New year, new you, new beginnings! Start your year right by not leaving your life to chance. Insure you and your loved ones from unexpected life risks at affordable prices through MoneyOwl.
We understand that it may be tedious to compare term life insurance policies among different companies – we’ve done the work so you can find out which is the most cost-effective policy at a glance.
If you have dependents, life insurance is critical to ensure they are protected financially should anything unfortunate happen to you. Term insurance plans will pay out in cases of death, critical illness or total permanent disability and are much more affordable than whole-life insurance, so you can plan for the future while living your best life today.
If you are looking to purchase term insurance or replace your existing insurance with a term plan, do consider the requirements in your current life phase and if there is any change in your health status. You should also consider the waiting period of an insurance policy with critical illness coverage and not surrendering your existing insurance plan until the new term insurance plan is in effect. Do speak to our client adviser, who will be able to review your insurance plans.
If you are still on the fence, here’s a piece of good news for you. Due to longer life expectancies, term life insurance plan premiums have been falling, so now might be a good time to review your insurance policy if you have not purchased one.
In the comparison table, we consider the following example:
- Policy Coverage Till 65 Years Old
There comes a time in our life when our dependents (Eg. spouse and children) are no longer dependent on us, and they do not need further financial assistance should anything unexpected happen to us. 65 years old is a good estimate for how long one should cover ourselves with life insurance.
- S$1,000,000 Death And Total Permanent Disability (TPD) Coverage
This amount could be used to provide for your dependents, pay off existing loans, or as a gift to your beneficiaries. For those of us with children, requiring S$1,000,000 life coverage to provide for our dependents is not unthinkable.
We have also highlighted the most affordable plan for each age band – although you can look further into the details of these policies to ensure that they are the best fit for you and to go through an assessment to determine the coverage required.
For more information about insurance planning, reach out to our friendly Client Advisers here. Our client advisers will help to determine your needs, and guide you on the features, details, and current quotes of the products before you decide which plan is most suitable for you.
Comparison of Term Life Insurance Plans Across Insurers (Compiled In Aug 2023)
For a male non-smoker with an administrative and non-manual occupation, no loading (extra cost) on premiums due to pre-existing health condition(s)
Annual Premiums (S$):
| Age as of the current day | AIA | Etiqa | FWD | Great Eastern | HSBC Insurance | Manulife | Income | Prudential | Singlife | Tokio Marine |
|---|---|---|---|---|---|---|---|---|---|---|
| Credit Rating (S&P unless stated) | A+ | A (Fitch) | A (Fitch) | AA- | A+ | AA- | AA- | AA- | BBB+ (Fitch) | A+ |
| 30 | $882 | $677 | $576 | $771 | $615 | $820 | $590 | $802 | $609 | $771 |
| 35 | $1,253 | $828 | $847 | $920 | $891 | $863 | $822 | $1,047 | $947 | $945 |
| 40 | $1,526 | $1,101 | $1,038 | $1,155 | $1,118 | $1,053 | $1,032 | $1,387 | $1,076 | $1,213 |
| 45 | $1,967 | 1,393 | $1,451 | $1,529 | $1,793 | $1,479 | $1,348 | $1,877 | $1,497 | $1,608 |
For a female non-smoker with an administrative and non-manual occupation, no loading (extra cost) on premium due to pre-existing health condition(s)
Annual Premiums (S$):
| Age as of the current day | AIA | Etiqa | FWD | Great Eastern | HSBC Insurance | Manulife | Income | Prudential | Singlife | Tokio Marine |
|---|---|---|---|---|---|---|---|---|---|---|
| Credit Rating (S&P unless stated) | A+ | A (Fitch) | A (Fitch) | AA- | A+ | AA- | AA- | AA- | BBB+ (Fitch) | A+ |
| 30 | $707 | $512 | $499 | $566 | $520 | $602 | $504 | $592 | $529 | $564 |
| 35 | $854 | $606 | $626 | $679 | $680 | $667 | $600 | $762 | $734 | $685 |
| 40 | $1,057 | $817 | $749 | $905 | $884 | $832 | $778 | $979 | $833 | $906 |
| 45 | $1,421 | $1,019 | $1,035 | $1,215 | $1,410 | $1,098 | $1,019 | $1,258 | $1,082 | $1,221 |
If you are seeking Critical Illness coverage, we have also compiled a S$500,000 term life insurance and critical illness comparison table. To read more, click here.
This monthly comparison table is brought to you by MoneyOwl’s Client Adviser team. Learn more about our unbiased and fit-for-purpose insurance advice and secure the coverage you need at the lowest price.
Disclaimer
- The term insurance comparison figures are estimated only and does not reflect the actual premiums. The information may be obtained from third-party sources such as CompareFIRST or insurers. While every reasonable care is taken to ensure the accuracy of the information provided, no responsibility can be accepted for any loss or inconvenience caused by any error or omission.
- Prices for certain products are not reflected due to individual product specification limitations.
- An insurance company’s credit rating is the opinion of an independent agency regarding the financial strength of an insurance company. An insurance company’s credit rating indicates its ability to pay policyholders’ claims.
The information contained herein does not have any regard to the specific investment objective(s), financial situation, or the particular needs of any person. Buying insurance is a long-term commitment and should be bought according to your needs, and the products’ suitability. You may wish to seek advice from our fully-salaried Client Adviser before making any financial decision.
