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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:

This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. Read our General Disclaimer

  • 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: Aviva SAF Group Term

Cheapest Term Insurance

The Aviva 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

 

Cheapest Term Insurance

 

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

 

Cheapest Term Insurance

 

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 – Aviva MyProtector Term II

 

Cheapest Term Insurance

 

The Aviva 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
  • TPD Advance Cover Plus II – Accelerated payout upon total and permanent disability diagnosed
  • CI Advance Cover Plus III – Accelerated payout upon any one of the 37 late stage critical illness diagnosed
  • MultiPay Critical Illness Cover IV – Additional payout of up to 9x in he event of different Early/intermediate/late stage CI as well as tranche of different payout subjected to certain CI Events
  • Early Critical Illness Cover II – Additional lump sum payout for 60 different CI with early and intermediate stage coverage
  • Critical Illness Premium Waiver II –  Waives of premium for death and disability in the event of CI diagnosis
  • Payer Critical Illness Premium Waiver II – Waives of premium of payer in the event payer diagnosed with any one of the 37 critical illnesses
  • Payer Premium Waiver Benefit – Premium waiver upon death of the payer

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

Cheapest Term Insurance

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 – Aviva MyProtector Term II

 

Cheapest Term Insurance

 

The Aviva MyProtector Term II 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
  • TPD Advance Cover Plus II – Accelerated payout upon total and permanent disability diagnosed
  • CI Advance Cover Plus III – Accelerated payout upon any one of the 37 late stage critical illness diagnosed
  • MultiPay Critical Illness Cover IV – Additional payout of up to 9x in he event of different Early/intermediate/late stage CI as well as tranche of different payout subjected to certain CI Events
  • Early Critical Illness Cover II – Additional lump sum payout for 60 different CI with early and intermediate stage coverage
  • Critical Illness Premium Waiver II –  Waives of premium for death and disability in the event of CI diagnosis
  • Payer Critical Illness Premium Waiver II – Waives of premium of payer in the event payer diagnosed with any one of the 37 critical illnesses
  • Payer Premium Waiver Benefit – Premium waiver upon death of the payer
 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.

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