Singlife Elite Term (II) Review

Our Overall Rating

Singlife Elite Term II is a flexible term life insurance plan offering affordable premiums, renewable and convertible options, and riders like Critical Illness and TPD coverage. While it’s not the cheapest, it provides solid protection with customisable features for long-term peace of mind.

Table of Contents

Get to know the features of Singlife Elite Term (II) by clicking here.

Price

Singlife Elite Term II is competitively priced, though not the cheapest in the market, offering good value for its features.

Coverage

Singlife Elite Term II provides flexible coverage options, including death and terminal illness protection, with optional riders for critical illness and disability.

Features

It provides renewable and convertible options, along with multiple riders such as TPD, critical illness, and premium waivers.

🤩 Pros:
😕 Cons:

VERDICT: 

Singlife Elite Term II is a well-rounded term life insurance policy, offering flexible premium terms and coverage options.

It stands out with its critical illness riders and convertibility, making it a strong choice for those seeking comprehensive protection.

While not the cheapest, the policy provides good value for those looking for flexible, long-term coverage that can adapt to changing needs.

However, if budget is a priority, you might find cheaper alternatives with fewer features.

What we like about the Singlife Elite Term (II)

Flexible Premium Payment Terms

One thing that really stands out to me about Singlife Elite Term II is its flexible premium payment options.

It’s not just a one-size-fits-all policy.

You can pick between Regular Pay, where you pay throughout the coverage period, or Limited Pay, which lets you finish paying off the policy in a shorter period — without sacrificing your coverage.

  • Regular Pay: This option is ideal if you prefer to spread out payments over the policy’s entire duration, making it more manageable on a monthly basis.
  • Limited Pay: This is a huge plus for those who want to get the payments out of the way while they’re still earning. You can choose to pay over a shorter period, such as 5 or 10 years, or until you’re 65 or 75. Once that’s done, you’re fully covered for the rest of the term, and you even get a Longevity Reward (which refunds 100% of your premiums if you live to the end of the policy). This means no lifelong premium payments, giving you peace of mind in your later years.

 

This flexibility allows you to tailor the policy according to your financial situation and future plans, which is something I always look for in an insurance product.

Choice of Coverage Duration

The ability to select how long you want your coverage to last is another feature I really appreciate.

Singlife Elite Term II gives you several coverage options to suit your unique needs.

  • Shorter-Term Coverage: You can opt for 5-year or 10-year coverage periods, which come with automatic renewals. This is perfect if you’re looking for short-term protection but still want the option to renew without having to go through the hassle of medical underwriting.

  • Longer-Term Coverage: If you’re thinking long-term, there are options to be covered all the way up to age 99. Whether you’re planning for a specific milestone like retirement or want coverage until the very end of your life, Singlife Elite Term II allows you to pick the term that makes sense for you.

 

For me, this feature provides excellent flexibility to adjust as life circumstances change, whether that’s ensuring financial security for a growing family or planning for your legacy.

The ability to choose what works for your timeline makes this policy stand out.

Convertibility

One of the standout features of Singlife Elite Term II is its convertibility option.

This means you can convert your term life policy into a whole life or endowment policy later on — without the need for further medical underwriting.

This flexibility is especially helpful if your needs change over time.

For instance, if you initially took out term insurance but later decide you want a more permanent form of coverage, you can make the switch without the stress of going through another medical check-up.

Here’s why I really like this feature:

  • No Medical Underwriting: As long as the conversion is done before you turn 65, you don’t have to worry about health changes affecting your insurability.
  • Partial or Full Conversion: Whether you want to convert the entire policy or just part of it, Singlife gives you that option. This can help balance your financial planning with the ongoing coverage you need.
  • Flexibility in Future Planning: Life is unpredictable, and knowing that you have the option to switch to a permanent policy later on provides peace of mind. It gives you the ability to make long-term plans without feeling locked into your initial decision.

Riders Offered

Singlife Elite Term II also impresses me with the wide range of riders available, allowing you to customise your coverage.

You can add on riders that cover critical illness, total and permanent disability (TPD), and even premium waivers, ensuring that you’re protected from multiple angles.

This flexibility is essential because life is full of uncertainties, and these riders help you cover more ground.

Here are the specific riders I find particularly useful:

  • Critical Illness Riders: You can add coverage for both early-stage and late-stage critical illnesses. Early Critical Illness Cover II is particularly valuable because it offers protection for illnesses at an early stage, which means you can get financial support before things become severe.
  • Total and Permanent Disability (TPD) Rider: This rider pays out if you suffer a disability that leaves you permanently unable to work. Given how unexpected life events can be, having this extra layer of protection is crucial.
  • Premium Waiver Riders: Singlife offers premium waiver riders in case you suffer a critical illness or become disabled. These waivers ensure you won’t have to worry about paying premiums during these difficult times.


With these riders, I feel like I can create a truly comprehensive insurance plan that doesn’t leave me exposed in critical situations.

Critical Illness Coverage

The Critical Illness Coverage in Singlife Elite Term II is one of its strongest features, especially with the option to cover both early-stage and late-stage critical illnesses.

What makes this coverage even more appealing is the broad spectrum of conditions it protects against, ensuring financial support when it’s most needed.

Here’s why I find it beneficial:

  • Early Critical Illness Cover II: This rider provides coverage for early-stage illnesses, which is a big plus. Many insurance policies only kick in at a late stage, but this one allows you to receive payouts much earlier in the diagnosis, helping you manage medical costs before the condition worsens.
  • Comprehensive Protection: You also have access to late-stage critical illness coverage, ensuring you’re protected at any stage of a major health condition. It covers a wide range of illnesses, including cancer, stroke, and heart disease, which are unfortunately common but costly to treat.
  • Multiple Payouts: The MultiPay Critical Illness Cover IV rider even allows for multiple payouts, so you’re covered if you experience multiple critical illnesses during your lifetime. This is particularly valuable in cases where someone might survive one illness only to face another down the line.
 

This level of protection is crucial, especially in a place like Singapore where healthcare costs can be high, and it ensures that your focus can remain on recovery rather than financial stress.

Affordable Premiums

One of the main reasons I like Singlife Elite Term II is its affordable premiums.

It strikes a good balance between coverage and cost, which is crucial for long-term policies.

For instance, the annual premium for a 30-year-old non-smoker, with $500,000 in coverage over 40 years, is around SGD 535 — making it one of the more competitively priced term plans in the market.

Here’s why the affordable premiums stand out to me:

  • Perpetual Premium Discounts: You can enjoy a 30% perpetual premium discount on Regular Pay plans if your sum assured is above SGD 500,000. That’s a big saving over the life of the policy.
  • Lower Total Premium Costs: The policy remains affordable even in the long run. Over the 40-year term, the total premium paid would be around SGD 21,400, which is quite reasonable for the level of protection you’re getting.
  • Customised Payment Options: Whether you prefer to pay monthly, quarterly, half-yearly, or annually, there’s flexibility to fit your budget. This gives you control over your financial planning while still maintaining comprehensive coverage.
 

For me, affordable premiums without compromising on coverage is a major plus, ensuring that you don’t have to break the bank to secure a robust insurance plan.

What we think the Singlife Elite Term (II) could do better

Not the Cheapest

While Singlife Elite Term II has many appealing features, one thing that stands out is that it’s not the cheapest option on the market.

Though it does offer competitive pricing, there are other term life plans available that provide similar coverage at lower costs.

Here’s what I don’t like about the price:

  • Annual Premiums: For a 30-year-old non-smoker with $500,000 coverage over 40 years, the annual premium is SGD 535. While this isn’t bad, it’s still higher than some alternatives.
  • Total Premiums Over the Term: Over the 40-year term, the total premiums would amount to SGD 21,400. Though reasonable, it’s not the lowest when compared to other options that offer similar levels of protection.

 

This higher cost can be a drawback, especially for those who are more budget-conscious or looking for the most cost-effective option without sacrificing too much in terms of coverage.

Rider Limitations

Another feature that I find less appealing with Singlife Elite Term II is the limitations in its rider options.

Although there are a variety of riders available, the range and flexibility are not as broad as I would have hoped for.

Here’s why this is a concern:

  • Lack of Child-Specific Riders: Some policies offer specialised riders like child coverage (e.g., KidAssure GIO), which aren’t available here. This could be a dealbreaker for families looking for child-specific protection.
  • Complex Conditions for Certain Riders: While the Critical Illness and TPD riders are valuable, they come with detailed conditions that may not suit everyone’s needs. For example, the MultiPay Critical Illness Cover IV allows multiple payouts, but it’s only for a select list of illnesses, which could limit its overall usefulness.

 

Overall, while Singlife does provide decent add-on options, the limitations in scope and specialisation make it less appealing for those looking for more customisable or comprehensive rider choices.

Better alternatives to the Singlife Elite Term (II)

Tokio Marine TM Term Assure (II)

Tokio Marine TM Term Assure (II) stands out as a better option for several reasons.

One key feature is its balance between affordability and value.

Dollar Bureau highlights that while it may not be the absolute cheapest option, the plan offers excellent value for the premium paid, which is ideal if you’re looking for comprehensive coverage without stretching your budget too thin.

  • Rider Flexibility: One of the most compelling reasons Tokio Marine TM Term Assure (II) shines is the variety of riders available. This policy includes unique riders such as the KidAssure GIO Rider, which provides additional coverage for your children — a feature that Singlife Elite Term II lacks. This added layer of protection makes it a more attractive option for families, especially those wanting to secure their children’s future.
  • Coverage Duration Options: Like Singlife, Tokio Marine allows you to choose coverage durations ranging from 5 years to longer terms, up to age 85. However, it’s known for providing excellent flexibility at key life milestones, enabling policyholders to adjust their coverage as their needs evolve.
 

What sets Tokio Marine TM Term Assure (II) apart is its combination of rider options and overall value.

The ability to secure both your family’s financial future and your child’s coverage under one policy makes it an all-encompassing plan, ensuring peace of mind in more areas than Singlife Elite Term II.

NTUC Income TermLife Solitaire

NTUC Income TermLife Solitaire is another strong alternative, particularly for those looking for comprehensive early critical illness coverage.

One of the standout features of this plan, as pointed out by Dollar Bureau, is its Early Critical Illness Rider, which offers robust coverage for critical illnesses at both early and late stages.

This feature is particularly valuable for individuals seeking a more thorough safety net against a wider range of health issues.

  • Coverage for Both Early and Late Critical Illness: NTUC Income’s Early Critical Illness Rider is specifically noted for providing a wide range of illness coverage from early stages. This makes it more attractive for those who want financial protection as soon as they receive a diagnosis, rather than waiting until the condition has progressed.
  • Higher Minimum Sum Assured: While NTUC Income TermLife Solitaire requires a higher minimum sum assured of $500,000, this can be beneficial for policyholders who are looking to lock in higher coverage amounts upfront. The higher entry requirement might not suit everyone, but it aligns with the more comprehensive coverage it offers, particularly for critical illnesses.

 

NTUC Income TermLife Solitaire offers a more specialised focus on health-related riders, making it the go-to option if you’re looking for strong critical illness coverage from the outset.

Its attention to early-stage protection makes it a superior choice for those prioritising health security.

Let Us Compare Policies For You

When it comes to term life insurance plans, price is often the most important factor, especially if you’re just looking for death coverage.

In these cases, keeping your premiums low is the main priority since you’re only looking for protection in the event of death.

However, if you’re using the policy for Early Critical Illness (ECI) or Critical Illness (CI) coverage, the number of conditions covered, the definitions of those conditions, and how much you’ll receive in the event of a claim become much more important.

These details can make all the difference in ensuring you’re properly covered when you need it most.

Understanding the riders available is another crucial aspect, as they can help you save money in the long term.

For example, adding a premium waiver rider could ease the financial burden if you become ill or disabled.

The ability to renew the policy is essential if you’re using it for temporary coverage.

This is particularly important if your liabilities — like a mortgage or car loan — are decreasing over time and you only need coverage for a specific period.

The ability to convert a term policy to a whole life or endowment plan is usually a good-to-have feature.

Converting allows you to maintain lifelong coverage without needing to go through medical underwriting again.

This can be useful if your health deteriorates over time or if you later decide you need permanent coverage.

However, this feature isn’t always the most important, especially if you’re only looking for term protection in the short run.

Remember, what makes a policy good for one person may not be the right fit for someone else.

Your goals, both short-term and long-term, play a huge role in determining the right plan for you.

That’s why understanding what you’re purchasing on a deep level is crucial.

Our partners are trained and have years of experience in helping people like you make informed decisions.

We can help you compare policies to ensure you’re choosing the one that fits your needs, your current situation, and your future goals.

Best of all, we offer a free comparison session — completely non-obligatory.

We’ll help you obtain quotes, compare them side by side, and figure out which policy suits you best.

You’re under no obligation to commit, so why not explore your options with us?