By MoneyBees
Work out how much life insurance you need in Singapore, needs-based: income for your family for the years they rely on it, debts, your children's education and final costs, less the cover and savings already there. CPF's Dependants' Protection Scheme counts too. We name no product and no insurer.
Take-home pay less what you spend on yourself.
Often until your youngest child starts work.
0% keeps it simple; a higher rate needs a smaller sum.
Funeral and estate costs.
Personal policies plus any group cover from work.
Check on CPF's Providing for your loved ones dashboard.
Your family would need
$1,345,000
Already there
$320,000
incl. $70,000 DPS
Protection gap
$1,025,000
If you died today, your family would be $1,025,000 short of what you set out. That is the extra life cover to look at, roughly 17.1 times the income you entered.
DPS pays $70,000 at your age. It is term cover to age 65 and is not meant to be enough on its own.
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| Amount | |
|---|---|
| Income: $60,000 for 15 years | $900,000 |
| Home loan not covered by HPS or mortgage insurance | $300,000 |
| Other debts | $10,000 |
| Education: 2 x $60,000 | $120,000 |
| Final costs | $15,000 |
| Less life cover, DPS and savings | -$320,000 |
| Gap | $1,025,000 |
| Age at payment | Yearly premium | Sum assured |
|---|---|---|
| 34 and below | $18 | $70,000 |
| 35 to 39 | $30 | $70,000 |
| 40 to 44 | $50 | $70,000 |
| 45 to 49 | $93 | $70,000 |
| 50 to 54 | $188 | $70,000 |
| 55 to 59 | $298 | $70,000 |
| 60 to 64 | $298 | $55,000 |
DPS covers death, terminal illness and total permanent disability to age 65. Singapore Citizens and PRs aged 21 to 65 are covered automatically on their first CPF working contribution. Great Eastern Life runs it for CPF.
Say you are 35 and your family relies on S$60,000 a year for 15 years: S$900,000. Add S$300,000 left on the home loan, S$10,000 of other debts, S$120,000 for two children's education and S$15,000 of final costs. Need: S$1,345,000.
Against that you have S$200,000 of life cover, S$70,000 from DPS and S$50,000 of savings: S$320,000. The gap is S$1,025,000. If HPS or mortgage insurance would clear the S$300,000 loan, the gap falls to S$725,000.
LIA's Protection Gap Study 2022 put the mortality protection gap at S$373 billion, about 21% of what economically active Singaporeans and PRs need. The average per working adult was a S$170,352 gap on needs of S$813,892, about 9 times average yearly income. LIA measured that average across adults; your own number rests on who depends on you.
Figures checked 3 Oct 2026.
Add up what your family would need without you: income for the years they rely on it, debts, your children's education and final costs. Take off the life cover, CPF Dependants' Protection Scheme payout and savings already there. What is left is your gap.
S$70,000 up to age 60 and S$55,000 from 60 to 65, on death, terminal illness or total permanent disability. Yearly premiums run from S$18 at 34 and below to S$298 from 55.
If you are a Singapore Citizen or PR aged 21 to 65, CPF extends DPS cover automatically on your first valid CPF working contribution. You can opt out through Great Eastern Life, and check your cover on CPF's Providing for your loved ones dashboard.
Only for the HDB loan. HPS is mortgage-reducing insurance that pays off your share of the HDB housing loan on death, terminal illness or total permanent disability, up to age 65. It pays nothing else, so the calculator uses it only to cut the loan.
There is no official multiple. LIA's 2022 study found working adults' protection needs averaged about 9 times yearly income, but that is a measured average. Your own number depends on your dependants, debts and savings.
CPF savings go to your nominees, but most sit in accounts your family cannot spend freely for daily costs. Count them under savings only if you are sure they would be used that way.
At 0%, the sum is simply income x years, which is the cautious choice. A positive rate assumes your family invests the payout while drawing on it, which needs a smaller sum but carries risk.
LIA's Protection Gap Study 2022 put the mortality protection gap at S$373 billion, about 21% of the need. The average gap per economically active adult was S$170,352.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).