- Updated Nov 2024
- Personal Term Life Insurance Comparison: $1,000,000 Death/Total and Permanent Disability
- Direct Purchase Insurance (DPI) Comparison: $300,000 Death/Total and Permanent Disability
- Premiums are calculated for individuals aged between 30 to 45 years, non-smoker, working in an administrative or non-manual labour occupation with no pre-existing health condition(s) and extra cost on premiums.
Life is a journey, and life insurance is one of those things you need to put in place before your journey takes an unexpected turn. MoneyOwl takes the hassle out of comparing Singapore insurance providers’ Term Life insurance plans with these handy tables:
Personal Term Life Insurance Comparison:
$1,000,000 Death/Total and Permanent Disability covering till age 65
For Males, aged between 30-45
Annual Premiums (S$):
| Singlife | Etiqa | Tokio Marine | FWD | Manulife | Prudential | AIA | Great Eastern Life | HSBC Life | Income | Singlife MINDEF / MHA Group Term Life | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Age / Credit Rating | A- (Fitch) | A (Fitch) | A+ (S&P) | BBB+ (Fitch) | AA- (S&P) | AA- (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | AA- (S&P) | A- (Fitch) |
| 30 | $568 | $765 | $771 | $576 | $820 | $802 | $882 | $771 | $615 | $590 | $300 |
| 35 | $731 | $930 | $945 | $847 | $863 | $1,047 | $1,253 | $920 | $845 | $822 | $300 |
| 40 | $976 | $1,218 | $1,213 | $985 | $1,053 | $1,387 | $1,526 | $1,155 | $997 | $1,032 | $300 |
| 45 | $1,278 | $1,527 | $1,608 | $1,451 | $1,479 | $1,877 | $1,967 | $1,529 | $1,272 | $1,348 | $300 |
For Females, aged between 30-45
Annual Premiums (S$):
| Singlife | Etiqa | Tokio Marine | FWD | Manulife | Prudential | AIA | Great Eastern Life | HSBC Life | Income | Singlife MINDEF / MHA Group Term Life | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Age / Credit Rating | A- (Fitch) | A (Fitch) | A+ (S&P) | BBB+ (Fitch) | AA- (S&P) | AA- (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | AA- (S&P) | A- (Fitch) |
| 30 | $451 | $581 | $564 | $499 | $583 | $592 | $707 | $566 | $454 | $504 | $300 |
| 35 | $574 | $678 | $685 | $626 | $667 | $762 | $854 | $679 | $596 | $600 | $300 |
| 40 | $722 | $923 | $906 | $749 | $832 | $979 | $1,057 | $905 | $723 | $778 | $300 |
| 45 | $981 | $1,120 | $1,221 | $1,035 | $1,098 | $1,258 | $1,428 | $1,215 | $878 | $1,019 | $300 |
Premiums highlighted in green represent the most affordable Personal Term Insurance providers for a specific age.
Note: The MINDEF/MHA Group Term Life (GTL) is a group policy and is not classified as a Personal Term Insurance plan. It is shown to give a comparison on the alternative options available in the market. Below are some key points to note on the MINDEF/MHA (GTL):
- The MINDEF/MHA GTL policy is not accessible for all and is exclusively offered to specific groups such as full-time national servicemen, reservist servicemen, regular servicemen, MINDEF and MHA staff and volunteers, and eligible dependents.
- As a group insurance policy, MINDEF/MHA holds the master contract, what that means is that you are not the owner of this policy and you do not have control over the policy like you would over a personal term life policy.
- While the MINDEF/MHA GTL option is highly affordable, there’s no guarantee that the premium will remain the same throughout the policy term and is subjected to group risk assessments, unlike a personal term insurance where the premium can be locked in for the chosen term and remains the same throughout.
Direct Purchase Insurance (DPI) Comparison:
$300,000 Death/Total and Permanent Disability covering till age 65
Direct Purchase Insurance (DPI) refers to insurance products, such as term and whole life plans, that you can purchase directly from a life insurance company without the involvement of a financial advisory (FA) representative. Since DPI is sold without financial advice, no commission is charged, and you generally pay a lower premium as a result.
For the purpose of this article, we will only compare Direct Purchase term life insurance based on a sum assured of $300,000 covering Death/Total and Permanent Disability till the age of 65. The maximum sum assured you can apply per insurer is up to $400,000 sum assured.
For a Male, aged between 30-45
Annual Premiums (S$):
| Singlife | Etiqa | Tokio Marine | FWD | Manulife | Prudential | AIA | Great Eastern Life | HSBC Life | Income | China Life | China Taiping | LIC Singapore | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Age / Credit Rating | A- (Fitch) | A (Fitch) | A+ (S&P) | BBB+ (Fitch) | AA- (S&P) | AA- (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | AA- (S&P) | A3 (Moody’s) | A (A.M Best) | NA |
| 30 | $317 | $198 | $208 | $285 | $386 | $357 | $357 | $332 | $267 | $248 | $279 | $275 | $376 |
| 35 | $461 | $252 | $252 | $354 | $407 | $462 | $510 | $413 | $340 | $313 | $348 | $335 | $459 |
| 40 | $556 | $312 | $345 | $441 | $498 | $612 | $621 | $529 | $441 | $376 | $450 | $400 | $574 |
| 45 | $756 | $402 | $457 | $549 | $697 | $813 | $801 | $685 | $556 | $495 | $594 | $492 | $678 |
For a Female, aged between 30-45
Annual Premiums (S$):
| Singlife | Etiqa | Tokio Marine | FWD | Manulife | Prudential | AIA | Great Eastern Life | HSBC Life | Income | China Life | China Taiping | LIC Singapore | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Age / Credit Rating | A- (Fitch) | A (Fitch) | A+ (S&P) | BBB+ (Fitch) | AA- (S&P) | AA- (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | AA- (S&P) | A3 (Moody’s) | A (A.M Best) | NA |
| 30 | $271 | $168 | $191 | $204 | $275 | $264 | $288 | $228 | $195 | $185 | $204 | $196 | $276 |
| 35 | $359 | $207 | $213 | $270 | $308 | $336 | $348 | $308 | $239 | $223 | $249 | $245 | $339 |
| 40 | $432 | $261 | $257 | $330 | $384 | $438 | $429 | $382 | $298 | $259 | $309 | $310 | $422 |
| 45 | $556 | $330 | $330 | $384 | $517 | $564 | $582 | $494 | $364 | $340 | $381 | $348 | $506 |
Premiums highlighted in green represent the most affordable Direct Purchase Insurance (DPI) providers for a specific age.
Coverage Scenarios
We’ve used these coverage scenarios in our comparison tables:
- Policy Coverage Till 65 Years Old
At age 65, we estimate that our dependants (e.g. spouse, children and elderly parents) are no longer reliant on our income, and existing assets and savings are sufficient to provide for them should anything unexpected happen to us.
- Death /Terminal Illness (TI) Coverage
This amount could be used to provide for your dependants, pay off existing loans, or as a gift to your beneficiaries. For those with dependants, setting aside S$1,000,000 life coverage to provide for them makes prudent financial sense.
- Total and Permanent Disability (TPD) coverage
This amount could be used to provide for your long-term healthcare needs, dependants, and service existing loans.
Why buy Term Insurance? If you have dependants, life insurance ensures that they are protected financially should anything unfortunate happen to you. Term insurance plans will pay out in cases of death, terminal illness or total and permanent disability and are much more affordable than whole life insurance, so you can plan for the future while living your best life today.
Prefer comparing other types of life insurance? Take a look at our Personal Term Life and Direct Purchase Insurance with Critical Illness coverage comparison tables.
If you require assistance from an adviser, we can refer you to our partner via this link: https://www.moneyowl.com.sg/ifast-referral/
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Disclaimer
- The information presented here does not take into consideration specific investment objectives, financial situations, or individual needs. Buying insurance is a long-term commitment that should align with your unique requirements and the suitability of the products.
- We advise thoroughly examining the details of insurance policies to ensure that they are the best fit, and assess your circumstances to determine the necessary coverage.
- We recommend seeking advice from a licensed representative to understand product features, details, and current quotes before making decisions to purchase or surrender existing policies.
- Insurance comparison figures are approximations and may not accurately reflect actual premiums. The information, sourced from third-party sources like CompareFIRST or insurers, is provided with reasonable care, but no responsibility is accepted for any loss or inconvenience resulting from errors or omissions.
- Certain product prices may not be included due to individual specification limitations.
- An insurance company’s credit rating, an independent agency’s opinion on its financial strength, signifies its ability to fulfill policyholders’ claims.
