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cheapest term insurance

Cheapest Term Insurance Plan in Singapore 

Term insurance is a cheap way to get yourself insured for a large amount of money should you die, suffers from Total and Permanent Disability or Critical Illnesses. With almost all insurers offering term life insurance direct or via an insurance agent as a cheaper alternative to whole life plans and investment-linked policies, one tends to wonder which insurer offers the cheapest term life insurance.

Sample Quotes

Term Life Insurance Premium 30 Years Old Non-Smoker

Permutation: 1,000,000 Death & Disability 500,000 Critical Illness Coverage till Age 65

Male Annual Premium Female Annual Premium
China Taiping $1,653.75 $1,633.25
AIA $1,931.75 $1,875.75
Singlife $1,162.50 $1,046.50
Manulife $1,873.50 $1,737.00
Etiqa $1,417.80 $1,694.60
AXA $1,339.20 $1,266.00
HSBC $1,432.50 $1,397.50
Tokio Marine $1,485.00 $1,488.00

Let us look at 6 different segments of coverage required that one may belong to. We will be looking at Death with Disability rider coverage only base on the following permutation, Male, age 40 next birthday, non-smoker and we will be comparing and concluding the:

  • Cheapest Term Insurance Plan for Group Insurance for Coverage of $1,000,000 till age 65
  • Cheapest Term Insurance Plan (Direct) for Coverage of $400,000 till age 65
  • Cheapest Term Insurance Plan (Non-Direct) for Coverage of $500,000 till age 65
  • Cheapest Term Insurance Plan (Non-Direct) for Coverage of $500,000 till age 99
  • Cheapest Term  Insurance Plan (Non-Direct) for Coverage of $1,000,000 till age 65
  • Cheapest Term Insurance Plan (Non-Direct) for Coverage of $1,000,000 till age 100

1) Cheapest Term Insurance Plan for Group Insurance: Singlife SAF Group Term

The Singlife MINDEF & MHA Group Term has the cheapest group term insurance accessible to anyone who is a MINDEF or MHA personnel or is the spouse or children of the eligible members.

Sample Case

The premium for Tom, 40 years old age next birthday, male non smoker is

  • Death – 1,000,000
  • Disability – 1,000,000
  • Till Age 65

is $492 per annum

Riders eligible to be added are as followed
  • Living Care – Accelerated coverage for 37 late stage critical illness conditions
  • Living Care Plus Enhanced – Accelerated coverage for 10 early stage critical illness conditions 
  • Disability Income – Receives monthly income in the event of disability
  • Outpatient Medicare – Coverage for outpatient expenses

2) Cheapest Term Insurance Plan (Direct) for Coverage of $400,000 till age 65 – Etiqa Term Life

Etiqa Insurance

The Etiqa Term has the cheapest direct term insurance for a Death & disability coverage of $400,000 till age 65. The plan can be purchased online via etiqa website

Sample Case

The premium for Tom, 40 years old age next birthday, male non smoker is

  • Death – 400,000
  • Disability – 400,000
  • Till Age 65

is $400 per annum

Riders eligible to be added are as followed
  • Optional critical illness (CI) benefit covering 30 CIs.

3) Cheapest Term Insurance Plan (Non Direct) for Coverage of $500,000 till age 65 – Etiqa Essential Term Cover

Etiqa Insurance

The Etiqa Essential Term Life has one of the cheapest non direct term insurance for a Death & disability coverage of $500,000 till age 65. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page

Sample Case

The premium for Tom, 40 years old age next birthday, male non smoker is

  • Death – 500,000
  • Disability – 500,000
  • Till Age 65

is $632.96 per annum

Riders eligible to be added are as followed
  • Advanced CI Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
  • Early CI rider – Be covered against 35 early or intermediate stages of critical illnesses and 35 severe-stage critical illnesses and accelerate your payout of the death benefit of the basic policy
  • Extra secure waiver Continue your policy without paying premiums up to the policy anniversary before the life insured turns age 86 or the end of the premium payment term of the policy, whichever is earlier, upon the life insured’s diagnosis of any of the 37 severe stage critical illnesses.
  • Extra Disability Care – Accelerated payout in the event of total and permanent disability diagnosis

4) Cheapest Term Insurance Plan (Non Direct) for Coverage of $500,000 till age 99 – Etiqa Essential Term Life Cover

Etiqa Insurance

The Etiqa Essential Term Life has one of the cheapest non direct term insurance for a Death & disability coverage of $500,000 till age 100. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page

Sample Case

The premium for Tom, 40 years old age next birthday, male non smoker is

  • Death – 500,000
  • Disability – 500,000 (Till Age 85)
  • Till Age 99

is $632.96 per annum

Riders eligible to be added are as followed
    • Advanced CI Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
    • Early CI rider – Be covered against 35 early or intermediate stages of critical illnesses and 35 severe-stage critical illnesses and accelerate your payout of the death benefit of the basic policy
    • Extra secure waiver Continue your policy without paying premiums up to the policy anniversary before the life insured turns age 86 or the end of the premium payment term of the policy, whichever is earlier, upon the life insured’s diagnosis of any of the 37 severe stage critical illnesses.
    • Extra Disability Care – Accelerated payout in the event of total and permanent disability diagnosis

5) Cheapest Term Insurance Plan (Non Direct) for Coverage of $1,000,000 till age 65 – Singlife with Aviva Elite Term

singlife with aviva

Singlife with Aviva has the cheapest non-direct term insurance for a Death & disability coverage of $1,000,000 till age 65. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page

Sample Case

The premium for Tom, 40 years old age next birthday, male non smoker is

  • Death – 1,000,000
  • Disability – 1,000,000
  • Till Age 65

is $975.60 per annum

Riders eligible to be added are as followed
  • TPD Advance Cover Plus II – A supplementary benefit that accelerates the death benefit of the basic plan if the life assured becomes Total and Permanently Disabled
  • CI Advance Cover Plus III – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
  • Critical Illness Premium Waiver II – waiver of future premiums of the in the event of any of the covered CI is diagnosed on the insured
  • Early Critical Illness Cover II – Additional payout upon diagnosis of early, intermediate and late stage critical illnesses, It also payout additional benefit such as ICU stay and Benign and Borderline Malignant Tumour.
  • Multipay Critical Illness IV – Additional payout of up to 9x sum assure which allows for Multiple claim of Early, Intermediate and Advance Critical Illness diagnosis, also provides benefit such as recurrent ci claim and advance care option on specified critical illness. It also payout additional benefit such as ICU stay and Benign and Borderline Malignant Tumour.

6) Cheapest Term Insurance Plan (Non Direct) for Coverage of $1,000,000 till age 100 – Etiqa Essential Term Life Cover

Etiqa Insurance

The Etiqa Essential Term Life has one of the cheapest non direct term insurance for a Death & disability coverage of $1,000,000 till age 99. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page

Sample Case

The premium for Tom, 40 years old age next birthday, male non smoker is

  • Death – 1,000,000
  • Disability – 1,000,000 (Till Age 85)
  • Till Age 99

is $4,522.50 per annum

Riders eligible to be added are as followed
    • Advanced CI Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
    • Early CI rider – Be covered against 35 early or intermediate stages of critical illnesses and 35 severe-stage critical illnesses and accelerate your payout of the death benefit of the basic policy
    • Extra secure waiver Continue your policy without paying premiums up to the policy anniversary before the life insured turns age 86 or the end of the premium payment term of the policy, whichever is earlier, upon the life insured’s diagnosis of any of the 37 severe stage critical illnesses.
    • Extra Disability Care – Accelerated payout in the event of total and permanent disability diagnosis
 Is Term Insurance a Better Choice?

 The main reason for getting term insurance is because of its affordability and needs focused time frame. However, you should be aware that most term insurance does not come with any cash value elements. For a protection plan with cash value, one may need to look into getting a whole life policy instead.

Get Term Insurance Quote Here!

A licensed financial planner will draft their proposals based on your given input. Your information and details will only be used for communication with you. All comparisons done are solely based on your individual need

Author
Moneyline.SG

Singapore No.1 Financial Blog

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