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How to Choose the Best Term Plan in Singapore? Let’s Compare
Sample Level and Reducing Term Insurance Quotes Covering 1,000,000 Death/Terminal Illness and Total Permanent Disability, Non Smoker Age 35 Covering till age 65, 3% Decreasing for Mortgage Insurance | ||
Insurer | Female Monthly Premium | Male Monthly Premium |
Manulife Manuprotect Decreasing II | $51.93 | $55 |
Etiqa eProtect Mortgage | $59.33 | $81.38 |
Income Mortgage Term | $70.70 | $88.70 |
Singlife Elite Term II | $49 | $62.40 |
HSBC Term Protector | $58.31 | $84.31 |
Tokio Marine Term Assure II | $59.30 | $81.30 |
Manulife ManuProtect Term II | $57.18 | $73.98 |
Income Term Life Solitaire | $53 | $72.20 |
FWD Future First | $54.90 | $74.28 |
Etiqa Essential Term Life Cover | $59.33 | $83.38 |
China Taiping i Protect | $59.35 | $82.60 |
China Life Term Guardian | $80.65 | $119.26 |
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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, depending on the insurer and policy type. Once accepted, coverage can often be renewed or extended up to age 85 or 100, depending on your plan.
Yes, foreigners, whether residing in Singapore or not, may be eligible to purchase term insurance from most insurers in Singapore.
As a general rule of thumb, your coverage should be at least 9 times your annual income for death and disability, and 4 times your annual income for critical illness. It’s also wise to factor in other financial responsibilities such as your mortgage, children’s education, and your spouse’s retirement needs when planning your protection. Our experts will assess your financial situation and recommend the most suitable protection strategy tailored to your specific needs.
Level term insurance provides a fixed sum assured throughout the entire policy term, offering consistent coverage regardless of time. In contrast, Reducing term insurance features a decreasing sum assured, typically aligned with a repayment mortgage. For example, if you purchase a $1,000,000 policy, a level term plan will maintain that coverage amount for the full term. However, with a 30-year reducing term policy of $1,000,000, the coverage may reduce proportionally over time reaching approximately $500,000 after 15 years.
Term insurance covers you for a set period at lower premiums, with no cash value. Whole life insurance offers lifelong coverage plus savings and investment components.
Base on a 1,000,000 death and disability coverage for age 35 non smoker till age 65, the current best term insurance plan in Singapore in 2026 is Singlife Elite Term II for most buyers, offering the lowest premiums from $49/month for females and $62.40/month for males. However, the best plan depends on your age, coverage needs, and budget. We compare multiple insurers below to help you decide.
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