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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.

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:

Compare more Term Insurance Plans here

  • 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

 

 

Singlife insurance logo

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 – China Taiping Direct Term Insurance

 

China Taiping Logo

The China Taiping Direct Term insurance has the cheapest direct term insurance for a Death & disability coverage of $400,000 till age 65. The plan can be purchased over the counter @ 3 Anson Rd, #16-00 Springleaf Tower, Singapore 079909

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 $426 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 – China Taiping iProtect

 

China Taiping Logo

The China Taiping iProtect 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 $671.50 per annum

Riders eligible to be added are as followed
  • AdvancedCare Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
  • Enhanced Waiver Rider, Payer Rider & Enhanced Payer Rider – waiver of future premiums of the in the event of Death, Total and Permanent Disability and/or upon diagnosis of any of the covered CI on the payor or insured
  • EarlyCare Rider – Accelerates the basic sum assured upon diagnosis of early, intermediate and late stage critical illnesses
  • DisabilityCare Rider – 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 – AXA Term Protector

 

AXA Logo

The Singlife MyProtector Term II has the cheapest non direct term insurance for a Death & disability coverage of $500,000 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 – 500,000
  • Disability – 500,000
  • Till Age 99

is $3,327.80 per annum

Riders eligible to be added are as followed
  • Advance Total and Permanent Disability Payout – Accelerated payout upon total and permanent disability diagnosed
  • Advance Critical Illness Payout – Accelerated payout upon any one of the 40 late stage critical illness diagnosed
  • Critical Illness Plus Benefit – Additional payout for CI upon late stage diagnosis
  • Early Critical Illness Payout – Additional lump sum payout for 40 different CI with early and intermediate stage coverage
  • Critical Illness PremiumEraser –  Waives of premium for death and disability in the event of CI diagnosis
  • Payer PremiumEraser – Waives of premium of payer in the event payer diagnosed with any one of the 37 critical illnesses
  • Personal Accident Benefit – Pays out additional death and disability benefit without affecting the main plan due to injury
  • Payer Premium Waiver Benefit – Premium waiver upon death of the payer
  • Guaranteed Survival PayoutIn the event that you outlive the term of the policy, you will get reimbursed with the prevailing Sum Assured
  • Disability Cash Benefit – In the event of total and permanent disability, pays an annual cash benefit.

5) Cheapest Term Insurance Plan (Non Direct) for Coverage of $1,000,000 till age 65 – Tokio Marine Term Assure (II)

 

Tokio Marine Logo

Once again, Tokio Marine 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 $1,149 per annum

Riders eligible to be added are as followed
  • Critical Illness (CI) Accelerator Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
  • Waiver of Premium Rider & (Enhanced) Payer Benefit Rider – waiver of future premiums of the in the event of Death, Total and Permanent Disability and/or upon diagnosis of any of the covered CI on the payor or insured
  • Early Critical Illness (ECI) Accelerator Rider – Accelerates the basic sum assured upon diagnosis of early, intermediate and late stage critical illnesses
  • KidAssure GIO Rider – Covers death, child-related illnesses and hospitalisation benefit. In addition, 80% of premiums paid will be refunded upon the rider’s maturity at age 19.
  • Protect 1 Lite Rider – Pays out monthly benefits for 6 years upon the inability to do 1 out of 6 AD

6) Cheapest Term Insurance Plan (Non Direct) for Coverage of $1,000,000 till age 100 – AXA Term Protector

 

AXA Logo

 

The AXA Term Protector has the cheapest non direct term insurance for a Death & disability coverage of $1,000,000 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 – 1,000,000
  • Disability – 1,000,000
  • Till Age 99

is $5,230.85 per annum

Riders eligible to be added are as followed
  • Advance Total and Permanent Disability Payout – Accelerated payout upon total and permanent disability diagnosed
  • Advance Critical Illness Payout – Accelerated payout upon any one of the 40 late stage critical illness diagnosed
  • Critical Illness Plus Benefit – Additional payout for CI upon late stage diagnosis
  • Early Critical Illness Payout – Additional lump sum payout for 40 different CI with early and intermediate stage coverage
  • Critical Illness PremiumEraser –  Waives of premium for death and disability in the event of CI diagnosis
  • Payer PremiumEraser – Waives of premium of payer in the event payer diagnosed with any one of the 37 critical illnesses
  • Personal Accident Benefit – Pays out additional death and disability benefit without affecting the main plan due to injury
  • Payer Premium Waiver Benefit – Premium waiver upon death of the payer
  • Guaranteed Survival PayoutIn the event that you outlive the term of the policy, you will get reimbursed with the prevailing Sum Assured
  • Disability Cash Benefit – In the event of total and permanent disability, pays an annual cash benefit.
 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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