By Cheapest Term Insurance Plan in Singapore
Term insurance is a cheap way to get yourself insured for a large amount of money should you die, suffers from Total and Permanent Disability or Critical Illnesses. With almost all insurers offering term life insurance direct or via an insurance agent as a cheaper alternative to whole life plans and investment-linked policies, one tends to wonder which insurer offers the cheapest term life insurance.
Let us look at 6 different segments of coverage required that one may belong to. We will be looking at Death with Disability rider coverage only base on the following permutation, Male, age 40 next birthday, non-smoker and we will be comparing and concluding the:
- Cheapest Term Insurance Plan for Group Insurance for Coverage of $1,000,000 till age 65
- Cheapest Term Insurance Plan (Direct) for Coverage of $400,000 till age 65
- Cheapest Term Insurance Plan (Non-Direct) for Coverage of $500,000 till age 65
- Cheapest Term Insurance Plan (Non-Direct) for Coverage of $500,000 till age 99
- Cheapest Term Insurance Plan (Non-Direct) for Coverage of $1,000,000 till age 65
- Cheapest Term Insurance Plan (Non-Direct) for Coverage of $1,000,000 till age 100
1) Cheapest Term Insurance Plan for Group Insurance: Aviva SAF Group Term
The Aviva MINDEF & MHA Group Term has the cheapest group term insurance accessible to anyone who is a MINDEF or MHA personnel or is the spouse or children of the eligible members.
Sample Case
The premium for Tom, 40 years old age next birthday, male non smoker is
- Death – 1,000,000
- Disability – 1,000,000
- Till Age 65
is $492 per annum
Riders eligible to be added are as followed
- Living Care – Accelerated coverage for 37 late stage critical illness conditions
- Living Care Plus Enhanced – Accelerated coverage for 10 early stage critical illness conditions
- Disability Income – Receives monthly income in the event of disability
- Outpatient Medicare – Coverage for outpatient expenses
2) Cheapest Term Insurance Plan (Direct) for Coverage of $400,000 till age 65 – Etiqa Direct Term Insurance
The Etiqa term insurance has the cheapest direct term insurance for a Death & disability coverage of $400,000 till age 65. The plan can be purchased over the counter @ 16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581 or via the etiqa website
Sample Case
The premium for Tom, 40 years old age next birthday, male non smoker is
- Death – 400,000
- Disability – 400,000
- Till Age 65
is $588 per annum
Riders eligible to be added are as followed
- Direct Etiqa CI Rider – Covering 37 late stage common critical illness
3) Cheapest Term Insurance Plan (Non Direct) for Coverage of $500,000 till age 65 – Tokio Marine Term Assure II
The Tokio Marine Term Assure has the cheapest non direct term insurance for a Death & disability coverage of $500,000 till age 65. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page
Sample Case
The premium for Tom, 40 years old age next birthday, male non smoker is
- Death – 500,000
- Disability – 500,000
- Till Age 65
is $678 per annum
Riders eligible to be added are as followed
- Critical Illness (CI) Accelerator Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
- Waiver of Premium Rider & (Enhanced) Payer Benefit Rider – waiver of future premiums of the in the event of Death, Total and Permanent Disability and/or upon diagnosis of any of the covered CI on the payor or insured
- Early Critical Illness (ECI) Accelerator Rider – Accelerates the basic sum assured upon diagnosis of early, intermediate and late stage critical illnesses
- KidAssure GIO Rider – Covers death, child-related illnesses and hospitalisation benefit. In addition, 80% of premiums paid will be refunded upon the rider’s maturity at age 19.
- Protect 1 Lite Rider – Pays out monthly benefits for 6 years upon the inability to do 1 out of 6 ADL
4) Cheapest Term Insurance Plan (Non Direct) for Coverage of $500,000 till age 99 – AXA Term Protector
The AXA Term Protector has the cheapest non direct term insurance for a Death & disability coverage of $500,000 till age 99. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page
Sample Case
The premium for Tom, 40 years old age next birthday, male non smoker is
- Death – 500,000
- Disability – 500,000
- Till Age 99
is $3,304.25 per annum
Riders eligible to be added are as followed
- Advance Total and Permanent Disability – Accelerated Payout in the event of total and permanent disability
- Advance Critical Illness – Accelerated Payout in the event of a critical illness diagnosis
- Disability Cash Benefit – In the event of total and permanent disability, pays out annual income
- Critical Illness Plus Benefit – Additional Payout in the event of a critical illness diagnosis without affecting the basic sum assured
- Personal Accident Benefit – Additional payout in the event of injuries or death due to an accident
- Critical Illness PremiumEraser – waive future premium in the event of a critical illness diagnosis
- Payer PremiumEraser – In the event of total and permanent disability, critical illness, or death of the payer, your future premiums will be waived and the life assured continues to be covered.
5) Cheapest Term Insurance Plan (Non Direct) for Coverage of $1,000,000 till age 65 – Tokio Marine Term Assure (II)
Once again, Tokio Marine has the cheapest non-direct term insurance for a Death & disability coverage of $1,000,000 till age 65. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page
Sample Case
The premium for Tom, 40 years old age next birthday, male non smoker is
- Death – 1,000,000
- Disability – 1,000,000
- Till Age 65
is $1,095 per annum
Riders eligible to be added are as followed
- Critical Illness (CI) Accelerator Rider – Accelerates the death benefit of the basic plan, upon the diagnosis of any of the covered Critical Illnesses.
- Waiver of Premium Rider & (Enhanced) Payer Benefit Rider – waiver of future premiums of the in the event of Death, Total and Permanent Disability and/or upon diagnosis of any of the covered CI on the payor or insured
- Early Critical Illness (ECI) Accelerator Rider – Accelerates the basic sum assured upon diagnosis of early, intermediate and late stage critical illnesses
- KidAssure GIO Rider – Covers death, child-related illnesses and hospitalisation benefit. In addition, 80% of premiums paid will be refunded upon the rider’s maturity at age 19.
- Protect 1 Lite Rider – Pays out monthly benefits for 6 years upon the inability to do 1 out of 6 AD
6) Cheapest Term Insurance Plan (Non Direct) for Coverage of $1,000,000 till age 100 – AIA Platinum Term
The AIA Platinum Term has the cheapest non direct term insurance for a Death & disability coverage of $1,000,000 till age 100. The plan can be purchased through an agent or via our partnered advisers made through an enquiry on our Term insurance Comparison Page
Sample Case
The premium for Tom, 40 years old age next birthday, male non smoker is
- Death – 1,000,000
- Disability – 1,000,000
- Till Age 100
is $5,520 per annum
Riders eligible to be added are as followed
- Disability Rider – Accelerated payout upon total and permanent disability of the insured
- Waiver Rider – Waiver of future premium in the event of TPD and Critical illness diagnosis
Is Term Insurance a Better Choice?
While term insurance plans may not be the best choice for everyone, it does make sense for most people. The main reason for getting term insurance is because of its affordability and needs focused time frame. However, you should be aware that most term insurance does not come with any cash value elements. For a protection plan with cash value, one may need to look into getting a whole life policy instead.
Disclaimer
After all, the cheapest term insurance premium is subjected to a specific characteristic of a person’s profile and coverage requirement, do note the cheapest insurer may differ base on the sum assured, age group, gender, smoking status and the tenure of coverage. This article is to prove a point that no single insurer has a term insurance solution for everyone, we have to do our due diligence or seek advice and make the decision for ourselves to determine the appropriate coverage.
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