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Compare Term Plans from 12+ Insurers in Singapore
Why Finding the Right Term Insurance in Singapore Matters
The Life Insurance Association (LIA) Singapore’s most recent (2022) Protection Gap Study found two large shortfalls in how Singaporeans are insured. The average working adult faces a 21% mortality protection gap — a national shortfall of S$373 billion — and a far wider 74% critical illness protection gap, equal to S$579 billion nationwide. In plain terms: if the household breadwinner passes away, becomes permanently disabled, or is diagnosed with cancer, a stroke, or a heart attack, many Singaporean families may not have enough coverage to replace lost income, clear the mortgage, or fund recovery and care. A term plan can address all three risks — death, total & permanent disability (TPD), and critical illness — when TPD and critical illness riders are added, generally at a lower premium than whole life insurance for the same sum assured, although each rider adds to the cost. That’s why comparing term insurance carefully matters: it is often a cost-effective way to close these gaps.
Why Term Insurance?
Essential Protection for Your Loved Ones
Term plans provide essential support for dependants by covering household expenses and financial needs in the event of death, disability, or critical illness.
Family & Income Protection
Choose a reducing or level term policy to protect your family, mortgage liability, or business succession, on the timeline you prefer.
Critical Illness & Disability Riders
Add early and advanced stage critical illness, disability, or premium waiver riders for broader coverage. Each rider adds to your premium.
Affordable Protection
Term insurance generally offers lower premiums than whole life insurance for the same sum assured, but has no cash value. Choose your coverage amount and duration to fit your budget.
Flexible Coverage Duration
Renewable and fixed-term options, with coverage up to age 100 on selected plans. Renewable premiums increase as you get older.
Simplified Underwriting
Selected insurers offer simplified underwriting with less medical documentation and quicker issuance. Subject to eligibility, and sums assured may be capped.
Foreigners Welcome
Whether residing in Singapore or not, foreigners may be eligible to purchase term insurance from many insurers in Singapore, subject to each insurer’s requirements.
2026 Expert Breakdown
Best Term Insurance in Singapore: Top 5 Plans Compared
We reviewed the major term plans offered by the insurers our advisers work with and shortlisted these five. Here is what makes each one stand out, what to weigh up, and which type of buyer it suits.
Singlife Elite Term II
Singlife (formerly Aviva)For higher coverage amounts, Singlife Elite Term II is a frequent shortlist pick. It comes in two versions: Regular Pay, where you pay premiums throughout the coverage term, and Limited Pay, where you finish paying earlier (for example, in 10 years or by age 65) while staying covered until age 99. The Limited Pay version includes a Longevity Reward that pays back 100% of your base premiums if you are still covered at age 99, but its premiums are higher than Regular Pay for the same cover because they are paid over a shorter period. In practice, Regular Pay is the budget-friendly option, while Limited Pay suits people planning cover well into retirement.
Singaporeans and expats looking for a high sum assured (S$500K+) who value flexibility in payment terms and want the option of coverage to age 99.
Strengths
- Often among the more competitive premiums for sums assured of S$500K and above, helped by perpetual discounts
- Wide variety of policy terms for long-term financial planning
- Multi-currency: SGD / USD / GBP / EUR / AUD / HKD
- Limited Pay option with Surrender Benefit and Longevity Reward
Considerations
- Less competitive once Critical Illness riders are added
- Less competitively priced for sums assured below S$500K
- Perpetual discounts apply only to eligible coverage and sums assured
- Non-SGD policies carry currency exchange risk
Perpetual Discount
Perpetual premium discount available on eligible coverage for higher sums assured (terms apply)
Coverage Flexibility
Renewable 5/10-year terms, or fixed terms from 11 years up to age 85 or 99
No Fly-In Required
Applications may be possible without travelling to Singapore for residents of Indonesia, Malaysia, Macau, Mainland China, Taiwan, Hong Kong and Thailand (subject to eligibility)
Life Milestone Option
Increase your sum assured without new medical underwriting at marriage, childbirth, or property purchase (limits apply)
HSBC Life Term Protect Secure
HSBC Life (previously AXA)HSBC Life Term Protect Secure, the renamed and updated version of HSBC Life Term Protector, is worth a close look if you need cover below S$500,000 or expect your protection needs to shrink later in life. Coverage below S$500,000 can go through a simplified application with a short set of health questions, although acceptance is not guaranteed. Its standout feature is the FlexiMilestone Benefit: a one-time option, open for a two-year window later in the policy term, to keep your cover, reduce it and receive a proportionate cash payout, or end the policy and receive 50% of the total premiums paid for the basic plan. Taking the full payout ends all coverage, including riders, and the payout is based on basic plan premiums only. Optional riders add critical illness cover for up to 170 conditions, multi-pay CI, TPD, premium waivers and a guaranteed survival payout for term-to-age-100 policies, each at an additional premium.
Individuals needing cover below S$500,000 who want a simpler application, a broad rider range, and the option to scale cover down later as mortgage or family commitments reduce.
Strengths
- FlexiMilestone Benefit lets you keep, reduce, or end cover later in the term with a cash payout
- Simplified application for coverage below S$500,000
- Riders covering up to 170 critical illness conditions, plus multi-pay CI up to 600% of the rider sum assured
- Coverage terms up to age 100, with an optional guaranteed survival payout rider for term-to-age-100 policies
Considerations
- FlexiMilestone is a one-time option within a 2-year window; taking it in full ends all coverage, including riders
- FlexiMilestone payout is 50% of basic plan premiums only (rider premiums excluded), and is reduced proportionately if you lower your sum assured
- Simplified application does not guarantee acceptance, and each rider adds to the premium
- Less competitive for higher sums assured or coverage beyond age 70
FlexiMilestone Benefit
One-time option during a 2-year window starting from the earlier of 10 years before policy expiry, or the later of age 60 and policy year 20 (terms apply)
Coverage & Conversion
Cover up to age 50, 55, 60, 65, 70, 75, 80, 85 or 100. Convert to another regular premium life plan before age 70 without evidence of good health (conditions apply)
Critical Illness Riders
Advance Early CI Payout III covers up to 170 conditions across early, intermediate and advanced stages; Super CritiCare pays up to 600% of the rider sum assured, with waiting periods between claims
Guaranteed Survival Payout II
Optional rider paying the prevailing sum assured if you outlive the policy term. Available only with term-to-age-100 coverage, at an additional premium
Life-Stage Increases
Increase cover at a change in marital status, a new child by birth or adoption, or a property purchase without further health assessment (eligibility and limits apply)
Premium Waivers
Optional riders waive future premiums on critical illness diagnosis (and on the payer’s death or TPD for Payer PremiumEraser II), or 6 months’ premiums on involuntary loss of income
China Taiping I Assure 99
China Taiping InsuranceIf your priority is leaving a guaranteed amount to your beneficiaries, China Taiping I Assure 99 takes a different approach from conventional term plans. Instead of cover simply expiring, it is designed to pay the sum assured either on a valid claim during the coverage period, or as a maturity benefit at age 100 if you outlive the policy. Surrender value becomes available after age 80. That payout feature comes at a cost: premiums are higher than pure-term plans that expire with no value, and any surrender value may be less than the total premiums paid. The optional EarlyCare Rider can add critical illness coverage for an additional premium.
Buyers who want protection with a guaranteed payout for their beneficiaries — particularly those using insurance as part of an estate or legacy plan rather than pure income replacement.
Strengths
- Sum assured paid at age 100 if the policy is still in force
- Can form part of a legacy or wealth transfer plan
- Surrender value available after age 80
- Limited pay option to finish premiums earlier
Considerations
- Premiums higher than pure-term plans without a maturity payout
- Surrender value may be less than total premiums paid
- Less widely recognised brand than larger insurers in Singapore
Payout at Age 100
Sum assured paid on a valid claim, or at age 100 if the policy remains in force
Surrender Value
Available after age 80; may be less than total premiums paid
Limited Pay Option
Pay premiums over a shorter period (for example, up to age 65) while cover continues
EarlyCare Rider
Optional critical illness add-on, at an additional premium
FWD Future First
FWD InsuranceFWD Future First stands out for its Spouse Insurance Benefit: if you pass away, FWD provides your surviving spouse with a complimentary S$250,000 term plan for two years, giving them protection during a difficult transition. The benefit is time-limited and subject to conditions, so it supplements rather than replaces your spouse’s own cover. With multi-currency options (SGD, USD, GBP, AUD), it also suits families and globally mobile professionals who want support beyond a financial payout.
Families and couples who want built-in spouse protection, and globally mobile professionals who need multi-currency payouts.
Strengths
- Complimentary spouse coverage built into the plan
- Multi-currency flexibility (SGD, USD, GBP, AUD)
- Competitive premiums when a higher CI rider sum assured is added
- Perpetual discount on eligible policies
Considerations
- Base premiums can be higher than peers without Critical Illness riders
- Spouse benefit is temporary (2 years) and subject to conditions
- Newer to life insurance than long-established Singapore insurers
Spouse Protection
Complimentary S$250K term plan for the surviving spouse for 2 years (conditions apply)
No Fly-In Required
Applications may be possible without travelling to Singapore for residents of Indonesia, Malaysia, Macau, Taiwan, UAE and Thailand (subject to eligibility)
Recovery Programme
Practical assistance, emotional support and professional services for bereaved families
Perpetual Discount
Perpetual premium discount on eligible policies and riders (terms apply)
Income Insurance TermLife Solitaire
Income Insurance (formerly NTUC Income)Income Insurance, formerly NTUC Income, is one of the most recognised insurance names in Singapore. TermLife Solitaire provides essential coverage for death and terminal illness, with a perpetual discount on base premiums. TPD, CI and early CI riders can be added for broader protection at additional cost. There is no limited-pay option, so premiums are payable for the full policy term. For Singaporeans who value brand familiarity and straightforward coverage, it is a solid option.
Singaporeans who want straightforward coverage from an established local insurer, with a perpetual discount on base premiums.
Strengths
- Perpetual discount on base premiums
- Wide range of fixed-term and coverage-to-age options
- Long-established Singapore insurer
- STAR$® rewards for qualifying policies (promotion terms apply)
Considerations
- No limited-pay option — premiums payable for the full policy term
- Base plan covers death and terminal illness only; TPD and CI need riders
- Fewer distinctive features than some newer plans
Perpetual Discount
Perpetual discount on base premium (terms apply)
Coverage Options
Fixed terms of 10–40 years, or up to age 64, 74, 84, or 100
Rewards
STAR$® rewards for qualifying policies (promotion terms and validity apply)
Riders
TPD, critical illness and early critical illness riders available, at additional premium
Side-by-Side
Best Term Insurance in Singapore: Quick Comparison
| Feature | Singlife Elite Term II | HSBC Life Term Protect Secure | China Taiping I Assure 99 | FWD Future First | Income TermLife Solitaire |
|---|---|---|---|---|---|
| Base Coverage | Death & Terminal Illness | Death & Terminal Illness | Death & Terminal Illness | Death & Terminal Illness | Death & Terminal Illness |
| Max Coverage Age | Up to age 99 | Up to age 100 | Up to age 100 (maturity payout) | Up to age 100 | Up to age 100 |
| Limited Pay | ✓ (5, 10 yrs / age 65, 75) | Check with adviser | ✓ (e.g. till age 65) | ✗ | ✗ |
| Perpetual Discount | Available (eligible cover & sum assured) | Check with adviser | Available | Available (eligible policies) | Available (base premium) |
| Early CI Rider | ✓ | ✓ (up to 170 conditions) | ✓ | ✓ | ✓ |
| Multi-Pay CI | ✓ (up to 900%) | ✓ (Super CritiCare, up to 600%) | ✗ | ✓ (up to 200%) | ✗ |
| Multi-Currency | ✓ (SGD/USD/GBP/EUR/AUD/HKD) | Check with adviser | ✗ | ✓ (SGD/USD/GBP/AUD) | ✗ |
| Notable Benefit | Longevity Reward at 99 (Limited Pay) | FlexiMilestone Benefit (one-time option) | Payout at 100 if in force | Spouse Insurance Benefit | STAR$® Rewards |
| Best For | Higher sum assured flexibility | Lower sum assured / adjustable cover | Legacy planning | Families / spouse benefit | Established local brand |
This table summarises selected features to help you compare plans. It is not exhaustive: benefits, eligibility, discounts and rider availability vary and are subject to each insurer’s terms and underwriting. Please refer to the product summary and speak to a licensed adviser before deciding.
Not sure which plan suits your situation? A MAS-licensed adviser can walk you through the options, with no consultation fee.
Beyond the Top 5
Other Insurers Available Through Our Advisers
In addition to our editorial Top 5, our MAS-licensed advisers can also quote you across these insurers — useful if you have specific needs like quit-smoking incentives, child protection riders, budget online plans, or coverage from established global insurers.
- Quit Smoking Incentive: smokers can enjoy non-smoker rates for the first 3 years (conditions apply)
- Renewable terms or level term from 11–40 years, or to age 65/75/85
- Convertible to whole life or endowment without medical exam (conditions apply)
- TPD and CI riders available
- 5 or 10-year renewable terms, or fixed coverage from 11 years to age 85
- KidAssure GIO Rider: child coverage with 80% premium reimbursement at maturity (conditions apply)
- Premium discount for the first 3 years on level term policies (promotion terms apply)
- TPD, CI, and ECI riders available
- Protection from S$401K+ (Essential) or direct purchase online (ePROTECT)
- Competitively priced Early Critical Illness riders
- 5-year renewable or fixed term — flexible policy terms
- Increase sum assured at marriage, childbirth, or property purchase (limits apply)
- Convertible without additional medical underwriting (conditions apply)
- Coverage for Death, Terminal Illness & TPD (TPD before age 65)
- 3 term options: 5-year renewable (to age 84), 20-year fixed, or coverage to age 64
- Level premiums throughout each policy term
- Optional Payer Benefit and Premium Waiver riders
- Part of a Fortune Global 500 group; A1 (Moody’s), A (S&P) at time of writing, subject to change
Great Eastern & Prudential
Available by referral
- GREAT Term II
- PRUActive Term
Great Eastern and Prudential distribute their plans exclusively through tied agents, so they are not part of the insurer panel our advisers compare. If you would like to consider their plans alongside the insurers we cover, mention it in the remarks field of the form and we can refer you to a licensed Great Eastern or Prudential representative.
Request a Referral →A licensed adviser will prepare a side-by-side comparison based on your age, gender, health, and coverage needs.
Understand Term Insurance
How Does Term Insurance Work?
A 60-second explainer on how term insurance is designed to protect your family.
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Adviser Review
A licensed adviser reviews your needs and prepares quotes from multiple insurers.
Compare & Choose
Receive personalised quotes, typically within 24 hours, and compare them side by side.
Apply Online or In-Person
Apply online or face to face. Pay by credit card, GIRO, AXS, or bank transfer.
Choosing Wisely
How to Choose the Best Term Insurance in Singapore
Choosing the right term insurance comes down to understanding your own financial situation. Here are three steps to guide your decision.
Assess Your Protection Gap
Estimate how much your family would need if you were no longer around. Factor in outstanding debts (mortgage, loans), children’s education costs, and the years of household income you would want replaced. LIA Singapore’s guideline of at least 9× annual income for death and disability, and 4× for critical illness, is a useful starting point.
Match the Plan to Your Stage of Life
Young professionals with a mortgage may only need basic death and TPD coverage for 20–30 years. Parents with young children should consider adding critical illness riders. Those planning for retirement may look at limited-pay options, or plans with longer coverage or a maturity payout such as I Assure 99, bearing in mind these cost more.
Compare Beyond Just Premiums
The cheapest term insurance isn’t always the right one. Look at rider options, perpetual discount terms, convertibility, and plan features (like FWD’s spouse benefit or Singlife’s Longevity Reward). A slightly higher premium with better coverage can make a significant difference to your family when a claim arises.
Term Insurance in Singapore: What You Need to Know
Term insurance provides financial protection for a specified period. It is designed to give dependants financial support for household expenses and daily living needs in the event of death, disability, or critical illness (the latter two usually through riders). It can also serve as mortgage protection, so your family isn’t burdened with outstanding home loan debt.
Types of Term Insurance
Level Term Insurance provides a fixed sum assured throughout the policy term, so the payout is the same whether you claim early or late in the term. It suits general family protection and income replacement. Note that premium rates for most term plans are not guaranteed and may be revised by the insurer.
Reducing Term Insurance has a sum assured that decreases over time, typically aligned with a repayment mortgage. For example, a 30-year reducing term policy that starts at S$1,000,000 may fall to around S$500,000 after 15 years, depending on its decreasing schedule.
Renewable Term Insurance lets you renew your coverage at the end of each term without a new medical examination. Premiums typically increase with each renewal as you get older, but coverage continues.
How Much Coverage Do You Need?
As a general guideline, the Life Insurance Association (LIA) Singapore suggests coverage of at least 9 times your annual income for death and disability, and 4 times your annual income for critical illness. Your adviser will tailor this to your specific circumstances.
Who Can Buy Term Insurance?
Most insurers in Singapore allow you to buy term insurance from as early as 1 month old, with maximum entry age typically ranging between 60 and 75. Foreigners, whether residing in Singapore or not, may also be eligible, subject to each insurer’s terms.
Term Insurance vs Whole Life Insurance
Term insurance covers you for a set period at generally lower premiums, and usually has no cash value. Whole life insurance offers lifelong coverage and may build cash value, but at significantly higher premiums. For many Singaporeans seeking cost-effective protection — especially those with mortgages, young children, or significant income-replacement needs — term insurance is a practical first line of defence.
Why Compare Through Moneyline.SG?
Moneyline.SG has been a financial comparison portal since 2010. We work with Synergy Financial Advisers Ltd, a licensed financial advisory firm under the Financial Advisers Act, so you can compare quotes across the insurers on our advisers’ panel in one place instead of approaching each insurer separately. There is no consultation fee and no obligation to proceed. Where a policy is taken up, the adviser is remunerated by the insurer, and that remuneration is already built into the standard premium.
Frequently Asked Questions
Common Questions About Term Insurance
The best term insurance in Singapore depends on your needs. For higher sums assured with flexible payment options, Singlife Elite Term II is a strong contender. For lower coverage with a simplified application and the option to scale cover down later in the policy term, HSBC Life Term Protect Secure stands out. For legacy planning, China Taiping I Assure 99 is designed to pay the sum assured on a valid claim or at age 100, with surrender value available after age 80, though premiums are higher than pure-term plans. FWD Future First suits families with its complimentary spouse benefit, and Income TermLife Solitaire offers a perpetual discount on base premiums from an established local insurer.
Term insurance in Singapore generally costs significantly less than whole life insurance for the same sum assured. Premiums depend mainly on your age, gender, smoking status, health, coverage amount, coverage term and any riders you add. Many insurers also offer perpetual premium discounts on eligible policies. See the sample premiums on this page for an illustration, then request a personalised quote for figures that reflect your profile.
Most insurers in Singapore allow you to buy term insurance from as early as 1 month old, with maximum entry age typically ranging between 60 and 75. Once accepted, coverage can often be renewed or extended up to age 85 or 100, depending on the plan.
Yes, foreigners and expats can generally buy term insurance in Singapore, subject to each insurer’s residency and underwriting requirements. Insurers such as FWD, Singlife and HSBC Life also accept non-face-to-face (NFTF) applications from residents of eligible countries. Coverage generally continues if you relocate, as long as premiums are paid and subject to the policy terms.
As a general guideline, the Life Insurance Association (LIA) Singapore suggests coverage of at least 9 times your annual income for death and disability, and 4 times your annual income for critical illness. To refine this, total your outstanding debts, dependants’ living costs, children’s education and the years of income replacement needed. Our advisers can assess your situation and recommend a suitable amount.
Level term insurance provides a fixed sum assured throughout the policy term. Reducing term has a sum assured that decreases over time, typically aligned with a repayment mortgage. For example, a S$1,000,000 level term maintains full coverage throughout, while a 30-year reducing term that starts at S$1,000,000 may fall to around S$500,000 after 15 years, depending on its decreasing schedule.
Term insurance covers you for a set period at lower premiums and generally has no cash value. Whole life insurance offers lifelong coverage and may build cash value, but at significantly higher premiums. For many Singaporeans seeking cost-effective protection, term insurance is a practical starting point, though the right choice depends on your goals and budget.
Not necessarily. While affordability matters, the right plan balances cost with coverage quality. Look beyond base premiums to riders (CI, TPD, early CI), claim limits, perpetual discount terms, plan features and the insurer’s claims track record. A slightly higher premium can mean meaningfully better protection when you need to claim.
After you submit your details, a licensed adviser will contact you to understand your needs and go through the options. Applications can be submitted online or face to face, and premiums can be paid by credit card (recurring), GIRO, AXS or bank transfer. There is no consultation fee. Where a policy is taken up, the adviser is remunerated by the insurer, and that remuneration is already built into the standard premium.
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Our editorial standards
This guide is based on a review of policy illustrations and publicly available product summaries from each insurer covered. Premium figures shown are illustrative samples only, not personal quotes. We update this page when insurers change pricing structures, riders, or discount terms. We do not receive payment from insurers for including a plan in this comparison. Where a policy is taken up, the adviser is remunerated by the insurer, and that remuneration is already built into the standard premium.
Important Information
This advertisement has not been reviewed by the Monetary Authority of Singapore.
The information on this page is for general information only and does not take into account the specific objectives, financial situation or particular needs of any person. You should seek advice from a licensed financial adviser on the suitability of a product before purchasing it, and read the product summary and policy documents before making a decision.
Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs, and the surrender value payable, if any, may be less than the total premiums paid.
Life policies issued by insurers that are members of the Policy Owners’ Protection Scheme are protected under the scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage is automatic and no further action is required from you. For more information on the types of benefits covered and the limits of coverage, where applicable, please contact your insurer or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
Plan features, discounts, promotions and premiums described on this page are based on information available at the time of writing, are subject to each insurer’s terms and underwriting, and may change without notice.
Moneyline.SG is a financial information and comparison portal operated by Synthesis Ventures Pte Ltd. It is not a bank or an insurer. Financial advisory services are provided by MAS-licensed representatives of Synergy Financial Advisers Ltd. Disclaimer
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