Funeral Insurance Singapore

Funeral Insurance Singapore – The Ultimate Guide (2023)

Funeral Insurance Singapore? What the heck is that?

Yep, City’s avid readers today we present an ultimate guide on Funeral Insurance Singapore (2022).

Now, Funeral Insurance is very simple. To explain, a comprehensive insurance plan for one’s funeral expenses.

Like life insurance, health insurances, insurances for various durable items this insurance is for the final expenses. Hence, Funeral Insurance covers funeral expenses only.

Now, the synonyms of Funeral insurance are Burial insurance or Final Expense insurance.  And, it covers burial or cremation costs, cost of caskets, wake, arrangements etc.

Sometimes, Funeral expense is covered in a comprehensive life insurance plan. But, to cater the needs of rising funeral costs, complexity, sudden or premature death probabilities a separate product is crafted. Therefore, Funeral Insurance in Singapore is relatively new concept.

Now, some people may confuse funeral pre-planning with funeral insurance. But, two of them are different though they serve common goals.

Do we really cover our funeral expenses with an insurance plan? Let’s find.

What is Funeral Insurance or, Burial Insurance or, Final Expense Insurance?

To start with, a Funeral is part and parcel of our day-to-day life. As you know, Death is omnipotent and no one can avoid the ultimate fate. Therefore, after death a funeral is a religious rites or ceremony to pay the departed an ultimate homage. Hence, funeral is farewell ceremony and celebration of life of the deceased loved one before he/she go away for the final resting place.

Now, as the name suggest Funeral insurance plans are to cover the funeral expenses. And, in certain cases the same may be embedded in whole life insurance policies whether endowment, term, or any thing else. Therefore, in such cases you will have some funeral benefits in addition to life insurance sum-assured to cover the cost of the funeral.

As a result, you may conclude that, Burial insurance or Final expense insurance are synonymous to funeral insurance. Burial or Final expense insurance features a death benefit designed to cover expenses such as a wake or memorial service, embalming , casket, cremation or burial, obituary, funeral flowers and other arrangements. However, beneficiaries can not use the benefit for any other purposes, like paying property taxes, taking a vacation, buying a property, or household items.

Funeral Insurance In Singapore

The median age of Singapore’s population is 41.8 (2021) and 42.1 (2022) as per SingStat. Therefore, there are more old aged people than young generation in Singapore. And, you may easily predict a higher death rate in Singapore. As a result, Funeral industry is booming in Singapore. Singapore offers funeral insurance to families that require it for pre-funding funerals.

Now, considering Singapore is an advanced country, market demand, and rising cost of funeral Funeral Insurance Singapore comes into picture. Actually, funeral of your loved one will be peaceful and hassle free if either you or the person pre-plan or pre-finance the same ahead. Therefore, planning and financing a funeral much ahead of time is the ultimate goal of Funeral Insurance.

The price of funerals is all at once high in Singapore. To cope with it, an unique insurance coverage are made. Therefore, This funeral insurance cover are payable upon demise of the insured. However, this may include an one year of extra cover for accidental or premature deaths. These insurance policies may very cheap at earlier but with growing age the premium may rise. Hence, you need to exercise precautions while buying such policies and must read benefits clause and terms & conditions clause carefully.

Pros & Cons of Funeral Insurance Singapore

Like any other product and services available in the market, there are some pros and cons with this insurance product and the same is as follows,

Easy to qualifyQualification for similar life or health insurance may be tough though benefits of them are very high
No or Fewer Health questionnaireMore health questions and if no health questions you will not receive any discount in premium
No Medical examination neededMedical examination is a must in Term Life insurance and in some health insurances
Options for per-arranging and personalize funeral servicesHowever, you will not get a option to personalize or pre-plan your funeral in an Life insurances however, money can be utilized any way you desire which is a pros
Facility of cash accumulation with lesser premiums and shorter period of timePremiums are obviously higher than funeral insurance in Singapore
Very easy terms & conditions and no complexityTerms & Conditions of similar life or health insurance may be complex

Major Types of Funeral Insurances In Singapore

To begin with, there are two (2) major types of funeral insurances available in Singapore namely,

  • Standard Funeral Insurance
  • Pre-Need Funeral Insurance

Standard Funeral Insurance Singapore

Offered by insurance firms as a whole life policy, these are paid to the beneficiaries upon the death of their loved one to pay money for final arrangements, which can include:

  • Funeral company services,
  • Transportation of guests,
  • Renting Hearse,
  • Burial plot cost,
  • Opening & closing grave,
  • Gravestone or memorial stone,
  • Cremation fees,
  • Caskets,
  • Urns,
  • Placing an Obituary,
  • Flowers,
  • Catering, & etc.

Additionally, your loved one is free to choose any service providers they like. The beneficiary may decide to use all or a portion of the money to pay off the deceased’s other debts or expenses, such as:

  • Legal services reuired if any like ascertaining legal heirs, division of property or property transfer,
  • Medical bills,
  • Credit card debt,
  • Mortgage, car, personal, or other loans.

Pre-Need Funeral Insurance Singapore

Life insurance companies and, in some situations, funeral services companies provide pre-need agreements for funeral. However, instead of paying to your loved one, these funds are handed straight to the funeral home you’ve selected to partner with. Almost immediately upon one’s passing, they are paid out.

Pre-need insurance enables customers to pay for treatments that may be less expensive now than they will be in the future, which can help them save money. However, your loved ones won’t receive the difference if you pay more for your plan than you do for your funeral (the same is true for burial insurance).

Funeral Insurance Premiums

There are four (4) types of funeral insurance premiums available in Singapore. They are as follows,

Stepped Premiums

In Stepped Premium, the premium amount is calculated each year you renew your policy based on your gender, age and the amount of your death benefit or funeral planning process. You pay a lower premium initially, but pay more every year as you get older.

Leveled Premiums

These rates are also set based on your gender, age and the size of your benefit. Their fees are usually tied for life as long as they are paid. They cannot be increased due to age or health changes.

Capped Premiums

These plans have a set age or money limit. As soon as you have reached this, you keep your insurance cover, but you do not have to pay any more premiums.

Payout Guarantee Premiums

The beneficiary is assured to be paid whichever overall is higher: the actual quantity of charges you’ve paid or the authentic insured quantity.

Funeral Insurance With No Waiting Period or Medical Exam

How to Get Quotes or Buy Online In Singapore?

Many insurance companies in Singapore that offer funeral insurances offer a free quote online and allow you to register on their websites. And, you can compare multiple policies from multiple companies to determine which plan is best for you.

Whether you do your own research or work with a life insurance agent is your personal choice. However, it’s a good idea to have different offers so that you can weigh your options. Everyone has different needs, and if you sign up for the first or cheapest plan you can find, your loved ones may not have all the resources they need to make your last wishes come true.


We have found three (3) best alternatives to funeral insurances in Singapore. However, these are nothing but life insurances plan. And, further explanation on each of the products not necessary and out of the scope of this article. Therefore, to know more you can read more on life insurances in Singapore & their benefits.

  • Whole Life Insurance
  • Term Life Insurance
  • Universal Life Insurance

Funeral Pre-Planning Vs. Funeral Insurance

Special Funeral Bonds Vs. Insurance



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