Compare and get personalised quotes from 19 life insurance providers to find the best mortgage insurance plan in Singapore for your needs.
What Is Mortgage Insurance & Why Is It Important?
Mortgage protection insurance is a life insurance policy designed to protect your loved ones from the financial burden of repaying large home loans if anything should happen to you.
It can provide a lump sum payout in the event of 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 security of a mortgage loan insurance policy, you can enjoy peace of mind, knowing your loved ones will still have a roof over their heads, come rain or shine.
Best Mortgage Insurance in Singapore (Comparison for 2026)
Here’s a non-exhaustive list of mortgage insurance plans that we can compare:
| Insurance Company | Plan Name |
|---|---|
| AIA | Secure Flexi Term |
| Singlife (formerly Aviva) | MyProtector – Decreasing (withdrawn) Elite Term II |
| HSBC Life (formerly AXA) | Decreasing Term Assurance (withdrawn) Term Protector Term Protector Prime |
| FWD | Future First |
| Manulife | ManuProtect Decreasing II ManuProtect Term II |
| Income Insurance (formerly NTUC Income) | Mortgage Term TermLife Solitaire |
| Tokio Marine | TM Term Assure II |
Manulife ManuProtect Decreasing II
Manulife’s ManuProtect Decreasing II plan offers protection against death and terminal illness. With this plan, you can choose a coverage term between 10 and 35 years.
There will be a gradual decrease in your sum assured over time, at a rate you select – from 1% to 5% annually.
The plan also includes a joint-lives option, allowing you and your spouse to be covered under the same policy. However, this option may not be as popular as it once was, as there may be better alternatives.
There are additional coverage options to consider, including total and permanent disability (TPD) and critical illness (CI) coverage.
The premium term aligns with the policy term, though payments are not required for the final two years.
Income Insurance Mortgage Term
Income Insurance (formerly NTUC Income) Mortgage Term provides basic coverage for death, TPD, and terminal illness. There is also an option to include a rider for CI coverage.
You can choose a coverage term between 5 and 35 years. Since this is a reducing-term plan, the sum assured will decrease each year at a rate you select, from 1% to 7%.
This plan does not offer a joint lives option, so it is designed for individual coverage only.
As with many mortgage-reducing term plans, the premiums are structured so that payments are not required in the final two years of the term.
Though mortgage-reducing term insurance may seem like the straightforward choice, level-term insurance has gained popularity for its cost-effectiveness and flexibility. For an overview of various term plans from different insurers, click here. To compare quotes for both mortgage-reducing and level-term insurance, you can request a comparison on this page.
Mortgage-Reducing and Level-Term Insurance Premiums
The following tables show quotes for a male and female, each with a date of birth of 01/01/1997 (age 30 at their next birthday). Both are non-smokers, work in non-high-risk occupations, and have no pre-existing medical conditions. The coverage term is either until age 60 or a 30-year term.
$1,000,000 Death and TPD
| Insurance Provider | Plan Name | Annual Premium (Male) | Annual Premium (Female) |
|---|---|---|---|
| Manulife | Manulife ManuProtect Decreasing II | $455.40 | $320.16 |
| Income | Income Insurance Mortgage Term | $729.20 | $581.50 |
| Singlife | Singlife Elite Term II | $450.90 | $370.10 |
| HSBC Life | HSBC Life Term Protector | $552.50 | $417.30 |
| Income | Income Insurance TermLife Solitaire | $495.25 | $431.95 |
| Manulife | Manulife ManuProtect Term II | $546.48 | $430.56 |
| FWD | FWD Future First | $528.00 | $433.00 |
| AIA | AIA Secure Flexi Term | $707.00 | $546.00 |
| Tokio Marine | Tokio Marine TM Term Assure II | $603.00 | $458.00 |
$1,000,000 Death and TPD + $300,000 CI
| Insurance Provider | Plan Name | Annual Premium (Male) | Annual Premium (Female) |
|---|---|---|---|
| Manulife | Manulife ManuProtect Decreasing II | $757.80 | $648.66 |
| Income | Income Insurance Mortgage Term | $1,556.45 | $1,564.55 |
| Singlife | Singlife Elite Term II | $767.60 | $819.80 |
| HSBC Life | HSBC Life Term Protector | $891.80 | $813.15 |
| Income | Income Insurance TermLife Solitaire | $1,371.00 | $1,456.50 |
| Manulife | Manulife ManuProtect Term II | $921.78 | $885.96 |
| FWD | FWD Future First | $795.90 | $723.40 |
| AIA | AIA Secure Flexi Term | $1,301.00 | $1,227.00 |
| Tokio Marine | Tokio Marine TM Term Assure II | $978.00 | $965.00 |
Notes and Disclaimers:
- The quotes are accurate as of 13 January 2026 and incorporate perpetual discounts.
- A 3% interest rate is selected for the mortgage-reducing term plans.
- Insurers have varying standards for determining age (using either age at next birthday or age at last birthday), which may result in policy terms deviating by one or two years and premiums not being directly comparable.
- The table is intended as a cost indication only and should not be regarded as financial advice, as it does not take into account your personal financial situation or objectives. Additionally, there are other policy aspects, not shown here, that may influence your decision.
- Although the table may suggest that a particular plan is cheaper, this may not hold true for everyone, as individual profiles and needs differ. Likewise, while one plan may appear less competitive in price, it could offer more attractive benefits in other areas.
- While we strive to ensure the highest accuracy of information, we cannot be held responsible or liable for any errors, omissions, or inaccuracies.
- The figures provided are indicative only and may not reflect the actual cost. For up-to-date quotes, you should consult a licensed financial consultant.
We Compare 19 Insurance Companies to Find the Best Mortgage Insurance Plan for Your Needs
Our Trusted Providers
- AIA
- Allianz
- China Life
- China Taiping
- Etiqa
- Friends Provident
- FWD
- HSBC Life
- Income Insurance
- Life Insurance Corporation
- Manulife
- Monument International
- Raffles Health
- Singlife
- Sun Life
- Swiss Life
- Tokio Marine
- Transamerica
- Utmost International
Frequently Asked Questions
- What is a mortgage insurance plan in Singapore?
Mortgage insurance is a life insurance plan that pays a lump sum if the insured party passes away, is diagnosed with a total and permanent disability, or develops a terminal illness. - Is mortgage insurance compulsory in Singapore?
If you’re using CPF to pay for your HDB loan, you’re likely covered under the Home Protection Scheme (HPS) by default. However, if you have your own life insurance, you could be exempt from HPS. Private property owners are not eligible for HPS coverage, and mortgage insurance is not compulsory for them. Nonetheless, it is still recommended that they obtain coverage. - 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.