Best Term Insurance Singapore: Top Plans & Providers Compared

When it comes to safeguarding your loved ones' future, term insurance in Singapore stands out as a robust, affordable solution. With numerous options tailored to meet diverse needs, understanding the best term insurance plans can empower you with peace of mind and financial security.

a person holding out their hand with the words insurance in front of them and icons above it
a person holding out their hand with the words insurance in front of them and icons above it

In this comprehensive guide, we'll demystify term insurance, explore top plans, and provide insightful tips to help you make an informed decision. Let's dive right in.

the benefits of term life insurance are shown in this brochure with an image of two people under an umbrella
the benefits of term life insurance are shown in this brochure with an image of two people under an umbrella

Understanding Term Insurance in Singapore

Term insurance is a life insurance policy that provides coverage for a specified term or period. If the insured passes away during this term, the beneficiary receives a payout, known as the death benefit. Unlike whole life insurance, term insurance does not build cash value over time and is typically more affordable.

a calculator sitting on top of a pile of papers with the word insurance
a calculator sitting on top of a pile of papers with the word insurance

Opting for term insurance ensures that your family has a financial safety net in case of unfortunate events. It can help cover mortgage payments, living expenses, and even your children's education.

Types of Term Insurance in Singapore

AIA | Singapore Singapore
AIA | Singapore Singapore

Singapore's insurance market offers various term insurance plans to cater to different needs and budgets. The two primary types are level term and decreasing term insurance.

Level Term Insurance maintains the same sum assured throughout the policy term. This consistency makes it suitable for those seeking long-term coverage, such as until retirement or when their children become independent. Examples include AXA Life SaviPlan and Manulife FASTrack.

Key Benefits and Drawbacks

Term insurance explained in simple words
Term insurance explained in simple words

Before diving into the best term insurance plans, let's weigh the pros and cons:

  • Benefits: Affordability, flexibility in term length and sum assured, and provides sufficient coverage for dependents.
  • Drawbacks: No cash value accumulation, and premiums may increase after the initial term, depending on the plan.

Top Term Insurance Plans in Singapore

an info sheet with the words life insurance through the ages and numbers in different colors
an info sheet with the words life insurance through the ages and numbers in different colors

With a plethora of options available, selecting the best term insurance plan can be overwhelming. We've cherry-picked three outstanding plans based on comprehensive coverage, affordability, and flexibility:

Great Eastern’s GREAT Term Plus

Unlocking the key benefits of term life insurance
Unlocking the key benefits of term life insurance
a poster for a small step today, a secure future tomorrow with three people hugging each other
a poster for a small step today, a secure future tomorrow with three people hugging each other
A lot of whole life insurance plans in Singapore have historically returned just 2-3% p.a. after decades of premiums. → The pitch (lifetime coverage, guaranteed + bonuses, forced discipline) is all true — none of it is free → A big chunk of your premium pays for insurance cost, not investment growth — surrender early and you could get back less than half of what you paid in → Term life + investing the difference has historically compounded closer to 7-8% p.a. (not guaranteed — markets fall t... Whole Life Insurance, Life Insurance, How To Plan
A lot of whole life insurance plans in Singapore have historically returned just 2-3% p.a. after decades of premiums. → The pitch (lifetime coverage, guaranteed + bonuses, forced discipline) is all true — none of it is free → A big chunk of your premium pays for insurance cost, not investment growth — surrender early and you could get back less than half of what you paid in → Term life + investing the difference has historically compounded closer to 7-8% p.a. (not guaranteed — markets fall t... Whole Life Insurance, Life Insurance, How To Plan
Singapore PA&H insurance industry to surpass $8 billion by 2029, forecasts GlobalData
Singapore PA&H insurance industry to surpass $8 billion by 2029, forecasts GlobalData
online insurance singapore | Prudential Singapore
online insurance singapore | Prudential Singapore
How the Married Women’s Property Act Safeguards Life Insurance: Benefits and Eligibility Explained for Term Insurance for Housewife - UrbanMatter
How the Married Women’s Property Act Safeguards Life Insurance: Benefits and Eligibility Explained for Term Insurance for Housewife - UrbanMatter
a person stacking wooden blocks with the words term life insurance
a person stacking wooden blocks with the words term life insurance
a tablet computer sitting on top of a table next to a pen and paper with an image of a tree
a tablet computer sitting on top of a table next to a pen and paper with an image of a tree
an advertisement with people sitting on chairs and one man standing in front of the chair
an advertisement with people sitting on chairs and one man standing in front of the chair
Life Insurance
Life Insurance

GREAT Term Plus offers a 10-80 year renewable term with increasing sums assured. It provides an optional total and permanent disability benefit rider at no additional cost. Plus, enjoy annual cash rewards for putting off claims.

Key features:

  • Potential renewal up to age 99
  • Enhanced death and total and permanent disability (TPD) benefits
  • Flexible sum assured with built-in guarantees

Prudential's PRUterm

PRUterm offers flexible coverage durations, from 5 to 40 years, with guaranteed renewability up to age 75. Enjoy optional riders, such as accidental death and disability, and critical illness riders for enhanced protection.

Key features:

  • Adjustable annual premium
  • Optional riders for comprehensive coverage
  • Guaranteed renewable till age 75

Aviva's MyTermPlan

Aviva's MyTermPlan provides flexible coverage from 5 to 40 years with guaranteed renewal up to age 85. This plan offers optional riders, including accidental death and disability, and critical illness riders. Plus, enjoy a20% early renewal bonus for claim-free years.

Key features:

  • Flexible coverage lengths and renewal options
  • Optional riders for personalized protection
  • 20% early renewal bonus

Tips for Choosing the Best Term Insurance

Before zeroing in on a plan, consider these essential tips:

Assess Your Needs

Evaluate your financial obligations, dependents, and long-term goals to determine the ideal coverage length and sum assured.

Compare and Contrast

Use online calculators and tools to compare plans from different insurers. Consider factors like premiums, coverage, renewal options, and optional riders to make an informed decision.

Lastly, remember that security is priceless, and term insurance offers unparalleled peace of mind. Take the time to understand your needs, explore various plans, and choose the best term insurance in Singapore to safeguard your loved ones' future today.