Best Term life Insurance | Top Term Life Insurance Plans Singapore
Insuranceby Priyadarshini 1 November 2023
Not impressed by life insurance coverage with exorbitant premiums? Then consider its much simpler, uncomplicated, and less expensive sibling: term life insurance. In this blog, we tell you about the best term life insurance policy in Singapore.
Both are life insurance policies that pay out a sum of money (your “sum assured”) if you die or become totally and permanently incapacitated. The funds will be used to support your dependents and to pay off existing debts such as your mortgage.
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What exactly is Term Life Insurance?
Term life insurance (or term insurance) is solely concerned with the protection and does not promise to assist you to increase your retirement nest fund.
Term life insurance, unlike whole life insurance, has no asset accumulation or investment component. You pay your premiums, and in exchange, you receive insurance coverage.
This is in contrast to whole life insurance, which accumulates monetary value over time. The difficulty with accumulating cash value is that it not only raises your premiums but may also complicate matters if you unexpectedly run out of funds and need to make withdrawals. You should also consider how your surrender value may be affected if you decide to abandon the plan.
In a word, term life insurance may be appropriate if all you need is protection and you do not intend to accumulate wealth through your insurance plan.
Best Term Life Insurance Policy in Singapore
FWD Essential Life term insurance
FWD Essential Life is a term life insurance policy that provides $100,000 to $750,000 in coverage up to the age of 85. This is a plan for those who do not require a large sum assured, as $750,000 is not a large quantity of money for life insurance. They include an optional cancer benefit that entitles you to receive the complete sum assured if you are diagnosed with cancer at any stage.
FWD is one of the most internet-friendly insurers, with the majority of their plans available for purchase online. Essential Life is no exception, and it can be an excellent option if you’re too lazy to consult with a financial expert. FWD Essential Life is renewed until you reach the age of 85 or the policy is terminated. COVID-19 coverage: a $5,000 lump sum payment for any COVID-19 vaccine-related side effects.
NTUC Term Life Solitaire policy
This plan provides coverage for death and terminal illness beginning at $500,000, which is a quite high minimum. You have assured renewal until the age of 74, with the option of being covered until the age of 100 if you choose your term correctly.
Their riders are mostly seniors or persons who have lived a lengthy life. You can receive hospital cash, disability payment, dread illness payout, or payouts for early, moderate, or advanced stage dread diseases if you have available riders. You can also get riders that provide premium waivers if you contract a dread disease or for a loved one’s premiums if you die. The one-time medical concierge service, which you can employ to have a comprehensive medical check-up, is a unique reward for people with a sum assured of at least $3 million.
Manulife ManuProtect Term II protection insurance
This yearly renewal plan, which gives death and terminal illness protection starting at $75,000, is quite customizable. You can pick between 5 to 10-year terms that are automatically renewable until the age of 85, as well as 11 to 40-year periods that are renewable until the age of 65, 75, or 85. They also have a good selection of extra add-ons, including riders for total and permanent disability, critical sickness, and premium waiver.
For the first three years, smokers, who are typically at a disadvantage when it comes to insurance, will pay the reduced non-smoker premium rates. If they manage to quit smoking within these three years, they will be able to continue paying non-smoking rates.