Review: DIRECT - Etiqa Whole Life (Version 2.25)

As of July 2026, DIRECT - Etiqa Whole Life is a commission-free Direct Purchase Insurance (DPI) whole life plan offered by Etiqa Insurance Pte. Ltd. Designed for self-directed buyers, this participating policy provides lifelong coverage for death, Total and Permanent Disability (TPD), and Terminal Illness. It allows policyholders to accumulate cash value over time through a mix of guaranteed and non-guaranteed bonuses. The plan is subject to strict underwriting limits, with a maximum aggregate sum assured of S$400,000 across all direct purchase products and a specific cap of S$200,000 for whole life plans. It is protected under the Policy Owners’ Protection Scheme administered by SDIC.

How it compares

When evaluated against similar DPI whole life products for a 35-year-old male non-smoker with coverage to age 85, Etiqa’s offering presents a distinct cost and return profile.

• Premiums: The annual premium for DIRECT - Etiqa Whole Life is $1,792 per $100,000 sum assured. This is notably higher than its peers: Great Eastern’s DIRECT - GREAT Life II 85 ($1,578), China Taiping’s DIRECT - Whole Life (III) ($1,586), and FWD’s DIRECT - Whole Life with CI ($1,638). Etiqa is the most expensive option in this comparison group.
• Surrender Value: At year 20, the projected surrender value for Etiqa is $26,300 per $100,000 SA. This is actually higher than Great Eastern ($25,000), FWD ($22,843), and China Taiping ($20,000). However, it is important to note that while Etiqa’s absolute dollar value is higher, its net returns are lower (see below).
• Net Returns & Costs: The 5-year net investment return for Etiqa is -0.40%, compared to Great Eastern’s positive 2.39% and China Taiping’s -0.03%. The 10-year net return is 1.92%, trailing Great Eastern’s 3.68%. Furthermore, Etiqa’s Total Expense Ratio (TER) at year 5 is 2.25%, which is higher than Great Eastern’s 1.54% but lower than China Taiping’s 5.12%.

In summary, while Etiqa offers a slightly higher absolute surrender value at year 20 compared to some peers, it comes with a higher premium cost and lower net investment returns over the first decade.

Pros

• Higher Year-20 Surrender Value: Offers a projected surrender value of $26,300 per $100k SA at year 20, which is higher than Great Eastern ($25,000), FWD ($22,843), and China Taiping ($20,000).
• Competitive Expense Ratio: The TER of 2.25% at year 5 is significantly lower than China Taiping’s high cost of 5.12%.
• Financial Strength: Backed by Etiqa Insurance with a Fitch credit rating of A.
• No-Commission Model: As a direct purchase plan, it eliminates adviser fees, appealing to those who prefer managing their own finances.

Cons

• Higher Premiums: At $1,792 per year per $100k SA, it is the most expensive option among the four compared products.
• Lower Net Returns: The 5-year net return of -0.40% and 10-year return of 1.92% are lower than Great Eastern’s corresponding figures (2.39% and 3.68%).
• Limited Flexibility: Does not allow SRS or CPFIS premium payments, nor does it offer a Sum Assured Multiplier or Guaranteed Insurable Option.
• Non-Guaranteed Bonuses: A significant portion of the potential cash value relies on non-guaranteed performance bonuses, which vary based on the participating fund’s experience.

Who it may suit

DIRECT - Etiqa Whole Life may suit consumers who prioritize absolute surrender value at the 20-year mark over long-term net yield efficiency. It could be appropriate for individuals who already have a strong preference for Etiqa’s brand or specific policy features (such as the immediate funeral aid of up to S$3,000) and are willing to pay a premium for it. However, for cost-conscious buyers seeking better net returns over time, Great Eastern’s DIRECT - GREAT Life II 85 offers lower premiums and superior investment performance. Those looking for the lowest expense ratio should also consider Great Eastern, while those prioritizing the lowest upfront cost might look at Great Eastern or China Taiping.

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.