Singlife Flexi Life Income II: A Flexible Whole Life Plan with No Underwriting

Singlife Flexi Life Income II is a participating whole life insurance plan underwritten by Singapore Life Ltd., designed to facilitate wealth accumulation while providing lifelong coverage. Unlike traditional whole life policies that require medical underwriting, this product offers No Underwriting Required, making it accessible for individuals who may have health concerns or prefer a streamlined application process. The plan allows policyholders to choose between single premium or limited payment terms (3–25 years), with an accumulation period that can be customized based on age and payment term. A key feature is the "Yearly Income," which pays out a combination of a guaranteed 2.20% Cash Benefit and a non-guaranteed Cash Bonus (illustrated at 3.00%) annually after the accumulation period. The product also supports Supplementary Retirement Scheme (SRS) payments but does not allow CPFIS premium payments.

How it compares

When evaluating Singlife Flexi Life Income II against similar whole life income plans, significant differences emerge in cost structure, underwriting requirements, and return profiles. The comparison below uses data from CompareFIRST.sg as of July 2026, standardized per $100,000 Sum Assured (SA) for a male, non-smoker aged 35 (except where noted).

Premium Cost and Payment Structure Singlife Flexi Life Income II is priced at $73,017 per year for a single premium payment. This is substantially higher than its peers when viewed on a per-$100k SA basis. For instance, Manulife IncomeGen (II) requires only $20,000 over 2–5 years, and FWD Life Income Plus requires just $10,000 over 6–10 years. Tokio Marine’s TM Retirement GIO Plus (II) is also more affordable at $31,865 per year for a 2–5 year term. The high premium of Singlife’s product reflects its single-premium nature and the inclusion of no-underwriting convenience.

Surrender Value and Returns At Year 20, Singlife Flexi Life Income II shows a surrender value of $73,017 per $100k SA, which is lower than FWD Life Income Plus ($103,038) and significantly lower than TM Retirement GIO Plus (II) ($163,770). This indicates that capital preservation in the early-to-mid term is weaker compared to these competitors.

Regarding returns, Singlife’s participating fund has delivered a 5-year net investment return of 0.82% and a 10-year return of 3.00%. In contrast, TM Retirement GIO Plus (II) offers higher illustrated returns of 1.64% (5-year) and 4.16% (10-year). However, Singlife’s Total Expense Ratio (TER) is 2.50% for the first 5 years, which is higher than TM Retirement GIO Plus (II)’s TER of 0.58%. Manulife IncomeGen (II) has a TER of 2.40%, but specific net return figures were not provided in the comparison data.

Key Differentiators The primary advantage of Singlife Flexi Life Income II is the No Underwriting Required feature, which none of the compared peers explicitly highlight in this dataset. Additionally, it allows SRS payments, whereas some competitors may have restrictions (though specific CPFIS/SRS details for peers were not provided in the table). However, it lacks a Sum Assured Multiplier and Guaranteed Insurable Option, features that might be found in other whole life plans.

Pros

• No Medical Underwriting: Simplifies entry for those with pre-existing conditions or who wish to avoid medical checks.
• Flexible Payment Options: Offers single premium or limited payment terms (3–25 years) and flexible accumulation periods.
• SRS Compatible: Allows premiums to be paid using Supplementary Retirement Scheme funds.
• Lifelong Income Stream: Provides a guaranteed Cash Benefit plus non-guaranteed bonuses as long as the policy is in force.

Cons

• High Premium Cost: The single premium cost per $100k SA ($73,017) is significantly higher than peers like FWD or Manulife.
• Lower Early Surrender Value: The Year 20 surrender value ($73,017) is lower than TM Retirement GIO Plus (II) and FWD Life Income Plus.
• No CPFIS Payment: Cannot be funded using Central Provident Fund Insurance Scheme funds.
• Non-Guaranteed Elements: A portion of the income (Cash Bonus and Booster Bonus) depends on the insurer’s participating fund performance, which has shown volatility (e.g., -1.68% over 3 years).

Who it may suit

Singlife Flexi Life Income II may suit individuals who:

• Are unable to pass standard medical underwriting due to health issues.
• Have a lump sum available and prefer a single-premium structure for simplicity.
• Wish to utilize SRS funds for retirement income planning.
• Prioritize the convenience of no medical checks over lower premiums or higher early-term surrender values.

It may be less suitable for those seeking maximum capital preservation in the first 20 years, those who wish to use CPFIS funds, or those looking for the lowest possible premium cost per unit of coverage.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.