Planning on purchasing insurance but not sure if AXA is better than AIA? You’re not alone. Knowing which insurance is perfect for your situation can be difficult.
That’s why we’ve put together this comprehensive guide comparing the different insurance companies available in Singapore, their plans, and benefits, to help you make a decision on which is best for you. From life insurance to health or general insurance, we got you covered.
The Best Insurance Companies in Singapore Compared by Category
The best insurance providers in Singapore are NTUC Income, Prudential, AIA, ManuLife, SingLife with Aviva, AXA, Great Eastern, AIG, Allianz, Tiq by Etiqa and FWD. Below, we’ve separated policies by these providers into different categories to compare the top life insurance companies, medical insurance and general insurance portfolio providers.
Best Life insurance Companies
The life Insurance business exists to insure you as a person. In simple terms, a customer’s life insurance policy will pay out to their family in the event of their death – through life insurance products can be combined with endowment and retirement plans and lots of other insurance and financial products.
Here are our top life insurance companies:
| Estimated Premium Costs | Coverage | Top Benefits | |
NTUC Income |
Check with provider | Up to 500% until age 75 or 80 Critical illness and disability income protection | Flexible payment plans Cash value can be built up to supplement retirement income |
UK Based Prudential PLC |
Check with provider | Whole life and term life available | Get disability and terminal illness protection with DIRECT PRUProtect Life II |
AIA |
Check with provider | Entire life cover available Opt to cover 150 multi-stage illnesses and 15 special conditions | Boost coverage by up to 5 times with multiplier feature Leading life insurer in Singapore |
Manulife |
Check with provider | Fixed premiums available on 20-year policies up to age 65 $400,000 sum insured available | Get a lump sum with DIRECT-ManuAssure Term |
SingLife with Aviva |
From $0.37 per day | $150,000 to $500,000 lifetime coverage currently on offer | 100% protection Easy application process online |
Life insurance products come in different shapes and sizes, from comprehensive life insurance plans covering your “whole life” to “term life” plans which can provide comprehensive coverage for a shorter, pre-agreed term. You’ll usually need to contact the insurer directly to retrieve a quote, as we all have different medical histories and risk factors that will need to be assessed to provide an accurate figure.
Best Health Insurance Company Options
Basic government insurance Singapore known as MediShield Life already covers citizens and Permanent Residents (PRs), but it’s common to upgrade to private medical insurance to create what’s known as an Integrated Shield Plan that offers much broader coverage – particularly for disabilities and life-changing illnesses.
Our top insurance companies for health insurance, include:
| Estimated Premium Costs | Coverage | Top Benefits | |
NTUC Income |
Check with provider | Protection against unexpected medical expenses | Get medical reimbursements for eligible hospital treatments and surgical procedures |
AIA |
Check with provider | Pregnancy-specific Mum2Baby policies and Platinum policies with worldwide coverage available | High lifetime payout limits Protect your wealthy with “as charged” benefits |
AXA |
Check with provider | International medical insurance available with tailored plans Emergency surgery and mental health care cover available | Market leader offering two months for free |
Great Eastern |
From $0.66 per day | Hospitalization, critical illness, disability, and maternity all covered $100,000 coverage and upwards | Percentage discounts available to some customers |
UK Based Prudential PLC |
Check with provider | Get comprehensive medical coverage with PRUShield | Flexible policy options to suit all budgets |
As we saw with life insurance, most insurers in the health insurance sub-sector offer myriad policy options that can be tailored and adjusted to suit your specific needs. As such, you might need to reach out to individual insurance companies directly if you wish to compare the most accurate quotes.
Best General insurance Companies in Singapore
“General insurance” is a blanket term often used to refer to home insurance, car insurance, personal accident insurance, maid insurance, and other typical insurance products. These policies, which are usually much more straightforward than health and life insurance, can be easily compared via comparison sites and applied for online.
Our top insurance companies for general insurance, include:
| Estimated Premium Costs | Coverage | Top Benefits | |
NTUC Income |
Check with provider | Health, personal accident insurance, life, and travel insurance all available | Promotions available on health and travel insurance products |
AIG |
Check with provider | Personal accident protection, health, life, property insurance and car insurance available | Widely-respected reputation |
Allianz |
Check with provider | Health and medical cover available | Fast online quotes and big discounts |
Tiq by Etiqa |
Check with provider | Property insurance, personal accident cover, private car, and travel insurance available | Market leader for digital insurance |
FWD |
Check with provider | Life, general, motor and travel insurance all available with FWD | Leading composite insurer for motor vehicles and other niches |
There are so many variables with general insurance that you’ll need to do a lot of digging around to compare the market. Think carefully about what kind of coverage you need, then shop around for the best deal.
Considerations When Comparing Life, Health, General and Car Insurance Companies in Singapore
Like all financial decisions, taking out insurance Singapore is serious business, and you should tread carefully when comparing insurance products and providers. Here are a few things to keep in mind:
1. The Top Insurance Companies Should Be Properly Regulated
Reputable providers should follow recommendations set out by the General Insurance Association (GIA) and the Life Insurance Association (LIA), but the Monetary Authority of Singapore – which licenses insurance agent companies across the insurance sector – will always have the final say.
2. Think Carefully About Your Insurance Singapore Needs
It’s sensible to compare multiple insurance products rather than going for the cheapest product in your insurance sector niche. Don’t go for the first product you find at a good price – other companies might offer similar products with better benefits, or additional cover thrown in for free that’s beneficial to you.
3. Get to Know Insurance Industry Jargon Words
The key to purchasing an appropriate insurance policy is understanding insurance industry jargon words, such as:
- Annuity – Which pays a regular income for the rest of your life on a life insurance policy.
- Lump sum – Which is a one-off payment you may receive.
- Cash value – Which refers to the amount of money you’ll be paid upon surrendering a policy’s savings feature.
- Coverage – Which basically means the scope of protection provided by an insurance policy.
- Critical illness – Which refers to major illnesses, cancers and surgery sometimes covered via crucial illness cover (which may be an optional extra).
- Claims process – This is the process of submitting a claim to your insurer requesting a payout.
The LIA offers helpful definitions of other insurance jargon terms in Singapore on its website here.
Frequently Asked Questions (FAQs) About Health, General and Life Insurance Companies in Singapore
1. Is AXA Insurance a Better Insurance Company Than AIA?
Both AXA Insurance and AIA offer reputable insurance solutions in Singapore, and frequently score highly in customer reviews.
AIA has a top-tier reputation for its health insurance, and it may be the case that families lead healthier lives with this peace of mind. Individual and commercial clients will have different needs, and AXA Insurance offers great products to both types of consumers.
2. What are the Top Five Insurance Companies in Singapore?
Singapore has so many highly rated insurance companies to choose from that shopping around often feels overwhelming from the consumer’s perspective.
AXA Insurance, FWD, NTUC Income, SingLife with Aviva, and AIA are all widely respected insurance brands, but there are many more great companies out there to choose from.
3. What is the Best Insurance Company in Singapore?
Insuring yourself with any trusted major brand is unlikely to leave you disappointed, but it’s worth noting that some insurers are better known for certain types of products than others.
For example, if you want general insurance or car cover, FWD might be a good option, while Manulife is well-known for financial planning and life insurance, and AIA is a great health insurer. Ultimately, which product is right for you will depend on your own unique needs.
4. Should I Be Concerned About an Insurance Company’s Credit Rating?
You can quickly and easily check the credit rating of any insurer online. Generally, it is advised to go for insurers that have a better rating, as this gives you the assurance that the company is unlikely to go bankrupt any time in the near future, and therefore your policy will be better protected.
But despite this view, many insurers that have lower credit ratings can still be trusted so long as they are properly regulated by MAS and other recognized bodies.
5. Can a Foreigner Buy Insurance in Singapore?
Yes, there are tons of private insurers out there that offer products to foreigners who reside in Singapore. Just keep in mind that eligibility and document checks might be a little tighter than they would be for Singapore citizens or PRs applying for the same product.
6. How Do I Know Which Insurers Can Really Be Trusted?
Trusted insurers should hold a license with the MAS and be properly regulated. You can find out more about the types of licenses required for various entities on the MAS website here.
7. What Qualities Make an Insurance Company Great?
A solid, dependable insurer should offer fair pricing and flexible policies that can be adapted to suit customer needs.
They should also offer an array of contact options and a speedy claims process that is easy to follow when you find yourself having to make an insurance claim. Of course, you should also look out for a MAS license, too.
8. How Do I Choose the Best Insurer for Me?
This is simply a case of determining exactly what you need from an insurance product, then comparing the market to narrow down the best companies offering insurance solutions that truly meet your needs.
Find the Right Insurance Companies in Singapore to Suit You
From getting to know the different types of insurance products across the insurance industry market, to making sure any insurance company you purchase from is properly regulated, there’s a lot to think about when comparing insurance companies in Singapore. Don’t forget that:
- Insurance products in Singapore are broken down into different categories and sub-categories, such as life insurance and maid insurance.
- You should start out by identifying what kind of insurance policies you need – e.g. car insurance plans, life insurance or general insurance – then compare the market to find the best deals in that niche.
- An insurance company you choose to purchase insurance products from, whether it be a respected global brand or an up-and-coming provider, must always be MAS-regulated.
- Due to the many variables involved in comparing and purchasing insurance, you may need to approach individual insurers directly for accurate quotes if you are unable to obtain these on comparison sites.
- The best insurance company for you will always depend on your unique needs – look for an affordable insurance plan that offers comprehensive coverage in your niche at the best price.
A1 Credit likes to keep Singaporeans updated on the latest insurance news and most affordable premiums. If you need fast finance, we can also help you get a fast approval personal loan today. Apply now or request a free quote to help you decide which loan plan best fits your needs.
