9 Best Term Life Insurance Plans in Singapore [2024 Edition]

9 Best Term Life Insurance Plans in Singapore (2024 Edition)

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Table of Contents

Best For
Winner
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Cheapest Term Life Insurance in Singapore
China Taiping i-Protect
Best Most Value Term Life Insurance Plan
Tokio Marine TM Term Assure (II)
Best Most Flexible Term Life Insurance Plan
Singlife Elite Term
Best to 99 Years Old Term Life Insurance Plan
HSBC Life Term Protector
Best for Countering Inflation Term Life Insurance Plan
HSBC Life Term Protector
Best for Smokers’ Term Life Insurance Plan
Manulife ManuProtect Term (II)
Best Term Life Insurance Plan for Critical Illness
Singlife Elite Term with Critical Illness Rider
Best Term Life Insurance Plan for Early Critical Illness (Option 1)
Singlife Elite Term with Early Critical Illness Rider
Best Term Life Insurance Plan for Early Critical Illness (Option 2)
NTUC Income Term Life Solitaire with Early Critical Illness Rider

Are you worried about your family’s financial future if something were to happen to you? Don’t worry, life insurance can provide peace of mind and financial security for your loved ones.

But with so many options out there, how do you choose the best one for you and your family?

Term life insurance is a popular option for many people because it provides affordable coverage for a specific period.

In Singapore, there are many insurance companies offering term life insurance policies, each with their own unique features and benefits.

In this article, we’ll take a closer look at Singapore’s best term life insurance options, comparing their coverage, premiums, and other important factors to help you make an informed decision.

But firstly, we suggest understanding the differences between term insurance and whole life insurance.

And after reading about whether you should get a term plan or a life plan, and you’ve decided that a term plan suits your needs and budget best, continue reading this post.

Comparison of Term Insurance Policies in Singapore

Before we explain why we’ve selected each for the respective categories, here’s the comparison between term life plans:

 

Prudential PRUActive Term

Singlife Elite Term (previously Aviva My Protector Term Plan II)

Manulife ManuProtect

Tokio Marine Term Assure (II)

China Taiping i-Protect

NTUC Income TermLife Solitaire

AIA Secure Flexi Term

Great Eastern GREAT Term

HSBC Life Term Protector (previously AXA Term Protector)

Min. Sum Assured

100K

100K

75K

100K

200K

500K

500K

Undisclosed

100K

Policy Term

10 – 82 years

– 5 years, 10 years (renewable)
– 11 years up to age 85 or 99 (for Single or 3rd Party Policies only)

– 5 or 10 years (renewable)

– 11 to 40 years (level), or

– up to age 65, 75 or 85 (level)

– 5 or 10 years (renewable)

– 11 years up to age 85 (level)

5 or 10 years (renewable)

– 11 to 40 years

– up to age 65, 75 or 85 (level)

– 10, 15, 20, 25, 30, 35 or 40 years

– Up to age 64, 74, 84 or 100 (last birthday)

– 5, 10, 20 or 30 years (renewable)

– Level term option up to age 65 or 75 (level)

– 6 years up to 100

– 5, 10, 15, 20, 25, or 30 years (renewable)

– up to age 50, 55, 60, 65, 70, 75 or 99

Premium Term

5 – 82 years

Same as policy term

– 15, 20 years or same as policy term (term to age)

– Same as policy term or Single Premium (5, 10 and 15 year term) (renewable)

Increase Coverage

Yes, min. 100k at each application

Yes, at key life milestones

No

Yes, at key life milestones

No

No

No

No

No

Renewable

No

Yes

Yes

Yes

Yes

Yes

No

No

Yes

Convertible

No

Yes

Yes

Yes

Yes

No

Yes

Yes

Yes

40-pay-40; 30 yo, male, Non-Soker

685

535

637

545

498

733

536 (35-pay-35)

672

1,220 (40-pay-20)

Riders

Critical Illness & Premium Waivers

TPD, Critical Illness & Premium Waiver

TPD, Critical Illness & Premium Waiver

TPD Lite, Critical Illness, Premium Waiver & Rider for your children

TPD, Critical Illness, Premium Waiver & Rider for your children

TPD, Critical Illness, Hospitalisation, Premium Waiver

TPD, Critical Illness & Premium Waiver

TPD & Critical Illness

TPD, Critical Illness & Personal Accident

Notable Features

Incremental Sum Assured

 

Quit Smoking Incentive

         

Inflation Protection

Premiums are based on a 30-year-old non-smoking male with $500,000 in sum assured, up to 70 years old.

This is important as it serves the basis of our comparisons.

With the above details, we select the best term plans in Singapore based on different criteria, read on!

Best Cheapest Term Life Insurance Plan – China Taiping i-Protect

China Taiping logo

The best cheapest term plan is China Taiping’s i-Protect.

This category exists because you might just want to look for coverage at the lowest price available, or you might even want to put more money into investments.

In this category, we just look at the price you have to pay for your premiums.

Based on the criteria, China Taiping i-Protect is selected because it requires the lowest premiums based on what’s currently available in the market.

For example, a 30-year-old male non-smoker would only have to pay a monthly premium of $41.50 for a coverage term of 40 years, with a sum assured of $500k.

On the other hand, term life insurance plans from AIA and Manulife will cost you more for similar specifications.

Best Most Value Term Life Insurance Plan – Tokio Marine TM Term Assure (II)

tokio marine logo

The best most value term plan is Tokio Marine’s TM Term Assure (II).

This category exists because you might be looking for a coverage plan that is value-for-money, while also providing protection against Death, Total and Permanent Disability (TPD), and Terminal Illness (TI). Moreover, you might also be looking for a term life plan that offers additional benefits such as guaranteed renewal and conversion privileges.

In this category, we compare product features such as renewability, level, convertibility, riders, and we also look at the price you pay for premiums so we can assess whether the plan gives you the most value.

Based on this criterion, Tokio Marine TM Term Assure (II) is chosen because the premiums are decently priced and you will also receive the protection benefits mentioned above, such as TPD, TI, and many more.

Moreover, this plan includes a guaranteed renewal privilege period of 5 or 10 years, with the last renewal age being 80 or 75 years old. 

Others may argue that Singlife has the most value because it’s slightly cheaper per year, but Tokio Marine TM Term Assure (II) allows you to add coverage for your child as an additional rider – something Singlife’s Elite Term doesn’t offer.

With KidAssure GIO Rider, death, child-related diseases, and hospitalisation benefits are all covered under the TM Term Assure (II). Furthermore, at the rider’s maturity at the age of 19, 80% of the premiums paid will be reimbursed.

Hence Tokio Marine TM Term Assure (II) is selected under this category over Singlife.

Take note that Tokio Marine has removed many of its participating plans – which is pretty disappointing because it’s one of the reasons I chose this over Singlife’s Elite Term 3 years ago. Nevertheless, our selection for this category still stands.

Best Most Flexible Term Life Insurance Plan – Singlife Elite Term

Aviva logo

The best most flexible term plan is the Singlife Elite Term, previously Aviva’s MyProtector Term Plan II.

This section exists because you might be looking for a term plan that provides you with flexibility, along with other added features.

In this category, we compare plans against flexibility. This means we look at whether the plan can be converted without any additional medical underwriting, we also look at renewability, convertibility, additional riders, and the policy term.

The Singlife Elite Term is chosen  because without further medical underwriting, you can change your basic plan partially or completely into a new whole life insurance or savings policy.

This plan also offers renewability without further medical underwriting.

The Singlife Elite Term plan also offers additional riders for TPD and CI with better coverage (and price point) than others.

The reason why the Singlife Elite Term wins over Tokio Marine’s Term Assure (II) is that it offers coverage up to the age of 99, allowing for more flexibility in your planning.

Best to 99 Years Old Term Life Insurance Plan – HSBC Life Term Protector

hsbc bank logo

The best to 99 years-old term plan is the HSBC Life Term Protector, previously AXA Term Protector.

This category exists because you might be looking for a term plan that insures up to age 99 and offers a Death & Terminal Illness Benefit, along with additional features.

In this criterion, we compare term plans that provide coverage till 99 years old – Singlife Elite Term, Great Term, HSBC Life Term Protector, and NTUC Income TermLife Solitaire.

The HSBC Life Term Protector is selected for this category because it is uncommon to find a term plan that provides coverage up to and including the age of 99.

Along with allowing you to be insured till age 99, this plan provides additional benefits such as policy conversion where you can convert it to another Basic Policy before age 60.

This plan allows you to select your preferred currency for protection and paying your premiums. This plan also provides a renewability option, so in the case that this plan wasn’t a 99-year plan and you decide you want to be insured till the age of 99, you can extend your current policies at HSBC Life.

Moreover, HSBC Life offers the option for limited pay so that when you retire and don’t have an income anymore, you won’t have to pay premiums until the age of 99, while other plans like TermLife Solitaire & Great Term don’t offer this option.

Furthermore, Singlife’s Elite Term 99-year coverage is also limited to single and third-party policies only.

Thus, HSBC Life’s Term Protector is also chosen under this category because of the counter-inflation benefit. HSBC Life is one of the only insurers that allow you to gradually increase your sum assured, and help you beat inflation.

Best for Countering Inflation Term Life Insurance Plan – HSBC Life Term Protector

hsbc bank logo

The best for countering inflation term plan is also the HSBC Life Term Protector.

This category exists because you might be looking for a plan with an Indexation Option. Indexation allows you to raise the quantity of coverage you have on a yearly basis in order to fight the impacts of inflation.

In this section, we solely compare term plans that can help counter inflation so that you don’t lose out on purchasing power when the cost of living increases.

The contenders in this category is the HSBC Life Term Protector and Prudential’s PRUActive Term.

The HSBC Life Term Protector is selected for this category because HSBC Life is only one of the few insurers that would let you raise your sum assured in order to beat inflation. This plan’s Indexation Option will allow you to do so.

Prudential’s PRUActive Term wasn’t selected due to the higher premium costs and it being only a regular pay, as compared to HSBC Life Term Protector’s option of being a limited or a regular pay policy.

Furthermore, HSBC Life’s term plan allows you to renew and convert the policy while offering more riders to boost your coverage.

Best for Smokers’ Term Life Insurance Plan – Manulife ManuProtect Term (II)

manulife logo

The best for smokers’ term plan is the Manulife ManuProtect Term (II).

This category exists because smokers pay higher premiums than nonsmokers, and not everyone is aware of this.

In this category, we compare terms plans that can benefit smokers, along with other benefits.

The contenders for this category is Singlife’s Elite Term, Manulife’s ManuProtect Term (II), and Tokio Marine’s TM Term Assure (II) due to them offering similar specifications.

Manulife ManuProtect Term (II) is chosen for this criterion because it has a Quit Smoking Incentive (QSI) that would benefit you if you plan to quit smoking within the next 3 years.

With this benefit, for the first 3 years of your insurance, smokers can enjoy a lower non-smoker premium rate and your future premiums can be charged at a non-smoker rate if you prove that you have quit smoking by the 3rd policy year.

If you quit smoking in the future, other term plans will not allow you to switch to a non-smoker premium. Thus, this is the only plan out there that provides this benefit for smokers.

Best Term Life Insurance Plan for Critical Illness – Singlife Elite Term with Critical Illness Rider

singlife logo

The best term life insurance plan for critical illness coverage is the Singlife Elite Term with its Critical Illness rider – the CI Advance Cover Plus III.

Singlife is constantly giving 20% to 30% perpetual discounts on its policies – and the Singlife Elite Term has become really popular because of this.

As long as your sum assured is above $500,000, your policy will be entitled to a 30% perpetual discount, making it cheaper than term plans such as Manulife’s Term Protect, AIA Secure Flexi Term, and Prudential’s PRUActive Term.

The perpetual discount effectively makes the Singlife Elite Term cost-effective if you want significantly more cover without burning a hole in your wallet.

It also covers up to 60 advanced late-stage critical illnesses, which is the highest in the market.

The plan’s attractiveness is further amplified by its guaranteed issuance option (GIO) feature upon life stage, such as having your first child or buying your first property, which allows you to increase coverage without evidence of insurability (any pre-existing health conditions would still be fully covered).

Oh, looking to get a multipay critical illness insurance plan without the pricey premiums of a standalone multipay plan?

With the Singlife Elite Term, you can add the MultiPay Critical Illness Cover IV rider instead, allowing you to make multiple claims for CI conditions.

Thus, the Singlife Elite Term is the logical choice if you’re looking to get covered for critical illnesses. 

Best Term Life Insurance Plan for Early Critical Illness (Option 1) – Singlife Elite Term with Early Critical Illness Rider

singlife logo

Once again, the Singlife Elite Term takes the crown as the best term life insurance plan, but this time for those seeking early critical illness coverage.

The Singlife Elite Term with ECI rider (Early Critical Illness Cover II) is the most value term life plan giving you the best cost-to-benefit ratio compared to other policies.

Like most early critical illness riders, there is a cap of $250,000 for ECI coverage. However, what makes the Singlife Elite Term with its Early Critical Illness Cover II is that it’s not an accelerated rider.

Firstly, let’s explain what an accelerator or accelerated means. Most ECI/CI riders are accelerators, which means that making a claim reduces the TPD and death benefits.

This is a problem with getting riders on your term or whole life plan because you will increase the protection gap in other aspects of your insurance coverage.

Also, when this happens, you might not be able to get more coverage due to pre-existing coverage, or your premiums might be too high by the time this happens.

With the Singlife Elite Term ECI rider, your ECI coverage is an additional cover. So when you claim for ECI, you still have death and TPD benefits without purchasing additional life insurance policies. 

You can also add the multipay rider to enhance your ECI coverage on top of the 40 ECI conditions covered by the Early Critical Illness Cover II.

Best Term Life Insurance Plan for Early Critical Illness (Option 2) – NTUC Income Term Life Solitaire with Early Critical Illness Rider

ntuc income logo

Now if you’re looking for the best term plan for ECI coverage, we recommend the NTUC Income Term Life Solitaire with its Total Protect rider for coverage up to $350,000.

Most term plans (and even whole life plans) have a limit of $250,000 for ECI, but not NTUC Income’s Term Life Solitaire! 

To sweeten the deal, the ECI rider covers you for 105 critical illness conditions across early, intermediate, and advanced-stage CI – which is way more than what other life policies are offering.

Premiums for this + its ECI rider is easily one of the cheapest in the market, giving you the best bang for your buck! 

One thing to note is that the minimum death coverage is minimally $500,000, and there are no premium waivers if you are struck with an ECI. 

So this means that you will have to continue paying premiums for the remaining death coverage you’re receiving, which we find a bit unfortunate. 

However, that’s part of getting higher ECI coverage – so you can use it to pay insurance premiums should you didn’t add any premium waivers.

So it’s still a win-win! 

If you’re looking for a term life insurance plan in Singapore, it’s important to consider a few factors before making your decision. Here are 7 things to keep in mind:

#1. Your Budget

Your budget is one of the most important factors to consider before choosing a term life insurance plan in Singapore.

Term life insurance plans can vary greatly in price, so it’s important to determine how much you can realistically afford to pay each month or year.

Before you start shopping for a term life insurance plan, closely examine your current financial situation.

Consider your income, expenses, and any other financial obligations you may have, such as a mortgage or car loan.

Once you clearly understand your budget, you can start to research different term life insurance plans and compare their costs.

Remember that the cheapest plan may not always be the best option, as it may not provide enough coverage for your needs.

When comparing plans, be sure to look at the total cost over the entire term, not just the monthly or annual premium. This will give you a better idea of the plan’s true cost.

If you’re on a tight budget, consider a shorter term length or a lower coverage amount. You can always increase your coverage or extend your term length later on as your financial situation improves.

Remember, choosing a term life insurance plan is a big decision that can significantly impact your financial future.

Take the time to research and choose a plan that fits your budget and provides the coverage you need.

#2. Coverage Amount

When choosing a term life insurance plan in Singapore, one of the most important factors to consider is the coverage amount. This refers to the amount of money that will be paid to your beneficiaries in the event of your death.

To determine the appropriate coverage amount, you should consider factors such as your current income, your outstanding debts, and your family’s financial needs in the event of your death.

It’s important to remember that the coverage amount should be enough to cover your family’s expenses and enable them to maintain their current standard of living without you.

You should also consider any future expenses such as your children’s education or your spouse’s retirement when determining the coverage amount.

As a rule of thumb, you should choose a coverage amount at least 10 times your annual income to ensure your family is adequately protected.

We have a guide to help you find out your life insurance gap here.

Ultimately, the coverage amount you choose should provide peace of mind and financial security for your loved ones in the event of your unexpected passing.

#3. Policy Term

When choosing a term life insurance plan in Singapore, it’s important to consider the policy term.

This refers to the length of time that the policy will be in effect, and it can range from as little as one year to as long as 30 years or more.

Newer policies in the market offer you lifelong protection up until you are 99 years old.

One factor to consider when choosing a policy term is your age and life stage.

If you are young and just starting out in your career, a longer policy term may be more appropriate, as it will provide coverage for a longer period of time and may be more affordable in the long run.

On the other hand, if you are older and nearing retirement, a shorter policy term may be more appropriate, as you may not need as much coverage and may want to focus on other financial goals.

Another factor to consider when choosing a policy term is your financial situation.

If you have significant debts or financial obligations that will last for many years, such as a mortgage, car loan, or student loan, a longer policy term may be necessary to ensure that your loved ones are protected in the event of your untimely death.

#4. Premium Payment Term

When considering a term life insurance plan in Singapore, it’s important to consider the premium payment term.

This refers to the length of time you will be required to pay premiums for your policy.

Some plans offer a fixed premium payment term, such as 10 or 20 years, while others require payments until the end of the policy term.

Choosing a shorter premium payment term may result in higher premiums, but it can also mean paying off your policy faster and potentially saving money in the long run.

On the other hand, a longer premium payment term is a long-term commitment, but it can offer more flexibility and lower monthly payments but may result in paying more overall due to the extended period of payments.

You can also choose to pay a level (fixed) premium throughout your entire policy, or a renewable policy – which is much cheaper at the start and the prices increases slowly at every renewal term (usually 5 years).

Consider your budget and financial goals when deciding on the best premium payment term for you and your family.

#5. What’s Included In The Basic Policy

When choosing a term life insurance plan in Singapore, it’s important to understand what’s included in the basic policy.

The basic policy typically minimally covers death, which means that if the policyholder passes away during the policy term, their beneficiaries will receive a lump sum payout.

Some life insurance policies may also include terminal illness (TI) benefits, which means that if the policyholder is diagnosed with a terminal illness, they may be able to receive a portion of the death benefit early to help with medical expenses or other costs.

Some will also include total permanent disability (TPD), which covers you in case you become totally and permanently disabled.

Others might only offer death coverage on the basic policy and may require you to add on TPD and TI as a rider – so it’s essential to take note what’s included.

It’s important to note that basic policies may not cover all types of death, such as suicide or death caused by participating in high-risk activities.

It’s important to read the policy contract for precise terms carefully and understand what is and isn’t covered.

#6. Riders Available

When choosing a term life insurance plan in Singapore, it is important to consider the available riders.

Riders are additional types of benefits that can be added to the basic insurance policy to provide extra coverage for specific situations.

Some common riders available for term life insurance plans in Singapore include critical illness rider, total and permanent disability rider, and waiver of premium rider.

These riders can provide financial protection in case of unexpected events such as a serious illness or disability.

Should your basic policy doesn’t have TPD or TI cover, it’s best to add it to your plan minimally – and your financial advisor would definitely recommend this as well.

Critical illness and early critical illness riders are also commonly added to term plans because they are extremely affordable compared to riders on whole life plans and a standalone critical illness plan.

Learn how to calculate how much ECI protection you need here, and how much CI coverage you need here.

It is important to carefully review each rider’s terms and conditions before adding it to your policy.

Some riders may have specific requirements or limitations that could affect your coverage.

Consider your personal needs and circumstances when deciding which riders to add to your term life insurance plan.

For example, if you have a family history of a particular illness, adding a critical illness rider to your policy may be wise.

Adding riders to your term life insurance plan can increase the overall cost of your policy, so it is important to weigh the potential benefits against the added expense.

#7. Ability To Convert Into A Participating Policy

Before choosing a term life insurance plan in Singapore, it’s important to consider the ability to convert it into a participating policy – such as a whole life plan, annuity plan, or endowment plan.

A participating policy allows policyholders to make additional contributions to the investment component, which can be invested and yield returns over time.

This investment feature is good for those looking to have another pot of savings growing for them or if you’re looking to get some money back after years of paying premiums.

It’s also important to consider the cost of converting a term life insurance plan into a participating policy.

Some policies may charge additional fees or premiums for this option, which can impact the policy’s overall cost.

When opting out for such a conversion path, it’s important to look at the terms put forth by the insurer.

Some may require healthy individuals or premiums to remain within limits before allowing for such an upgrade.

Due to the higher risks of serious illnesses and death among elderly individuals, most insurers also have conditions on age restrictions, so they may not allow people over certain ages to convert their plans.

Others have a guaranteed conversion option – letting you convert your policy no matter what. 

As not all term life insurance plans can be converted into participating policies, it’s important to check the contract of insurance given to you by your financial advisor.

Conclusion

We hope this comparison and selection proves useful in your selecting the best term plan for yourself. 

However, do take note that even though there are the best options in each category, you should select your policies based on an overall perspective instead of individual picking.

If you need help in choosing the best term plan in Singapore for yourself while taking into consideration your overall financial goals, talk to a financial advisor that can provide you with an objective view.

Firdaus Syazwani
Firdaus Syazwani
Twenty years ago, Firdaus's mother bought an endowment plan from an insurance agent to gift him $20,000. However, after 20 years of paying premiums, Firdaus discovered that the policy was actually a whole life plan with a sum assured of $20,000, and they didn't receive any money back. This experience inspired Firdaus to create dollarbureau.com, so that others won't face the same problem of being misled or not understanding what they are purchasing – which he sees as a is a huge problem in the industry.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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