- Updated March 2024
- Compare Term Life Insurance plans in Singapore to get the greatest value plan
- Premiums are calculated for individuals aged between 30 to 45 years, working in an administrative or non-manual labour occupation, up to age 65
Life is a journey, and life insurance is one of those things you need to put in place before your journey takes an unexpected turn. MoneyOwl takes the hassle out of comparing Singapore insurance providers’ Term Life insurance plans with these handy tables:
For a Male, aged between 30-45
- Non-smoker
- Occupation: Administrative and non-manual labour
- No pre-existing health condition(s), no extra cost on premiums
Annual Premiums (S$):
| Singlife | Etiqa | Tokio Marine | FWD | Manulife | Prudential | AIA | Great Eastern Life | HSBC Life | Income | |
|---|---|---|---|---|---|---|---|---|---|---|
| Age / Credit Rating | A- (Fitch) | A (Fitch) | A+ (S&P) | BBB+ (Fitch) | AA- (S&P) | AA- (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | AA- (S&P) |
| 30 | $568 | $707 | $771 | $576 | $820 | $802 | $882 | $771 | $615 | $662 |
| 35 | $883 | $895 | $945 | $847 | $863 | $1,047 | $1,253 | $920 | $845 | $833 |
| 40 | $1,004 | $1,155 | $1,213 | $985 | $1,053 | $1,387 | $1,526 | $1,155 | $997 | $1,043 |
| 45 | $1,397 | $1,512 | $1,608 | $1,451 | $1,479 | $1,877 | $1,967 | $1,529 | $1,272 | $1,381 |
For a Female, aged between 30-45
- Non-smoker
- Occupation: Administrative and non-manual labour
- No pre-existing health condition(s), no extra cost on premiums
Annual Premiums (S$):
| Singlife | Etiqa | Tokio Marine | FWD | Manulife | Prudential | AIA | Great Eastern Life | HSBC Life | Income | |
|---|---|---|---|---|---|---|---|---|---|---|
| Age / Credit Rating | A- (Fitch) | A (Fitch) | A+ (S&P) | BBB+ (Fitch) | AA- (S&P) | AA- (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | AA- (S&P) |
| 30 | $494 | $537 | $564 | $499 | $583 | $592 | $707 | $566 | $454 | $547 |
| 35 | $686 | $680 | $685 | $626 | $667 | $762 | $854 | $679 | $596 | $611 |
| 40 | $777 | $871 | $906 | $749 | $832 | $979 | $1,057 | $905 | $723 | $800 |
| 45 | $1,011 | $1,112 | $1,221 | $1,035 | $1,098 | $1,258 | $1,428 | $1,215 | $878 | $1,052 |
Coverage Scenarios
We’ve used these coverage scenarios in our comparison tables:
- Policy Coverage Till 65 Years Old
At age 65, we estimate that our dependants (e.g. spouse, children and elderly parents) are no longer reliant on our income, and existing assets and savings are sufficient to provide for them should anything unexpected happen to us.
- S$1,000,000 Death /Terminal Illness (TI) Coverage
This amount could be used to provide for your dependants, pay off existing loans, or as a gift to your beneficiaries. For those with dependants, setting aside S$1,000,000 life coverage to provide for them makes prudent financial sense.
- S$1,000,000 Total and Permanent Disability (TPD) coverage
This amount could be used to provide for your long-term healthcare needs, dependants, and service existing loans.
Why buy Term Insurance? If you have dependants, life insurance ensures that they are protected financially should anything unfortunate happen to you. Term insurance plans will pay out in cases of death, terminal illness or total and permanent disability and are much more affordable than whole life insurance, so you can plan for the future while living your best life today.
Prefer comparing other types of life insurance? Take a look at our Term Life with Critical Illness Insurance comparison tables article.
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Disclaimer
- The information presented here does not take into consideration specific investment objectives, financial situations, or individual needs. Buying insurance is a long-term commitment that should align with your unique requirements and the suitability of the products.
- We advise thoroughly examining the details of insurance policies to ensure that they are the best fit, and assess your circumstances to determine the necessary coverage.
- We recommend seeking advice from a licensed representative to understand product features, details, and current quotes before making decisions to purchase or surrender existing policies.
- Insurance comparison figures are approximations and may not accurately reflect actual premiums. The information, sourced from third-party sources like CompareFIRST or insurers, is provided with reasonable care, but no responsibility is accepted for any loss or inconvenience resulting from errors or omissions.
- Certain product prices may not be included due to individual specification limitations.
- An insurance company’s credit rating, an independent agency’s opinion on its financial strength, signifies its ability to fulfill policyholders’ claims.
