In this comparison table, we compare all Term Life with Critical illness insurance plans in Singapore.

While a hospitalisation plan helps to cover the costs of a hospital stay, a critical illness plan provides for post-hospitalisation treatment costs and alternative treatment needs in the event of a critical illness.

A lump-sum payout from a critical illness plan in your insurance coverage can also play the role of replacing your income and allowing you time for recuperation.

We consider the following example:

  • Policy coverage till 65 years old
  • S$500,000 Death and Total Permanent Disability (TPD) Coverage
  • S$500,000 Critical Illness Coverage

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

Age AIA Etiqa FWD Great Eastern HSBC Insurance Manulife Prudential Singapore Life with Aviva Tokio Marine
Credit Rating (S&P unless stated) AA- A- (Fitch) BBB- (Fitch) AA- A+ (S&P) AA- AA-

BBB+ (Fitch)

A+
30 $1,585 $1,561 $1,105 $1,293 $1,227 $1,576 $1,504 $1,091 $1,249
35 $2,180 $1,690 $1,478 $1,646 $1,643 $1,670 $2,016 $1,648 $1,672
40 $2,792 $2,321 $1,953 $2,245 $2,140 $2,261 $2,795 $2,134 $2,242
45 $3,880 $2,885 $2,664 $3,154 $3,085 $3,123 $3,765 $2,944 $3,042

For a Female Non-Smoker:
Annual premiums (S$):

Age AIA Etiqa FWD Great Eastern HSBC Insurance Manulife Prudential Singapore Life with Aviva Tokio Marine
Credit Rating (S&P unless stated) AA- A- (Fitch) BBB- (Fitch) AA- A+ (S&P) AA- AA- BBB+ (Fitch) A+
30 $1,598 $1,828 $918 $1,409 $1,256 $1,526 $1,709 $990 $1,314
35 $2,121 $2,051 $1,316 $1,793 $1,572 $1,782 $2,267 $1,440 $1,700
40 $2,499 $2,621 $1,554 $2,411 $2,126 $2,209 $3,008 $1,679 $2,122
45 $3,171 $3,149 $2,208 $2,989 $2,725 $2,828 $3,695 $2,398 $2,672

*With information from MoneyOwl and CompareFIRST. Figures are compiled on August 2022.

***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.

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Parameters:

S$500,000 life coverage: This amount could be used to provide for your dependents, existing loans, and as a gift to your beneficiaries.

S$500,000 critical illness coverage: This amount allows you to replace the loss of income in the event of a critical illness and provide for alternative treatment needs.

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.

For the $1million term life insurance comparison table, click here.

Credit Ratings Explain

Credit rating: An insurance company’s 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.

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This monthly comparison table is brought to you by MoneyOwl’s Client Adviser team. For more information about insurance planning, reach out to our friendly Client Advisers here.

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