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What is term insurance/ Mortgage Insurance?

  • Term and Mortgage Insurance will cover you only for a set period of policy term
  • Term and Mortgage Insurance do not have any cash or surrender value
  •  Term and Mortgage Insurance premiums are typically cheap and affordable
  • Term and Mortgage Insurance will pay the eligible sum assured upon claim  
  • Option to add in early and advanced critical illness riders


What is Term or mortgage insurance?



Getting the best term life insurance in Singapore can address your family's financial protection needs and ensure financial security if you are not around. Term life insurance will provide maximum coverage in the event of death/Terminal illness, without forking out high premiums for the coverage. Term insurance can also come with additional add-ons to cover for total and permanent disability (TPD), and critical illness.


Home ownership in Singapore is a milestone goal for everyone. As such, getting a term insurance plan is essential to cover for the housing loan to protect your family against any financial liabilities if an unforeseen event occurs.


Evaluating your needs as well as your options before purchasing an insurance plan is important.



What Are the Key Advantages of Term Insurance?

Pricing competition

There are plenty of term life insurance plans available in Singapore. If you are looking to receive a lump sum payout for your family in the event of Death and TPD,  as the policy conditions and features for insurers are the same,  selecting the best term insurance in Singapore for you will be straightforward as it will be determined by the most competitive premium.


Enquire with us to compare term life insurance plans in Singapore and opt for the most affordable premium available.


Term insurance as a Legacy

There are also term insurance plans in Singapore that can cover the insured up to age 100 to provide an alternative option to legacy planning. This permutation will ensure your dependents will receive the lump sum death benefit upon your passing (assuming you do not live beyond age 100).



Additional critical illness coverage on top of Term life insurance

For those seeking more holistic coverage, there is also the option to add in critical illness and early critical illness coverage to the main plan.


Early critical illness coverage can be added as a rider to the Main plan (covering Death/TI). The features for early critical illness riders can vary amongst different insurers and will have their own salient features.


For example, Singlife early critical illness rider offers protection against 59 different types of critical illness coverage. In addition, Singlife early critical illness rider will provide a lump sum payout for benign and borderline malignant tumour benefits for non-cancerous benign tumours of specified organs.


Therefore, in addition to just comparing premiums, it is also important to understand the unique features and selling points of each insurer's term plan when you are looking to cover for critical illness too.


For savvy investors, purchasing a term life insurance policy can be a decisive factor in your investment portfolio.


If you are adopting a ‘buy Term and invest the rest’ strategy, think about the days when you are down with a minor illness such as fever. Most probably your short term concern will be focusing on recovering well enough instead of monitoring market movements and investment portfolio.


Now consider what if a critical illness (such as cancer, stroke and heart attack) strikes, will you still have the time, energy and focus to keep up with market news and movements to manage your own investment?


Term insurance with critical illness coverage will provide a lump sum of money and a safety net for you if the unforeseen happens.



Term Life Insurance for the Family

As quoted from Jack Ma, founder of Alibaba, “Buying insurance cannot change your life but it can prevent your lifestyle from being changed’’.


Having a Term life insurance is not for you, but rather for the people who you care most for. Purchasing term insurance can make all the difference financially after a loss. A thought no parents will wish to experience, but who would pay for your child’s tertiary education following your death? On top of that, what will your home mortgage be if you pass on prematurely? Term life insurance allows you to secure a financial safety net for those who may need it most in your absence.


Term life insurance ensures that your dependents will not face financial hardship when you are gone. You can rest peacefully knowing that your child will receive an education, and your better half will not have to struggle with loans.



For the Single individual

If you are single and think term life insurance does not apply to you, it is not necessarily true! Having peace of mind is everything when it comes to you and your family. In the event of premature death, who will be paying for the funeral expenses? Providing your loved ones with term life insurance can be a long-lasting gift. The best term life insurance in Singapore can give them the financial stability they need to move forward in life.


In the event of critical illness, we have to ask who will be there to care for you. More often than not, these burdens will fall onto the parents. One of the parents may take a sabbatical leave to care for you, resulting in a loss of income for the family. Having critical illness coverage will provide a lump sum payout to you and your family to cover the potential loss of working income.



What is term insurance/ Mortgage Insurance?

•Term and Mortgage Insurance will cover you only for a set period of the policy term
•Term and Mortgage Insurance do not have any cash or surrender value
•Term and Mortgage Insurance premiums are typically cheap and affordable
•Term and Mortgage Insurance will pay the eligible sum assured upon claim  
•Option to add in early and advanced critical illness riders



What is term or mortgage insurance?

Term life insurance in Singapore can come in the form of level term insurance or mortgage reducing term insurance. As term insurance does not have any cash or surrender value, the premium is kept affordable for people looking at high sum assured coverage. The policy will pay a lump sum assured according to the policy coverage. There are optional riders you may add on such as TPD or Critical illness rider to enhance your coverage.


Level term insurance will have the sum assured kept the same throughout the policy term, while mortgage reducing term insurance will have the sum assured reduced as the year goes by.


Level term insurance has recently been a popular choice for insurance planning to cover huge liabilities like mortgage loan due to the affordable premiums.

Why do you need term or mortgage insurance?


Mortgage Insurance usually will have a reducing sum assured as the policy approaches the end of the policy term, while level Term insurance will have a fixed sum assured throughout the policy term.


If you are looking for higher sum assured coverage to cover huge liabilities such as mortgage loans, both term and mortgage insurance will be suitable for you as it provides a low premium for a high sum assured ratio.


Purchasing a term or mortgage insurance will provide a safety net for you and your dependents by safeguarding your assets (such as your mortgage/house) against any unfortunate events such as Death or Critical illness.


Furthermore, there is the TDSR aspect to consider if you and your spouse are taking a bank loan, and the surviving spouse must satisfy the TDSR criteria to be able to continue servicing the housing loan.


You may also add in optional riders such as early critical illness rider to enhance your protection coverage.


Our Recommendation

There are several reasons why it is important to get the best term insurance / mortgage insurance in Singapore. While the ‘why’ can be different whether you are single, or in a family, by having the best term insurance / mortgage insurance in Singapore, you ensure you have all the financial options available when the unexpected happens.


Speak to a licensed financial advisor to find out the insurance that works for you. 

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