Best Mortgage Insurance in Singapore

What is Mortgage Insurance?

Mortgage Insurance is a type of insurance policy that will payout to property owners in the event of a default on the mortgage loan. The default of the policyholder’s mortgage loan may be the result of the policyholder’s death, terminal illness or total and permanent disability. The mortgage insurance plan is also known as a reducing term insurance, this is because the coverage should decrease as the policyholder pays off more of the loan. 

Should I get Mortgage Insurance in Singapore?

When you purchase an HDB flat in Singapore using your CPF savings to make your mortgage payments, then you should be covered by the Home Protection Scheme (HPS). The HPS is a mandatory mortgage insurance scheme supported by the CPF Board. If the homeowner dies or suffers from total and permanent disability, the outstanding home loan will be paid by the CPF Board. 

However, Singaporeans can be exempted from being enrolled in the HPS. This exemption is provided you have your own Whole Life, Term Life, Endowment, Life Insurance rider or Mortgage Insurance policy. 

Mortgage Insurance vs Home Protection Scheme

There are benefits to purchasing a private Mortgage Insurance plan instead of being enrolled in the HPS. Private Mortgage Insurance may actually be cheaper than the HPS. This is because if you have a co-owner, the HPS premiums will be paid by both owners. However, if you purchase mortgage insurance on your own, you would only have to pay premiums for one policyholder. Joint application is also possible.

Best Mortgage Insurance plans

PolicyPal’s Review of Best Mortgage Insurance

The best mortgage insurance plan will depend on factors such as the premium price, mortgage size and interest rate of your loan. It is also important to ensure that the policy term is the same as the duration of your mortgage repayment. Ideally, the mortgage insurance plan that you choose should match the interest rate on your loan and the sum assured should be your full mortgage. 

The premiums will vary based on your financial circumstances, therefore it is wise to request a comparative quotation table so that you can make the right choice for your needs. You may include your details in the form below and we will be happy to assist you in preparing a quotation table based on your preferences. 

We have also included individual reviews of each insurer’s mortgage insurance plan.

Full insurer Mortgage Insurance details may be found here:

The Aviva’s MyProtector – Decreasing can also be used as your mortgage insurance plan. However, we did not include it here in the comparison as it was previously mentioned in our term life insurance comparison. The MyProtector – Decreasing is a versatile plan that can be purchased either for your term life insurance coverage or for your mortgage insurance coverage. 

Claims & Contact Information
 Contact Information
PolicyPal Customer Service+65 3163 9184
PolicyPal Claims[email protected]

Schedule a Free Teleconsulting service with us today

You will be able to enjoy a free financial portfolio review which will help you better understand how to create a suitable financial plan for you and your family. We will analyse life insurance products from over 20 insurers and present you solutions that are tailor-made to address your concerns. 

Our advisor will be more than happy to help you understand any of these insurance policies: 

  • Health Insurance
  • Critical Illness Insurance
  • Endowment/Savings Insurance
  • Personal Accident Insurance
  • Term/Whole Life Insurance

If you would like to know more about a specific life insurance product you can let us know your preference. This is so that we can be better prepared during the appointment to present you with a comparison table if needed.

How will I be able to schedule an appointment?

You can WhatsApp us at 8750 0688 and let us know your preferred date and time for the appointment. The appointment will be conducted using Zoom a free video-conferencing app for video consultation on your computer or your phone. 

Alternatively, you can include your details here and we will contact you to help you set up an appointment. 

Submit your interest now and get protected!



PolicyPal is here to help you make informed and savvy financial decisions through the good times and the bad.

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