Best Term Life Insurance | Term Life Insurance in Singapore

Insurance | Life Insurance

Both term life insurance and whole life insurance are life insurance policies that pay out a sum of money (your “sum guaranteed”) 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. In this blog, we tell you about the best Term Life Insurance plans. 

 Term Life Insurance Plans

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, does not have a wealth accumulation or investment component. You pay your payments, receive insurance protection in exchange, and that’s all there is to it.

This is in contrast to whole life insurance, which accumulates monetary value over time. The issue with accumulating cash value is that it not only raises your premiums but may also complicate issues 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. Term life insurance is appropriate if all you need is protection and you do not intend to accumulate wealth through your insurance plan.

Best Term Life Insurance Plans

AIA Secure Flexi Term insurance 

This plan, which provides a sum assured of $500,000 or more, has renewal terms of 5, 10, 20, or 30 years, or up to the age of 65 or 75. It used to be one of the few term life insurance that allowed for renewal up to the age of 101, but it no longer does.

The policy provides coverage for death, terminal illness, and terminal cancer. You can also supplement your coverage with riders that provide early critical illness protection, disability protection, and premium waivers if you are diagnosed with a critical illness or become incapacitated.

FWD Essential Life is a term life insurance policy

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 individuals who do not require a significant sum assured, as $750,000 is not a large sum of money in the world of 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 a fantastic option if you’re too lazy to consult with a financial counselor.

Manulife ManuProtect Term II insurance 

This yearly renewal plan, which gives death and terminal illness protection starting at $75,000, is fairly 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 as 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.

NTUC Term Life Solitaire insurance is a type of term life insurance that is sold in Singapore

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 rider pool is geared for the elderly or individuals who have lived a long life. Riders are available that allow you to collect hospital cash, disability payment, dread illness payout, or payouts for early, moderate, or advanced stage dread diseases. You can also get riders that will provide you with 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 incentive for people with a sum assured of at least $3 million.

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