Best Cheap Mortgage Insurance in Singapore 2024

Prudential's PRUMortgage Refund provides a full premium refund at the end of your policy term if you did not make any claims and will cover you for death and terminal illness. You can also choose to get total and permanent disability coverage as an optional benefit. The death benefit consists of the higher of the sum assured or the total premiums paid. PRUMortgage Refund is a regular premium payment plan, where you will pay premiums up until you have 3 years left on your policy. You have the option of applying for this plan alone or jointly with whomever is helping you pay for the loan. The plans are fairly flexible, allowing you choose interest rates between 1-7% and choose any policy term between 10 and 35 years (or up to age 75 Age Next Birthday, whichever is earlier).

PRUMortgage Refund Premier is similar to PRUMortgage Refund in that it provides a full refund at the end of the policy term. However, there are a few differences. First, you pay with a single premium (pay just once at the beginning of your policy). You will also receive total and permanent disability coverage included in the base plan, unlike in PRUMortgage Refund. Furthermore, your policy term will cover you up to age 80, whereas PRUMortgage Refund will cover you until age 75. Lastly, there is a S$100,000 sum assured minimum, so if your loan is smaller than that amount, you will not be able to purchase this policy. It is worth noting that while the single premium payment requires more money up front when you purchase the policy, our research found that you may end up paying less over the whole term of the policy.

OCBC Mortgage Protect Advantage is another plan that will provide a full premium refund if you don't make any claims by the end of the policy. You will be covered against death, terminal illness and total and permanent disability. If you don't make any claims by the end of your policy term, you'll get a 100% premium refund. Unlike Prudential's plans, you will also get back at least 40% of the premiums you paid if you choose to surrender your policy from the 8th policy year.

If you're interested in learning more about these plans, reach out to our advisors at PolicyPal by clicking "Get a Quote".

HSBC Mortgage Protector provides a wide variety of policy terms, premium payment options and interest rates to help you create the most suitable mortgage insurance plan. For instance, you can choose a policy term between 10 and 40 years, unlike most policies that cap the maximum policy terms to 30 or 35 years. Furthermore, you can choose to purchase this plan alone or jointly and pay your premiums yearly, half-yearly, quarterly or monthly. The life benefit provides coverage for death, terminal illness and total and permanent disability. Lastly, our research has found that HSBC offers cheaper than average premiums by about 30-37% compared to other insurers. Combining that with its current offer of a free one month free waiver, it could be an affordable option to people who can't afford to pay for a full-refund policy.

AXA Decreasing Term Assurance provides the largest number of choices for your interest rates, ranging between 0-15%. AXA also provides a variety of payment options and policy terms. For instance, you can choose to pay annually or you can pay for your entire plan all in one go with a single premium. You will be covered for death, total and permanent disability and terminal illness. You can also add a variety of riders, including personal accident, critical illness and waiver of premium options. One thing to note is that AXA has a minimum and maximum sum assured depending on your policy. For single life plans (meaning only 1 person is taking out the policy) has a minimum sum assured of S$50,000. Joint life plans have a minimum sum assured of S$100,000.

ePROTECT Mortgage is another MRTA that has unique benefits compared to other mortgage insurance plans. For instance, not only does it provide the standard death, terminal illness and total and permanent disability coverage, but it also offers an additional funeral benefit. Furthermore, it offers a wide range of policy terms between 6 and 40 years, so a variety of mortgage loan scenarios may fit under this plan (for instance, you buy a second property down the line and need a longer policy term to cover the new loan). Etiqa's interest rate options are between 1-4% and you'll only need to pay premiums for 90% of your policy term.

Aviva MyProtector-Decreasing is an MRTA that provides flexible coverage and a range of features. For instance, you can choose a policy term of 10 years to term up to age 99 at every one year interval. This policy term is unique as most other plans only allow policy terms up to ages 65-75. You can also choose from a variety of interest rates between 1%-9% (with the exclusion of 6% and 8%). The life coverage includes a death and terminal illness benefit, but if this isn't enough, you can choose to top up your coverage with a Total & Permanent disability rider, a critical illness rider and a premium waiver rider.

If you're interested in learning more about these plans, reach out to our advisors at PolicyPal by clicking "Get a Quote".