Compare & Find The Best Term Life Insurance in Singapore
We partner with unbiased financial advisors to help you compare and find the best term life insurance policies.
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What is Term Life Insurance?
Term life insurance is a straightforward policy that provides coverage for a set period, paying out a death benefit to beneficiaries if the insured passes away during this term. It’s favoured for its affordability and simplicity, making it a popular choice for individuals seeking temporary financial protection for their loved ones.
Life Insurance
Secure peace of mind and protect your loved ones' future with term life insurance, ensuring they're financially safeguarded during life's most unpredictable moments.
Specified Period
Embrace the certainty of knowing your family is protected with term life insurance, designed to offer financial security for a specified period when they need it most.
Policy Expiry
Term life insurance provides a unique advantage by expiring after a set period, meaning you're not committed to paying premiums indefinitely, allowing financial flexibility and peace of mind as you age without the burden of ongoing payments.
Pros of Term Life Insurance
Cost Effective
Term life insurance is generally more affordable than whole life insurance, making it an accessible option for individuals seeking substantial coverage without a hefty premium cost.
Simple
Term life insurance offers clear terms and conditions, making it easier to understand. It provides pure death benefit protection without the complexities of a cash value component.
Flexible
Choose the term length that best suits your needs, whether it's to cover a mortgage, education, or other financial obligations. This ensures that coverage is only paid for when it's most needed.
Cons of Term Life Insurance
Temporary Coverage
Term life insurance only offers protection for a specified period. If the policyholder outlives the term, the coverage expires without any value, meaning there's no return on the premiums paid.
Coverage Limitations
Term life insurance is designed for a specific period and may not fully align with long-term financial planning needs. Once the term ends, obtaining new coverage could be challenging, especially if health issues have arisen, potentially leaving you without protection when it's most needed.
No Cash Value Accumulation
Unlike whole life insurance policies, term life insurance does not include a savings component or cash value accumulation. This means you cannot borrow against the policy or receive any financial value other than the death benefit if a claim is made.
Who should get term life insurance?
The Family Protector
Individuals who prioritise the financial security of their loved ones above all else. They seek to ensure that in the event of their untimely passing, their family’s future expenses, such as education and living costs, are covered. Term life insurance offers them a straightforward, cost-effective solution to provide for their family’s needs without the complexity of investment components.
The Budget-Conscious
Those who are meticulous with their finances and prefer not to overcommit to long-term financial obligations. They appreciate the affordability of term life insurance, allowing them to obtain substantial coverage at a lower cost. This personality type values the ability to choose a policy term that matches their specific financial responsibilities, ensuring they’re not paying for coverage longer than necessary.
The Strategic Investor
Individuals who view term life insurance as a temporary safety net, allowing them to focus on other investment opportunities. They might prefer to allocate their financial resources towards investments that potentially offer higher returns, relying on term life insurance for peace of mind during critical periods of financial risk exposure. This approach allows them to balance between immediate protection needs and long-term financial growth.
Best Term Life Insurance Plans in Singapore
AIA Secure Flexi Term
NTUC Income TermLife Solitaire
Manulife ManuProtect (II)
Singlife Elite Term (II)
Prudential PRUActive Term
HSBC Life Term Protector
Great Eastern GREAT Term
How to apply for a comparison session?
Step 1
Submit a request for a comparison session with Life Insurance Singapore. Based on your request, we will match you with one of our MAS-licensed partners.
Step 2
Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.
Step 3
Once you've found the perfect term life insurance policy, feel free to purchase it from a friend, directly from the insurer, or from our partners!
Why do I need life insurance?
Life insurance is essential for ensuring your loved ones’ financial security in your absence. It helps cover living expenses, debts, and future obligations like education costs, providing peace of mind that your family is protected against financial hardships. It’s a critical component of financial planning, offering a safety net that helps maintain your family’s standard of living and secures their future in case of unforeseen events
How much life insurance do I need?
Determining the right amount of life insurance involves assessing your financial situation and goals. A general guideline is to have coverage that’s 10 times your annual income. However, consider debts, future educational expenses, and income replacement needs. Calculating your financial obligations and how much support your dependents will require can guide you to a more precise figure, ensuring adequate coverage for your family’s needs.
Should I choose whole life insurance or term life insurance?
Choosing between whole life and term life insurance depends on your financial objectives and coverage needs. Whole life insurance offers lifelong coverage and accumulates cash value, making it suitable for long-term financial planning and wealth transfer. Term life insurance provides coverage for a specific period, offering a cost-effective solution for temporary insurance needs, such as income replacement during working years. Assess your financial goals, budget, and whether you’re seeking temporary protection or a long-term investment component.
How much is term life insurance in Singapore?
The cost of term life insurance in Singapore varies widely based on factors such as age, health status, lifestyle habits, and the level of coverage desired. Younger, healthier individuals typically enjoy lower premiums, while older individuals or those with health issues may face higher rates. Coverage amount and term length also significantly impact the cost. It’s advisable to compare quotes from different insurers to find a policy that fits your budget while meeting your coverage needs.