Best Term Insurance in Singapore (Updated 2023).

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: HSBC Term Protector (40% perpetual discount – Limited time period) and Singlife Elite Term (30% perpetual discount – Limited time period)

Critical illness Coverage: Singlife Elite Term and China Taiping I-Protect provides additional CI coverage on top of LIA standard 37 CI.

(Conclusion) If the main concern is based on:

Affordability:

Best: Singlife Elite Term & HSBC Term Protector

With the ongoing campaign offered by Singlife (30%) and HSBC (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: HSBC 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 Elite Term

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 - 2023

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.