• Best Term Insurance Singapore

    Term insurance policies in Singapore typically focus on two covers – death and terminal illness. However, insurers offer additional benefits such as cover for dread diseases, Total and Permanent Disability (TPD), premium waivers, personal accident cover and more.

    Under a term insurance policy, a sum assured payout will be provided to your loved ones/nominees in the event that an unfortunate circumstance befalls on you and one that is covered under your policy.

    Best Term Insurance in Singapore

    AXA Term Protector

    This term insurance policy allows you to choose your own coverage term up to the age of 99 years which is easily renewable. You also have the option to convert this policy into another insurance plan in the event that your circumstances change.

    Here are the advantages of AXA Term Protector:

    • Minimum sum assured = S$100,000.
    • Cover against death or terminal illness.
    • You can choose a coverage term up to the ages of 50 years, 55 years, 60 years, 65 years, 70 years, 75 years or 99 years.
    • You can choose a renewable period of 5 years, 10 years, 15 years, 20 years, 25 years or 30 years.
    • You can choose from the following currencies for this protection plan – Singapore Dollar (SGD), United States Dollar (USD), Euro (EUR), Great Britain Pound (GBP) or Australian Dollar (AUD). Upon choosing a currency for this plan, your premiums must be paid in the same currency.
    • In case your insurance needs change at any point in time, you can convert this term insurance policy into another insurance plan with AXA.
    • AXA offers an Indexation Option wherein your term protection will not be affected by the rising costs in Singapore. Your term protection cover will automatically increase every year according to the Singapore Consumer Price Index. AXA will inform you well in advance regarding the new premiums to be paid for the same.
    • You have the option to increase your cover by adding optional riders such as Advance Total and Permanent Disability Payout, Advance Critical Illness Payout, Personal Accident Benefit, Premium Waiver and more.
    • Maximum coverage age – 99 years.
    • Minimum entry age – 1 month old.
    • Maximum entry age – 70 years.
    • Premiums starting from 65 cents per day.

    NTUC iTerm Insurance

    This policy offers cover for death, terminal illness and Total and Permanent Disability with guaranteed renewal of your policy and additional riders.

    Here are the advantages of NTUC iTerm Insurance:

    • Get guaranteed sum assured in case of death, terminal illness and TPD (before 70 years of age).
    • Extend your policy after expiry with guaranteed renewal until the age of 84 years.
    • You can choose to add optional riders to your policy such as Payor Premium Waiver, Enhanced Payor Premium Waiver, Dread Disease Premium Waiver and Living Rider.
    • You can make payments on your premiums yearly, half-yearly, quarterly or monthly.
    • Maximum entry age – 0 years.
    • Maximum entry age – 79 years.

    FWD Term Life Insurance

    Choose between Renewable and Fixed Term policies with coverage up to S$3 million.

    Here are the advantages of FWD Term Life Insurance:

    • In case of your death or you’re diagnosed with terminal illness, your loved ones will get a sum assured amount depending on your policy coverage.
    • You can choose a coverage term that starts from 5 years and up to the age of 70 years or choose a 1 year policy that can be renewed until the age of 100 years.
    • If you choose the Fixed Term Plan, your premiums will never change.
    • If you choose a Renewable Term Plan, your premiums will start at a low price and gradually increase over the years with a fixed sum assured. Your policy will be renewable until the age of 100.
    • You can enhance your policy with optional riders such as a Critical Illness Cover that offers protection against 35 critical illnesses, Premium Waiver Cover where your premiums will be waived in case you are diagnosed with a critical illness or in case of your Total And Permanent Disability.
    • Maximum entry age – 70 years.
    • Premiums start from S$2.60 per day.

    Aviva MyProtector – Term Plan

    Get a lump sum payout in case of death or terminal illness with cover up to 99 years of age and the option to add multiple riders to your basic plan.

    Here are the advantages of Aviva MyProtector – Term Plan:

    • Offers cover against death and terminal illness.
    • Minimum coverage starting from S$500,000 and extends up to S$1.5 million.
    • Coverage terms of 5 years, 10 years and 11 years with cover up to the age of 99 years.
    • This policy comes with a Guaranteed Renewable Option that will automatically renew your cover every 5 or 10 years during your policy anniversary.
    • You have the option to increase your basic cover to a more enhanced one when you reach milestones in life including graduation, marriage, starting a family or even purchasing a house, etc.
    • This policy comes with a Guaranteed Convertibility Option wherein you can convert this term insurance policy to a Whole Life or an Endowment Policy without any further medical underwriting.
    • You have the option to add riders to your cover such as Critical Illness Advance Cover, Payer Premium Waiver Benefit, Total and Permanent Disability Advance Cover Plus, etc.
    • Daily premium – starting from S$2.44.

    AIA Secure Term Plus (II) –

    Enjoy coverage up to 101 years of age with this term insurance plan that offers cover in case of death and terminal illness with fixed premiums.

    Here are the advantages of AIA Secure Term Plus (II):

    • Cover against death and terminal illness.
    • Maximum entry age – 70 years.
    • Length of coverage under this policy are as follows – 5 years, 10 years, 20 years and 30 years which are renewable until the age of 101.
    • This policy comes with fixed premiums throughout the duration of your insurance policy.
    • In case your insurance needs change during your policy period, you can switch this plan to an AIA Whole Life Plan or an Endowment Plan.
    • Premiums are as low as S$22 per month.
    • You can enhance your basic cover with Critical Illness Rider that covers 43 critical illnesses, Accident Cover Rider and Hospital and Surgical Benefit Rider.
    • AIA Vitality – In addition to offering protection, you will enjoy savings of up to 15% as and when you get healthier.

    Snapshot of best term insurance in Singapore

    Here is an illustration of some of the best term insurance policies available in Singapore:

    Term Insurance

    Premiums

    Entry age

    Benefits

    AXA Term Protector

    Starting from 65 cents per day

    Minimum entry age - 1 month old.

    Maximum entry age - 70 years.

    Cover against death or terminal illness.

    Minimum sum assured is S$100,000.

    Protection plan payable in the following currencies – SGD, USD, EUR, GBP and AUD.

    Optional riders - Advance Total and Permanent Disability Payout, Advance Critical Illness Payout, Personal Accident Benefit, Premium Waiver, etc.

    NTUC iTerm Insurance

    Not available

    Minimum entry age - 0 years.

    Maximum entry age - 79 years.

    Renewable until 84 years of age.

    Cover against death, terminal illness and TPD.

    Policy renewal until 84 years of age.

    Optional riders - Payor Premium Waiver, Enhanced Payor Premium Waiver, Dread Disease Premium Waiver and Living Rider.

    FWD Term Life Insurance

    Starting from S$2.60 per day.

    Maximum entry age - 70 years.

    Policy Renewable until 100 years of age.

    Cover against death and terminal illness.

    Maximum sum assured of S$3 million.

    Choose between Fixed Term Plan and Renewable Term Plan.

    Optional riders - Critical Illness Cover, Premium Waiver Cover and TPD.

    Aviva MyProtector – Term Plan

    Daily premium starting from S$2.44.

    Renewable until 99 years of age.

    Cover against death and terminal illness

    Coverage starting from S$500,000 and up to S$1.5 million.

    Guaranteed Renewable Option to automatically renew your policy.

    Guaranteed Convertibility Option to convert this term insurance into Whole Life or an Endowment Policy.

    Optional riders - Critical Illness Advance Cover, Payer Premium Waiver Benefit, Total and Permanent Disability Advance Cover Plus, etc.

    AIA Secure Term Plus (II)

    Starting from S$22 per month.

    Maximum entry age - 70 years.

    Renewable until 101 years of age.

    Cover against death and terminal illness.

    Fixed premiums throughout the duration of policy.

    AIA Vitality - In addition to offering protection, enjoy savings of up to 15% as and when you get healthier.

    Optional riders - Critical Illness Rider, Accident Cover Rider and Hospital and Surgical Benefit Rider.

    How to choose the best term insurance in Singapore

    Term insurance policies in Singapore vary depending on the benefits, premium and riders. Here are some pointers you can use to decide which one is the best term insurance policy for you:

    • Most insurers in Singapore offer term insurance cover against death and terminal illness in their basic benefits. However, there are insurers such as NTUC that also include Total and Permanent Disability in their basic cover. This will save you some money as you don’t have to purchase a separate rider for it. However, be sure to compare the premiums with and without TPD so you can decide if it is cheaper to take a policy that already offers TPD or purchase a rider for it.
    • Not all insures offer the same optional riders. So, if you are looking for a specific rider for your insurance, be sure to first compare the riders offered by different insures to decide which ones are most applicable and useful to you.
    • Term insurance policy premiums are different for smokers and non-smokers. Be sure to check which one is applicable to you. Also, there are insurers that offer discounts on premiums as your health conditions improve during the duration of your policy. Be sure to read-up on such offers before making your decision. 
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