Best Term Insurance in Singapore (Updated 2022).

 

Buy term and invest the rest (BTIR) concept is a popular strategy for individuals who prefer to have more investment control when it comes to building their wealth and, at the same time, financially safeguarding their assets against any unfortunate events. Of course, there are also other reasons why term insurance will be beneficial in personal financial planning, especially when you are looking at higher sum assured coverage to cover for huge liabilities like mortgage loans.

 

With the competitive term insurance market in Singapore, we have done the comparison for you and shortlisted 3 term plans that above the rest.

 

At a glance

Most competitive Premium: AXA Term Protector (40% perpetual discount – Limited time period) and Singlife With Aviva My Protector Term II (30% perpetual discount – Limited time period)

 

Critical illness Coverage: Singlife with Aviva My Protector Term II and China Taiping I-Protect provides additional CI coverage on top of LIA standard 37 CI.

 

Term Insurance Comparison
Plan

AXA Term Protector

Singlife MyProtector - Term Plan II

China Taiping I-Protect
Coverage Term Till age 50/55/60/65/70/75/99 Flexible term, up till ANB 99

To age 65,75,85 or up to 40 years

Premium payment term 15/20years or Till policy term

Till policy Term

Till policy Term

Optional Early Critical Illness Rider
No. of types of Critical illness covered  40 60 55
No. of Special Benefits covered 11 16 12
No. of Juvenile Benefits covered 10 11 12
Additional unique feature - Additional ICU Benefit, and Benign and Borderline Malignant Tumor Benefit -
Maximum claim limit per lifetime for Early CI condition $350,000 $250,000 $350,000
Optional Advanced Critical illness Rider
No. of types of Critical illness covered  37 37 55
Optional Premium waiver Rider
Premium waived upon Diagnosis of Early/Intermediate/Advanced Critical illness Diagnosis of Advanced Critical illness Diagnosis of Early/Intermediate/Advanced Critical illness
Unique Feature Premium waive up to 6 months if policyholder suffers involuntary loss of income due to retrenchment, or short term disability. - -

 

(Conclusion) If the main concern is based on:

 

Affordability:

Best: Singlife MyProtector - Term Plan II & AXA Term Protector

With the ongoing campaign offered by Singlife (30%) and AXA (40%), both plans will offer the most competitive premium in the market depending on the sum assured and policy term. Do enquire with us if you wish to obtain a quotation!

 

Continuity of premiums in the event of CI:

Best: China Taiping I-Protect
With the option of adding a premium waiver upon Early Critical illness, China Taiping I-Protect ensures that your policy will be paid for until the policy term if you are diagnosed with any of the 55 covered Early/Intermediate/Advanced Critical illnesses in the policy term.

Runner up: AXA Term Protector
AXA Term Protector waives premium for the policy if you are diagnosed with any of the 39 covered Early/Intermediate/Advanced illnesses. In addition, if the policyholder suffers an Involuntary of Loss of Income (ILOI) before age 50, AXA will waive 6 months of premiums.

 

Critical illness coverage:

Best: Singlife MyProtector - Term Plan II

With the option to include Singlife Early Critical illness Cover II, the insured will receive comprehensive critical illness coverage of up to 60 different critical illnesses. In addition, the rider pays ICU benefit of 20% sum assured if the insured stays in ICU Unit of 4 days or more, and also pays Benign and Borderline Malignant Tumor Benefit of 20% sum assured if the insured is diagnosed with a Borderline Malignant Tumor. Lastly, a common condition that is ‘’Angioplasty & Other Invasive Treatment For Coronary Artery’’ is listed as special benefit (instead of CI), and will not reduce the Critical illness coverage upon claim. 

 

Runner up: China Taiping I-Protect

EarlyCare rider covers up to 55 different type of critical illness. The maximum benefit payable for each early critical illness claim is up to $350,000.

 

Getting the best Term insurance plan in Singapore - 2022

As there are many term insurance in the market, we have done the deep dive into the policies so you don’t have to do so. Speak to our partner licensed financial advisors to recommend the best insurance for you.


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