Why choose to get coverage via a term plan?
Term insurance provide the best cost to coverage ratio, at the expense of not generating a cash surrender value for your future years. As such, it is an excellent option for those that require coverage, yet facing budget issues for financial planning.
Life situations may also have changed, resulting in the need for increased coverage due to additional financial commitments for yourself or your dependents.
While generally not meant for lifelong protection, term plans can be a part of your financial portfolio to replace the financial losses to your income due to an unforeseen life condition.
Read More: How Pre-exisiting medical conditions can affect your insurance application
Related article: Term Insurance vs Whole Life (Financial analysis and benefits comparison)
How do we come up with this list?
Across all the insurance companies in Singapore, each term insurance are structured with their own product benefits and unique selling point.
The following criterias were considered in our term insurance review:
- Competitiveness of insurance premium
- Available options to customise and enhance coverage
- Scope of coverage for Critical Illness
- Scope of coverage for Early Critical Illness
- Terms and conditions to qualify for an insurance claim
- Product features with outstanding benefits to the policyholder
Note: This review of term insurance is not ranked in any order of priorities or preferences.
Find out the list of term life insurance avaliable in Singapore and get your FREE comparison quote today! Let us find the best deal based on your needs and budget!
Best Term Life Insurance Plan for Cheapest Premium: HSBC Life Term Protector
HSBC Life Term Protector is running a LIMITED TIME Whopping 35% Perpetual discount on their term insurance! With this, HSBC Life Term Protector will give you the highest insurance coverage with the lowest premiums amongst all term insurance in Singapore.
Based on the premium payable and its definition of coverage, HSBC Life Term Protector should comfortably beat all other peers when it comes to a no-frills coverage.
What we like about HSBC Life Term Protector
- Affordable and competitive premiums
- Flexible premiums terms, including paying your premiums within a limited number of years
- Available in multiple currencies
What we do not like about HSBC Life Term Protector
- Early Critical Illness Rider is an accelerated rider, which means if a claim is done on Early Critical Illness rider, the Death Benefit will be reduced according to the sum assured claimed
- Total Permanent Disability (TPD) Rider coverage auto ends at Age 70, even if the rest of your plan extends beyond Age 70
Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.
Refer to: HSBC Life Term Protector review
Best Term Life Insurance Plan for Basic Coverage: Singlife Elite Term II
Looking for basic Death and Total Permanent Disability coverage without any Critical Illness coverage? Singlife Elite Term II should be able to offer you the cheapest premiums if you do not need any coverage on Critical Illness. Singlife Elite Term II is now running a LIMITED TIME 30% Perpetual Discount on their basic coverage (Death) and Rider (Total Permanent Disability).
Interestguru.sg tips:
Just purchase your first private property? Just refinance your mortgage loan?
Do you know:
You can save some money by converting your Mortgage Reducing Term Insurance Plan to Singlife Elite Term II. Interestguru.sg encourages you to do a FREE financial portfolio review yearly, re-look into your existing policies and you could save some costs by doing some switching of plans!
Real-life case scenario for one of our clients
Mr and Mrs Tay recently purchased a private property and took up a bank loan of 1 million for a period of 30 years. They purchase a Mortgage Reducing Term Insurance Plan from the bank and was quoted a total premiums of ~$40,000 for a coverage period of 30 years, with the coverage reducing according to the remaining loan amount.
Our adviser quoted the client Singlife Elite Term II, with a 1 million Leveled coverage for Death and Total Permanent Disability for 30 years, and the total premiums is ~$26,000 for the same coverage term and a higher coverage amount. Our client saved a total of $13,000!
Contact us today for a non-obligated portfolio review for potential cost saving!
What we like about Singlife Elite Term II
- Early Critical Illness (ECI) Rider does not reduce the Death Benefit sum assured
- Total Permanent Disability (TPD) Rider provides coverage up to age 99
- Early Critical Illness (ECI) Rider provides coverage for Intensive Care Unit (ICU) and Benign/Borderline Malignant Tumour
- Covers up to 16 special conditions, one of the highest number of conditions covered among its peer
What we do not like about Singlife Elite Term II
- Slightly higher in cost when riders are added, but that is also because Singlife Elite Term II’s ECI rider payout does not reduce the Death Benefit sum assured
Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.
Refer to: Singlife Elite Term II review
Best Term Life Insurance Plan for Early Critical Illness Coverage: FWD Future First
FWD Future First is the first among its peer to offer a reset coverage benefit for their Early Critical Illness (ECI) rider. If a claim has been done for the ECI rider, the rider benefit will remain in-force until the cover ends. After a 12 months no claim period, the ECI rider will restore it’s original benefit. This feature allows you to cushion yourself against a 2nd claim for CI without having a Multipay Critical Illness Plan.
Besides that, FWD Future First is also one of the first to offer coverage for spouse in the event the insured passed away. FWD Future First also provide coverages for Emotional Support, Legal Services and Home Care Support.
To make it even better, all policyholders having a protection plan with FWD gets to sign up for FWD HealthFirst, an initiative programme which allows policyholders to access free telemed consultation and other quality healthcare services at preferred rates!
What we like about FWD Future First
- Early Critical Illness (ECI) Rider reset benefit cushion you against recurring Critical Illness
- Wide range of other benefits like Legal services, Emotional Support and Home Care Support
What we do not like about FWD Future First
- Slightly higher in cost
- Does not pay the sum assured if claim is due to unlawful acts; for example, death penalty
Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.
Refer to: FWD Future First review
Best Term Life Insurance Plan for Limited Pay Premium Term: HSBC Life Term Protector
Yes, topping the ”best of ” chart twice, HSBC Term Protector allows you to pay your term insurance premiums for a limited number of years, taking this financial commitment off your retirement years! Choose to pay off your premiums within 15 or 20 years and get coverage comfortably till the end of the coverage term.
Of course, there are still pros and cons for paying off your term insurance within a limited period of time. Make your decision wisely!
Advantages of Limited Pay Premium Term in HSBC Life Term Protector:
- Payment of premiums settled in your active years, you do not need to worry about paying your premiums when you retired but still want your coverage.
Disadvantages of Limited Pay Premium Term in HSBC Life Term Protector:
- Change is the only constant on Earth. Your needs may change, new Term Insurance may improve and suit better for your needs. It will be a waste to switch out of your current term insurance if you have already fully paid for it.
Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.
Read more: Best term life insurance singapore
