Table of Contents
Term life insurance in Singapore offers simple, affordable protection for a set number of years. This type of life insurance provides a payout if you pass away during the policy term. It helps protect your family without the added savings features of whole life plans.
What is Term Life Insurance?
Term life insurance covers you for a fixed period, usually between 10 and 30 years. If you pass away within this time, your family gets a payout to stay financially stable. Unlike whole life insurance, term plans do not have a savings or cash value component. They focus only on paying a benefit if you die during the term.
Why Consider Term Insurance?
Many people in Singapore choose term insurance for three main reasons:
- Affordability: Term life insurance premiums cost less than whole life premiums, making them easier to afford.
- Financial protection: It ensures your family stays secure if you pass away unexpectedly.
- Flexibility: You can customise the term and payout amount to meet your needs.
Considering Term Life Insurance Plans in Singapore?
When seeking a suitable term life insurance plan, it is crucial to know what questions to ask. Then compare offerings from reputable insurance providers in Singapore to make an informed decision. Here are some top contenders for 2025:
Customisable Plan That Adapts To Life Circumstances
Prudential
Prudential is a well-established life insurance provider in Singapore, known for its flexible term life plans that can be tailored to individual needs.
- Provides a lump sum payout in the event of death.
- Offers riders for critical illness and total permanent disability (TPD).
- Premium waivers are available if you’re unable to work due to disability.
- Option to increase coverage at key life milestones without medical underwriting.
- Policies are regulated by the Monetary Authority of Singapore (MAS), ensuring transparency and consumer protection.
An affordable and straightforward term life insurance plan
Income Insurance
Income Insurance offers affordable term life insurance plans with straightforward features, making it suitable for first-time buyers.
- Provides a lump sum payout upon death.
- Optional riders are available to cover critical illnesses.
- Premium waivers if you’re unable to work due to illness or disability.
- Direct purchase options are available without the need for medical underwriting or an agent.
- Coverage amounts can be tailored to meet mortgage loans or family obligations.
Easy Online Tools That Helps in Making Informed Decisions
AIA Singapore
AIA is one of Singapore's largest life and health insurance providers, offering robust term insurance plans with digital convenience.
- Provides a lump sum payout in the event of death.
- Optional riders for critical illness and TPD coverage.
- Premium waivers if you’re unable to work due to critical illness or disability.
- Allows for increased coverage at key milestones without additional medical underwriting.
- Customers can get quotes and compare plans online.
Protection Against Multiple Risks Including Loss of income
Manulife Singapore
Manulife offers comprehensive term and whole life insurance solutions with flexible upgrade options as your life evolves.
- Provides a lump sum payout if death or terminal illness occurs.
- Optional riders for critical illness and TPD to extend protection.
- Premium waivers are available if you’re unable to work due to illness or disability.
- Allows for increased coverage at key milestones without additional medical underwriting.
- Policies are regulated by the Monetary Authority of Singapore (MAS), ensuring compliance and safeguarding policyholders’ rights.
Safety Net against life's uncertainties
Great Eastern
Great Eastern offers traditional term life policies with a focus on flexibility and direct access to plans.
- Offers a lump sum payout in the event of death.
- Optional riders for critical illness or permanent disability.
- Premium waivers if you’re unable to work due to illness or disability.
- Allows direct purchase without the need for medical underwriting or engaging an insurance agent.
- Coverage amounts can be chosen to meet family or mortgage loan needs.
Digital Convenience and the best features from global brand
HSBC Life
HSBC Life stands out with strong digital access and comprehensive protection options in its term insurance plans.
- Provides a lump sum payout in the event of death or terminal illness.
- Optional riders for critical illness and total and permanent disability (TPD).
- Premium waivers if you’re unable to work due to illness or disability.
- Allows for increased coverage at key milestones without extra medical underwriting or health checks.
- Policyholders can purchase coverage directly, without needing an agent or a medical exam.
Some of the Key Features of Term Life Insurance Plans
When evaluating term life insurance plans, one needs to consider the following:
- Policy Term: This refers to the duration of coverage. Choose a term that aligns with your financial responsibilities, such as mortgage payments or children’s education.
- Premiums: The cost of premiums can vary significantly between providers. It’s advisable to obtain quotes from various insurance companies in Singapore to find the best rate.
- Payout: The death benefit is the amount paid out to beneficiaries, which should be sufficient to cover financial obligations and maintain the family’s standard of living.
- Additional Coverage: Some plans offer options for critical illness coverage, ensuring that policyholders receive financial support if diagnosed with severe health conditions.
For more information, please contact a financial adviser for professional input and advice.
Securing Peace of Mind – Our opinion
Term life insurance in Singapore offers an affordable, simple way to protect your family’s financial future. By comparing different insurance providers and understanding your coverage needs, you can choose the right plan. Whether you pick Prudential, HSBC Life, or another insurer, having enough coverage is essential. As you explore Singapore’s term life insurance plans, focus on clarity and flexibility. Making an informed choice ensures your loved ones stay protected if the unexpected happens.
