have further questions.

Are there any obligations?

Depending on your situation, we may or may not recommend solutions. If we do, it’s entirely up to you to go ahead with it. As consumers ourselves, we dislike high-pressure tactics.

Should I bring my existing policies?

Yes! If you do have them, do bring them along (or a policy summary) as we can provide more accurate feedback.

How is this appointment conducted?

This can be done over a zoom video call or a meet-up.