It is difficult to compare insurance policies between different companies.

To provide greater transparency, we compiled this comparison table so that consumers can compare term life insurance policies across insurers in Singapore and make informed decisions when insuring themselves and their loved ones.

There are large price differences between the insurers.

This comparison table is updated as of November 2015.

We consider the following example:

  • Policy coverage till 65 years old
  • S$1million Death and Total Permanent Disability (TPD) Coverage

For a Male Non-smoker:
Annual Premiums (S$):

Age AIA Aviva AXA Life Etiqa FWD Great Eastern HSBC Insurance Manulife NTUC Income Prudential Singapore Life Tokio Marine
Credit Rating
(S&P unless stated)
AA- AA- AA- A- (Fitch) BBB- (Fitch) AA- A+ AA- AA- AA- BBB A+
30 $882 $650 $729 $771 $891 $1,131 $1,003 $733 $771
35 $1,253 $1,010 $1,263 $943 $920 $1,454 $937 $1,454 $1,309 $908 $945
40 $1,526 $1,148 $1,620 $1,144 $1,155 $1,947 $1,144 $1,858 $1,734 $1,145 $1,213
45 $1,967 $1,597 $2,054 $1,917 $1,589 $1,529 $2,482 $1,607 $2,527 $2,346 $1,472 $1,608

For a Female non-smoker:
Annual Premiums (S$):

Age AIA Aviva AXA Life Etiqa FWD Great Eastern HSBC Insurance Manulife NTUC Income Prudential Singapore Life Tokio Marine
Credit Rating (S&P unless stated) AA- AA- AA- A- (Fitch) BBB- (Fitch) AA- A+ AA- AA- AA- BBB A+
30 $707 $566 $5661 $566 $633 $819 $740 $576 $564
35 $854 $784 $880 $682 $679 $1,071 $724 $1,004 $952 $699 $685
40 $1,057 $889 $1,083 $884 $905 $1,360 $904 $1,258 $1,224 $858 $906
45 $1,428 $1,155 $1,316 $1,404 $1,139 $1,215 $1,692 $1,193 $1,696 $1,573 $1,062 $1,221

*With information from MoneyOwl and Comparefirst. Figures are compiled on 4th December 2020.

** Prices reflected in the table reflect ongoing existing promotions and discounts which are in the knowledge of. Data is generated based on date of birth of 1st January.

***Prices are not reflected for certain products due to individual product specification limitations.

You are advised to approach a financial adviser to determine your needs and to understand the features, details and current quotes of the products before purchasing a product or surrendering your existing policies.

Parameters:

S$1 million sum coverage: This amount could be used to provide for your dependents, existing loans and as a gift to your beneficiaries. For those of us with children, requiring S$1 million life coverage to provide for our dependents is not unthinkable.

Coverage until 65 years old: There comes a time in our life when our dependents (Eg. spouse and children) are no longer dependent on us and our existing assets and savings would be sufficient to provide for them should anything unexpected happen to us. 65 years old is a good estimate for how long one should cover ourselves with life insurance until.

For $500k term life insurance and critical illness comparison table, click here.

Credit Ratings Explained

Credit rating: An insurance company credit rating is the opinion of an independent agency regarding the financial strength of an insurance company. An insurance company’s credit rating indicates its ability to pay policyholders’ claims.

MoneyOwl’s Solutions Team is the author of this monthly comparison table.

For enquiries on CareShield Life Supplements, click here!

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