Life Insurance for Seniors in Singapore

If you are a senior citizen now and you are unsure of how your financial needs will be met, you might be considering a life insurance policy. Life insurance is a very important part of investing your money in order to be ready for any unforeseen mishaps in the future. The earlier you begin, the better prepared you will be.

If you have not begun to save some money for your future, fret not, we bring you many options to choose from. It is better late than never to start saving for a rainy day.

Things Senior Citizens should consider when Buying Life Insurance:

  • Age: Read carefully about the minimum age to be eligible and maximum age coverage. Analyse how many years you can make payment without falling into debt.
  • Premium payment: Assess your income and don’t sign up for more than you can pay, in the hopes of getting returns.
  • Analyse your needs: Think carefully about what you have and what you can afford. After all, you do not need a policy whose premium eats into your lifestyle. It is better to be ready for the future. Have a realistic goal and follow it.
  • Compare policies in the market: You need to carefully compare the policies in the market. Some may have lower premiums, but will they serve your purpose? Usually policies with higher premiums may provide cash values. But can you pay those higher premiums at this point of your life?

Here are a few life insurance policies for the seniors, which you should carefully consider.

Senior Citizen Life Insurance Plans

The Insurance offered by NTUC Income Senior Plan has the following features:

  • Age: Eligibility regarding age is between 49 to 69 years.
  • Coverage: It pays in the event of death or total and permanent disability (TPD before the age of 70). The amount it pays depends on when the event occurs. During the 1st year of policy you may get 20% of the sum assured and it goes up to 100% of the sum assured plus 100% of the bonuses during and after the 5th year of policy. However, if you have paid more premiums than the sum assured you can receive, your full premiums will be refunded to you instead.
  • Payment: You need to pay premium only for 10 years. You can make payments on a monthly, quarterly, half-yearly or yearly basis.


  • There is no medical examination to sign up for this policy. It claims guaranteed acceptance of the request for policy.
  • It offers lifetime coverage if you pay premiums for 10 years. This is very useful because when you retire, you don’t have to worry about the premiums.
  • This policy is eligible for bonuses, which will be repaid during and after the 3rd policy year (in the unfortunate event of death or disability).
  • It claims to have exclusive treats for income earners who sign up for this policy.

You may visit the nearest branch or send an enquiry online and connect with an adviser to buy this insurance policy.

Aviva MyLifeChoice offered by Aviva Singapore has the following features:

  • Age: You could begin at any age and continue the insurance up to 80 years.
  • Coverage: It promises a coverage of up to 275% of the sum assured in the case of death, critical illness or total and permanent disability. This of course varies with the amount assured.
  • Payment: You can choose to pay over 15, 20 or 25 years or until your 80th birthday. This gives you a choice of managing your finances in a better way, even when you start late.


  • You can increase your cover without a medical check-up.
  • Optional critical illness and total and permanent disability riders for coverage till age 99 and from your 70th birthday, respectively.

Simply visit the website of Aviva Life Insurance to understand the policy better and to see if it fits you.

Though there are not many options for life insurance at the level of a senior citizen, you could consider the above options to make an informed decision.

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