Top Term Insurance Providers in Singapore

Top Term Insurance Providers in Singapore

What is term insurance?

Term insurance is a type of life insurance that provides you with coverage over a certain period of time, essentially the term.

Term insurance products typically act purely as protection insurance coverage. It provides your family with financial income in the event of your death or a permanent disability during the term.

Is term insurance the same as whole life insurance?

Term and whole life insurance are fairly similar in the sense that they provide your loved ones with financial support should you pass on or suffer from a permanent disability. 

For both types of insurance plans, you also have the flexibility to decide on the amount of premiums that you can and are comfortable to pay. The premiums that you pay during the specific term indicated in the insurance also do not change during the entire premium term.

However, the difference between both term insurance and whole life insurance lies in the period of protection, cash value, and premium payment structure. 

Whole life insurance, as its name suggests, is meant to provide you with protection for your entire life or until the age 120, depending on the insurance plan. Besides offering just life insurance coverage, the policy also helps you to build up cash value. This means that you can also opt to surrender the insurance policy before your death and receive this cash value, which could act as your retirement fund. 

On the other hand, term insurance only covers you for a predefined term and pays a lump sum to your loved ones if you pass on during the term.

What is typically covered under term insurance?

Most term insurance provide coverage in the event of death, and total and permanent disability.

Depending on the insurer and the plan that you go for, some may also include coverage for major critical illnesses.

Can you attach riders on top of your term insurance?

Absolutely! Most insurance plans provide you with the flexibility to add on additional insurance coverage, also known as riders, to the existing plan. These riders typically provide additional coverage for situations such as early cancer or dependent coverage.

Where can I get a quotation for term insurance in Singapore?

If you are planning to purchase a term insurance plan for yourself as part of legacy planning, here are some of the top insurance providers in Singapore that offer term insurance plans.

FWD Top Term Insurance Providers in Singapore

Insurance Provider

FWD Insurance

Speciality

  • Choose from two types of term life insurance
  • Opt to enhance your cover at a fraction of your premium
  • No medical underwriting

Website

https://www.fwd.com.sg/life-insurance/enhanced-term-life-insurance/
Address

6 Temasek Boulevard, #18-01 Suntec Tower Four, Singapore 038986

Contact

Contacy via form here
Operating Hours

Monday to Friday: 9:00am – 10:00pm
Saturday: 9:00am – 1:00pm/

 


Income Top Term Insurance Providers in Singapore

Insurance Provider

NTUC Income

Speciality

  • Various term plans available depemding on your needs
  • Affordable premiums

Website

https://www.income.com.sg/life-insurance
Address

View branch locations here

Contact

Contact here
Operating Hours

View bramch opening hours here

 


SingLife Top Term Insurance Providers in Singapore

Insurance Provider

Singlife

Speciality

  • Optioin between 2 different types of term plans
  • Option to add on critical illness rider and cancer insurance

Website

https://singlife.com/protect/term-life-insurance/
Address

18 Robinson Road, #04-03 Singapore 048547

Contact

Contact via form here
Operating Hours

Monday – Friday: 9.30am – 5.30pm (Excluding public holidays)

 


Prudential Top Term Insurance Providers in Singapore

Insurance Provider

Prudential Singapore

Speciality

  • Flexibility of increasing the basic coverage amount annually to keep up with changing lifestyle
  • Option to pay premiums in a shorter period
  • Affordable premiums

Website

https://www.prudential.com.sg/products/protection/life/pruactive-term
Address

5 Straits View #01-18/19, Marina One The Heart, East Tower. Singapore 018935

Contact

Contact here
Operating Hours

Mondays to Fridays, 9:00am to 4:00pm (By Appointment Only)

 


Tokiomarine Top Term Insurance Providers in Singapore

Insurance Provider

Tokio Marine

Speciality

  • Tokio Marine term insurance insures against death, TPD and terminal illness
  • Choose terms between 5 years, 10 years, or level all the way up to age 85
  • Range of riders available, including critical illness, early critical illness, disability insurance and child insurance

Website

https://www.tokiomarine.com/sg/en/personal/protect/protect-your-life/tm-term-assure-II.html
Address

20 McCallum Street #07-01, Tokio Marine Centre, Singapore 069046

Contact

Contact here
Operating Hours

Mondays to Fridays, 8.45 am to 5.45pm

 


Great Eastern Top Term Insurance Providers in Singapore

Insurance Provider

Great Eastern

Speciality

  • Affordable term insurance plan that provides high protection against death and terminal illness
  • Optional supplementary riders against total and permanent disability and critical illness
  • Option to convert to whole life plan

Website

https://www.greateasternlife.com/sg/en/personal-insurance/our-products/life-insurance/great-term.html
Address

1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659

Contact

65 6248 2211
Operating Hours

Customer Service: 9.00am to 5.30pm
Closed on Saturdays, Sundays and Public Holidays

 


AXA Top Term Insurance Providers in Singapore

Insurance Provider

AXA

Speciality

  • Most customisation options for its term insurance plan compared to other insurers
  • Choose to be covered for a certain number of years (5, 10, 15, 20, 25, or 30 years) or to a certain ag

Website

https://www.axa.com.sg/life-insurance/axa-term-protector
Address

#01-21/22 AXA Tower, 8 Shenton Way, Singapore 068811

Contact

1800 880 4888

customer.care@axa.com.sg

Operating Hours

9am to 5.30pm
(Monday – Friday)

 


Etiqa Top Term Insurance Providers in Singapore

Insurance Provider

Etiqa Insurance

Speciality

  • Digital-focused insurer with very competitive insurance quotations
  • Choose  sum assured ($401,000 up to $2 million) and desired protection term
  • Choose between a 5-year renewable term, 20-year fixed term, or just from now until age 65

Website

https://www.etiqa.com.sg/personal/life-insurance/life-protection/
Address

16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581

Contact

65 6887 8777

customer.service@etiqa.com.sg

Operating Hours

Monday – Friday: 8.30am to 5.30pm

(excluding Public Holidays)

 


Manulife Top Term Insurance Providers in Singapore

Insurance Provider

Manulife

Speciality

  • Regular premium term life plan that works around one’s budget and protection needs
  • Policy terms of 5 or 10 years are automatically renewable1 to age 85, regardless of health condition

Website

https://www.manulife.com.sg/en/solutions/life/term-life-insurance/manuprotect-term.html
Address

8 Cross Street #01-01A, Manulife Tower, Singapore 048424

Contact

65 6833 8188

service@manulife.com

Operating Hours

Mon – Fri 9:00 am – 6:00 pm, excluding public holidays

 


AVIVA Top Term Insurance Providers in Singapore

Insurance Provider

Aviva

Speciality

  • Insure up to a million dollars with their group term life plan
  • Pay the same premium rate up to age 65
  • Spouse can continue the plan even after death

Website

https://www.aviva.com.sg/en/mindef-and-mha/group-term-life/
Address

4 Shenton Way, SGX Centre 2, #01-01, Singapore 068807, Taxi stand E18

Contact

Contact via form here
Operating Hours

Mondays to Fridays: 8:45am to 5:30pm 

 


HSBC Top Term Insurance Providers in Singapore

Insurance Provider

HSBC Insurance

Speciality

  • Enjoy life insurance coverage up to 90 years of age
  • Insurance coverage is available for a term of 10 to 30 years or up to a certain age
  • Total and permanent disability coverage before turning 65 years of age

Website

https://www.hsbc.com.sg/insurance/products/life/valueterm/
Address

View branch locations here

Contact

1800-HSBC NOW (4722 669)

Operating Hours

View branch opening hours here

 


China Life Top Term Insurance Providers in Singapore

Insurance Provider

China Life Insurance

Speciality

  • Regular premium term plan which provides financial protection in the event of death, terminal illness (TI) and total and permanent disability (TPD)
  • Choice of 3 policy terms under this plan

Website

https://www.chinalife.com.sg/en/products/DIRECT-China-Life-Term-Plan
Address

1 Raffles Place #46-00, One Raffles Place Tower 1, Singapore 048616

Contact

View contact details here
Operating Hours

Mon – Fri: 9am – 5.30pm
(excluding Public Holidays)

 


ICICI Bank Top Term Insurance Providers in Singapore

Insurance Provider

ICICI Bank Singapore

Speciality

  • Highly flexible and portable term life protection plan that provides international coverage
  • Versatility of 6 currency options

Website

https://www.icicibank.com.sg/term-life.page?
Address

Raffles Quay, ICICI Bank Limited, 6 Raffles Quay, Singapore – 048580,

Contact

View contact details here
Operating Hours

Daily, 8am – 6pm

 


Pacific Prime Top Term Insurance Providers in Singapore

Insurance Provider

Pacific Prime Insurance Singapore

Speciality

  • Designed to cover for a short period of time, between 1 and 12 months
  • Plans are extremely flexible

Website

https://www.pacificprime.sg/plans/short-term-health-insurance/
Address

Cross Street Exchange #14-05, 18 Cross Street, Singapore 048423

Contact

Contact via form here
Operating Hours

Contact for opening hours

 


AIA Top Term Insurance Providers in Singapore

Insurance Provider

AIA

Speciality

  • High coverage at affordable premiums
  • Guaranteed premiums during policy period
  • Lifetime protection

Website

https://www.aia.com.sg/en/our-products/life-protection/aia-secure-flexi-term.html
Address

1 Finlayson Green, Singapore 049246

Contact

1800 248 8000 

sg.ecare@aia.com

Operating Hours

Mondays – Fridays 8.45am to 5.30pm
Closed on Saturdays, Sundays and Public Holidays

Who should get term insurance?

Term insurance plans are ideal for those with family members that rely on you to support them financially or clear debts. 

You may also want to consider getting term insurance if you are approaching a major milestone in life such as getting married or purchasing a house. 

How much does a term insurance usually cost?

Given that term insurance offers you protection for a fixed period of time rather than whole life, the premiums are usually more affordable compared to whole life insurance. 

Do bear in mind that the premiums you pay ultimately depends on several factors as well: 

Health condition

If you have pre existing medical conditions, your premiums are likely to be higher as there is a higher chance of you evoking the term insurance plan.

Age

Older people typically pay higher premiums as opposed to younger people. 

Nature of occupation

If you are working in jobs that are deemed as dangerous, such as fireman or policeman, the riskier it will be to insure. As such, your premiums are likely to be more expensive.

Amount of coverage

The larger the amount you want for your insurance coverage, the higher the amount of premiums you have to pay.

Length of policy term

Depending on your premium term, this can have an impact on your premium amount. Generally, the longer your policy term, the more expensive your premium terms will be.

Riders

Once you decide to add certain riders to your term insurance, your premium amount will increase as well.

How much term insurance do I need?

The amount of coverage you want on your term insurance will directly impact your premium amounts. Ideally, you should be paying an amount that you are comfortable with while ensuring that the financial protection is sufficient for your loved ones’ needs. 

When deciding the amount of coverage you need, do factor in the following: 

  • Outstanding debts such as mortgage loans
  • Future education costs for your children
  • Dependents, which includes children and parents
  • Any other financial situations which your family may encounter and may need the lump sum payout

What are the various types of term insurance available?

There are other types of term insurance available besides term life insurance. Always do your due research or seek advice from your financial planner to determine a plan that best fits your lifestyle and financial needs.

Annual renewable term life insurance

This type of term life insurance renews on a year-by-year basis. The premiums that you pay are typically lower at the start of the premium term and will increase each year. The first few years of the premium amount often starts lower than that of a standard life insurance.

No medical exam term life insurance

A no medical exam term life insurance may be helpful if you or your family has a medical history but do not want to be excluded from coverage. This insurance type does not require you to go for a medical examination while ensuring that you are covered under the insurance plan.

Group term life insurance

Group term life insurance is typically offered as part of employees’ benefits in the workplace. The premium amount is usually subsidised, but employees have the option to top up or lower their coverage depending on their lifestyle. Most group term life insurance, however, cannot be transferred from employer to employer. If you were to switch companies, your insurance benefits may differ.

Mortgage protection insurance

A mortgage protection insurance is where the beneficiary of the insurance plan is tied to your mortgage provider, which could perhaps be a bank or financial institution. The term and benefit amount would usually be tied to your mortgage length.


Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at enquiry@mm.com.sg. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

Author Bio

Tom Koh is widely recognised as a leading SEO consultant in Asia who has worked to transform the online visibility of the leading organisations such as SingTel, Capitaland, Maybank, P&G, WWF, etc. Recently he was instrumental in consulting for a New York-based US$30B fund in an US$4Bn acquisition. Tom is a Computational Science graduate of the National University of Singapore. In his free time he performs pro-bono community work and traveling.
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