Last Updated on July 9, 2026 by Tree of Wealth

1. Best Term Insurance Plans in Singapore 2026

Term insurance is one of the most straightforward ways to protect your family, income, and financial commitments without paying the higher premiums usually associated with whole life insurance.

In Singapore, term insurance is commonly used for practical needs such as family protection, mortgage coverage, income replacement, critical illness protection, and business liability planning. The idea is simple: you pay a fixed premium for a chosen period, and if something happens during that period, your loved ones receive a payout.

But here’s the important part — there is no single “best” term insurance plan for everyone.

The right plan depends on what you are trying to protect.

A young parent may need high coverage for income replacement. A homeowner may need mortgage protection. Someone in their 40s may prioritise critical illness coverage. A business owner may need a large sum assured to cover loans or shareholder obligations.

That is why in this guide, we will compare some of the best term insurance plans in Singapore, explain how they work, and help you understand which type of term insurance may suit your needs.

2. What Is Term Insurance?

Term insurance is a type of life insurance that provides coverage for a fixed period — for example, 10 years, 20 years, 30 years, or up to a certain age such as 65, 75, 85, or 99.

If death, terminal illness, or total and permanent disability happens during the policy term, the insurer pays out the sum assured to the policyholder or beneficiaries, depending on the claim type.

The key difference is this:

Term insurance focuses mainly on protection, not savings or investment.

That means it usually does not build cash value, and there is typically no payout if you outlive the policy term. But because it is pure protection, the premiums are usually much lower compared to whole life insurance for the same amount of coverage.

Simple Example

Let’s say a 35-year-old parent buys a term insurance plan with:

If the parent passes away during the 30-year coverage period, the family receives the S$1,000,000 payout.

That payout can help cover:

• outstanding mortgage
• children’s education
• daily living expenses
• spouse’s financial support
• family emergency funds

But if nothing happens during the 30 years, the policy simply ends, and there is usually no cash payout.

Why Do People Buy Term Insurance?

Most people buy term insurance because they need a large amount of coverage during specific life stages.

For example:

In other words, term insurance is useful when your financial responsibilities are high, but you do not want to overpay for coverage.

Common Uses of Term Insurance in Singapore

In Singapore, term insurance is commonly used for:

1. Family Protection

If you have children, a spouse, or ageing parents depending on your income, term insurance can help ensure they are not financially stranded if something happens to you.

2. Mortgage Protection

For homeowners, term insurance can be used to cover the outstanding home loan. This helps ensure your family can continue staying in the home even if one income source disappears.

3. Income Replacement

If your income supports the household, term insurance acts as a replacement fund. Instead of your family losing your income overnight, the payout gives them time and financial breathing space.

4. Critical Illness Planning

Many term plans allow you to add critical illness or early critical illness riders. This provides a lump sum payout if you are diagnosed with a covered critical illness, helping with recovery, income loss, and lifestyle adjustments.

5. Business Protection

For business owners, term insurance can be used to cover business loans, keyman risks, or buy-sell arrangements between shareholders.

The Main Advantage of Term Insurance

The biggest advantage of term insurance is affordability.

Because it does not focus on cash value accumulation, you can usually get a much larger sum assured for a lower premium compared to whole life insurance.

This is why many people use term insurance for the “big numbers” — such as S$500,000, S$1 million, or even higher coverage amounts — especially during their working years.

The Main Limitation of Term Insurance

The main limitation is that term insurance is temporary.

Once the policy term ends, your coverage stops unless the plan has a renewal or conversion option. Also, if you outlive the policy term, there is usually no payout.

This is not necessarily a bad thing.

It simply means term insurance should be matched to a clear purpose.

For example:

• cover children until they become financially independent
• cover mortgage until the loan is paid off
• cover income until retirement
• cover business liabilities until they reduce
• cover critical illness risk during working years

Bottom Line

Term insurance is best understood as cost-effective protection for a specific period of life.

It is not designed to be a savings plan. It is not meant to replace investing. Its job is simple: provide a large payout when your family, home, income, or business needs protection the most.

For many Singaporeans, that makes term insurance one of the most practical and affordable ways to build a strong financial safety net.

3. Term Insurance vs Whole Life Insurance

One of the most common questions people ask is:

Should I buy term insurance or whole life insurance?

The answer depends on what you are trying to achieve.

Term insurance is mainly designed for affordable, high-coverage protection over a specific period. Whole life insurance, on the other hand, provides lifelong coverage and usually builds cash value over time.

Both can be useful — but they serve different purposes.

Term Insurance vs Whole Life Insurance: Quick Comparison

When Term Insurance Makes More Sense

Term insurance is usually more suitable when you need a large amount of coverage at an affordable premium.

This is especially useful during life stages where your responsibilities are high, such as:

• raising young children
• paying off a mortgage
• supporting a spouse or ageing parents
• building your wealth in your working years
• covering business loans or liabilities

For example, a parent with young children may need S$1 million of coverage for the next 25 to 30 years. Buying that amount through whole life insurance may be expensive. Term insurance allows the parent to secure the needed protection at a much lower cost.

In simple terms:

Term insurance is useful when you need big protection without overloading your cashflow.

When Whole Life Insurance Makes More Sense

Whole life insurance may be more suitable if you want coverage that lasts for life, not just for a fixed period.

This can be useful for:

• lifelong dependants
• legacy planning
• estate planning
• final expenses
• long-term critical illness coverage
• people who prefer forced savings with protection

Whole life plans usually cost more, but they may build cash value over time and can provide protection beyond retirement age.

In simple terms:

Whole life insurance is useful when you want permanent coverage and are comfortable paying higher premiums.

The “Buy Term and Invest the Rest” Approach

You may have heard of the phrase:

Buy term and invest the rest.

The idea is simple.

Instead of paying high premiums for whole life insurance, you buy a cheaper term plan for protection and invest the premium savings separately.

This approach can work well if you are disciplined and actually invest the difference consistently.

However, it may not work well if you simply spend the savings instead of investing them.

So the real question is not just:

“Which plan gives better returns?”

The better question is:

“Which structure will I realistically stick to?”

For disciplined investors, term insurance can be very powerful. For those who prefer a more structured approach, whole life insurance may still have a role.

Can You Have Both Term and Whole Life Insurance?

Yes — and for many people, this is actually the most balanced approach.

For example:

• Use whole life insurance for a base layer of lifelong coverage.
• Use term insurance to top up large temporary needs, such as mortgage, children’s education, or income replacement.

This way, you are not overpaying for all your coverage, but you still retain some permanent protection.

In a Nutshell

Term insurance and whole life insurance are not enemies. They are tools.

Term insurance is best for affordable, high-coverage protection during your most financially vulnerable years.

Whole life insurance is better for lifelong protection, legacy planning, and those who want cash value accumulation.

For most Singaporeans, the practical solution is not always one or the other. It is often about using the right combination based on your budget, family needs, and long-term financial goals.

4. Level Term vs Decreasing Term vs Renewable Term

Not all term insurance plans work the same way.

Before comparing insurers, it helps to understand the three main types of term insurance commonly used in Singapore:

1. Level term insurance
2. Decreasing term insurance
3. Renewable term insurance

Each one serves a different purpose.

Level Term Insurance

Level term insurance provides a fixed sum assured throughout the policy term.

For example, if you buy a S$1,000,000 level term plan for 30 years, the coverage remains S$1,000,000 from day one until the end of the 30-year term.

When Level Term Makes Sense

Level term insurance is suitable when the financial need does not reduce quickly over time.

For example, if you have young children, your family may need income replacement for the next 20 to 30 years. Even though your mortgage may reduce, your children’s education, household expenses, and spouse’s financial needs may still remain significant.

This makes level term useful for:

• parents with young children
• income replacement
• family protection
• business loans
• shareholder protection
• larger personal coverage needs

In simple terms:

Level term is best when you want your coverage amount to remain stable throughout the policy period.

Decreasing Term Insurance

Decreasing term insurance provides coverage that reduces over time.

This is commonly used for mortgage protection because your outstanding home loan usually decreases as you repay it.

For example, if you start with a S$700,000 home loan over 30 years, your insurance coverage may reduce gradually in line with the loan balance.

When Decreasing Term Makes Sense

Decreasing term is suitable when the financial responsibility itself reduces over time.

The clearest example is a mortgage.

If your main concern is making sure your family can keep the home if something happens to you, then a decreasing term plan may be sufficient.

This makes decreasing term useful for:

• HDB mortgage protection
• private property mortgage protection
• loan protection
• reducing business liabilities

However, decreasing term may not be ideal if you also need to protect your family’s income, children’s education, or long-term household expenses.

Why?

Because those needs may not reduce at the same pace as your loan.

In simple terms:

Decreasing term is best when you are mainly protecting a debt that reduces over time.

Renewable Term Insurance

Renewable term insurance provides coverage for a shorter period, such as 5 or 10 years, with the option to renew later.

The key benefit is flexibility. You can continue coverage without going through full medical underwriting again, depending on the policy terms.

However, premiums usually increase when you renew because you are older.

When Renewable Term Makes Sense

Renewable term insurance can be useful if you only need coverage for a short period, or if you are unsure how long you need protection.

For example:

• you are between jobs
• you are waiting for a larger insurance review
• you have short-term business liabilities
• you want temporary coverage before deciding on a longer-term plan
• you expect your financial responsibilities to change soon

However, if you already know you need protection for 20 to 30 years, a longer level term plan may be more cost-effective than renewing every few years.

In simple terms:

Renewable term is best when you need flexibility, but not necessarily long-term premium certainty.

Level Term vs Decreasing Term vs Renewable Term: Quick Comparison

Which Type Should You Choose?

The right type depends on what you are trying to protect.

If your goal is to protect your family’s lifestyle and income, level term insurance is usually more suitable.

If your goal is mainly to cover a mortgage or loan, decreasing term insurance may be more cost-effective.

If your needs are short-term or uncertain, renewable term insurance gives more flexibility.

For many Singaporeans, the best approach may be a combination.

For example:

• Level term for family income protection
• Decreasing term for mortgage protection
• Renewable term for short-term temporary coverage

Term insurance is not just about finding the cheapest premium.

It is about matching the right type of coverage to the right financial need.

A cheap decreasing term plan may work well for a mortgage, but it may not be enough to protect your family’s lifestyle. A level term plan may cost more, but it gives stronger income replacement. A renewable term plan gives flexibility, but premiums can rise later.

The key is to understand what you are protecting first — then choose the structure that fits.

5. How Much Term Insurance Do You Need?

One of the biggest mistakes people make when buying term insurance is choosing a random amount.

Some choose S$100,000 because it “sounds like a lot”.
Some choose S$1 million because they heard someone else bought it.
Some simply buy whatever fits the monthly budget.

But the better way is to ask:

If something happens to me, how much money would my family actually need?

Term insurance should be based on your financial responsibilities, not just a nice round number.

A Simple Way to Estimate Your Coverage Needs

A practical formula is:

Coverage Needed = Debts + Future Family Expenses + Children’s Education + Emergency Buffer – Existing Assets

Let’s break that down.

The goal is not to make your family rich.

The goal is to make sure they are not forced into desperate financial decisions during an already painful time.

Example: Parent With Young Children

Let’s say a 35-year-old parent has:

In this case, buying only S$200,000 or S$300,000 of coverage may not be enough.

It may help, but it probably will not fully protect the family’s lifestyle, home, and children’s future needs.

Rule of Thumb: 10 to 15 Times Annual Income

As a quick guide, many working adults may consider coverage of around:

10 to 15 times annual income

For example:

This is only a rough guide.

If you have young children, a large mortgage, or a single-income household, you may need more. If your children are already independent and your mortgage is mostly paid, you may need less.

Don’t Forget Critical Illness Coverage

Death coverage is important, but for many families, critical illness can be financially harder to manage.

Why?

Because you may still be alive, but unable to work properly for months or years.

Medical bills may be partly covered by hospitalisation insurance, but your family may still face:

• income loss
• recovery costs
• caregiver expenses
• mortgage payments
• children’s expenses
• lifestyle adjustments

A common starting point is to consider at least 3 to 5 years of income for critical illness coverage.

For example:

This gives you time to recover without immediately worrying about every bill.

Coverage Should Reduce Over Time

The amount of term insurance you need today may not be the same 20 years later.

In your 30s and 40s, your responsibilities may be high:

• young children
• mortgage
• ageing parents
• income dependence
• limited accumulated assets

But by your 50s or 60s, some of these needs may reduce:

• children may become financially independent
• mortgage may be mostly paid off
• CPF and investments may have grown
• retirement assets may be more established

This is why term insurance works well.

It allows you to cover your high-responsibility years without paying for unnecessary coverage forever.

Common Coverage Mistakes

1. Buying Too Little Coverage

A S$100,000 policy may sound meaningful, but if you have a S$700,000 mortgage and two young children, it may not go very far.

2. Only Covering the Mortgage

Mortgage protection is important, but your family still needs money for daily living, education, bills, and emergencies.

3. Ignoring Stay-Home Parents

Even if one parent does not earn an income, they still contribute huge economic value through caregiving, household management, childcare, and family support.

If something happens to a stay-home parent, the surviving spouse may need to pay for childcare, domestic help, tuition support, transport, or reduce working hours.

4. Forgetting About Inflation

S$500,000 today may not have the same purchasing power 20 years later. For long-term family protection, it is better to build in some buffer.

5. Relying Only on Employer Insurance

Employer insurance is useful, but it usually ends when you leave the company. It should be treated as a bonus, not your main family protection plan.

So, How Much Should You Buy?

A good starting point is to calculate:

1. How much debt you want cleared
2. How many years of income your family needs
3. How much your children may need for education
4. How much critical illness coverage you want
5. How much existing insurance and assets you already have

Then choose a term plan that fills the gap.

For many young families in Singapore, it is common to see protection needs ranging from S$500,000 to S$1.5 million or more, depending on income, mortgage size, number of dependants, and existing assets.

The right amount of term insurance is not the cheapest amount you can afford.

It is the amount that gives your family enough time, options, and financial stability if life does not go according to plan.

A good term insurance plan should answer this question clearly:

If I am no longer around, or if I cannot work because of a serious illness, will my family still be financially okay?

If the answer is uncertain, it is worth reviewing your coverage.

6. Best Term Insurance Plans in Singapore 2026

There is no single “best” term insurance plan for everyone. The right plan depends on whether you want the lowest premium, strong rider options, mortgage protection, online application, high sum assured, or flexibility to renew and convert later.

Below are some of the term insurance plans worth comparing in Singapore.

Premiums At a Glance

Profile: Age 30, Non smoker.

Sum Assured of $1, 000, 000 Death and Total Permanent Disability for 30 Years

Singlife Elite Term II

Singlife Elite Term II is the upgraded version of one of Singapore’s most competitively priced term plans, and consistently ranks among the cheapest for high sum assured coverage. Beyond price, its standout upgrades are flexible premium payment structures and the option to bolt on Singlife’s MultiPay critical illness coverage as a rider — making it one of the most customisable term plans for CI protection in the market.

• Coverage Term: Renewable terms of 5 or 10 years, level terms from age 11 to 85 (next birthday), or coverage up to age 99 for single and third-party policies.
• Limited Pay Option: For the term-to-99 option, choose to pay premiums over just 5 or 10 years, or up to age 65 or 75 — instead of paying for the entire coverage duration. Useful if you want lifetime-length protection but prefer to finish paying before retirement.
• Longevity Reward: Exclusive to the Limited Pay version — if you reach age 99, your base premiums paid are returned to you. Currently the only term plan in Singapore offering this.
• MultiPay CI Rider: Attach Singlife’s multipay critical illness coverage directly to your term plan, covering early through advanced stage conditions with multiple claim payouts — at a lower combined premium than buying the standalone MultiPay CI plan separately.
• Guaranteed Renewable: 5- and 10-year terms renew automatically without medical underwriting, up to age 75.
• Guaranteed Insurability Option: Increase your sum assured at key life milestones (marriage, childbirth, property purchase) without medical underwriting — exercisable up to 2 times, capped at half your initial sum assured or S$500,000, whichever is lower.
• Policy Conversion: Convert partially or fully into a whole life or savings policy without further medical underwriting, before age 65.
• Joint & Third-Party Policies: Available as single, joint-life (covering two people), or third-party policies.
• Perpetual Discount: Regular-pay policies with a minimum S$500,000 sum assured enjoy a 30% perpetual discount on death and TPD coverage, plus 10% perpetual discount on the advanced CI rider.

Read More Here:

Singlife Elite Term Plan In Depth Review

FWD Future First

FWD is Singapore’s leading digital-first insurer, and Future First reflects that: fast online application with robo-underwriting, multi-currency coverage, and a distinctive focus on supporting the family beyond just the payout. Its headline differentiator is the Spouse Insurance Benefit — no other term plan in Singapore offers it — making it a strong pick for families and globally mobile professionals.

• Coverage Term: 10-year renewable term, or a fixed term from 5 years up to age 100.
• Base Coverage: Death and terminal illness. Pays out the full sum insured, plus an advance payment of S$5,000 to help cover immediate funeral expenses.
• Spouse Insurance Benefit: If the insured passes away, the surviving spouse receives a complimentary S$250,000 term life policy, premium-free for 2 years — unique in the Singapore market, providing protection during the most difficult transition period.
• FWD Exclusive Recovery Programme: Practical assistance, emotional support, and professional services worth up to S$15,000 for the bereaved family — including a claims concierge, counselling and life-coaching sessions, and legal advice sessions.
• Multi-Currency Option: Choose coverage in SGD, USD, GBP, or AUD — useful for expats and those with overseas financial commitments.
• Optional Riders: Enhance protection with TPD, Critical Illness, and the FWD Total CI Rider, which covers 141 early, intermediate, and late-stage conditions including future unknown illnesses, with multiple claim options. Premium waiver riders are also available.
• FWD HealthFirst: Teleconsultation services and access to over 600 GP, dental, and specialist clinics at preferred rates — extendable to family members.
• Guaranteed Insurability Option: Increase coverage at key life events (completing tertiary education, marriage, buying a home, or a new child) without further medical underwriting.

FWD Future First In-Depth Review

Income TermLife Solitaire

Income Insurance (formerly NTUC Income) has retained its competitive edge in the term market following its corporatisation. TermLife Solitaire is its flagship term plan, built for those wanting substantial coverage — the minimum sum assured starts at S$500,000 and goes up to S$20 million — combined with guaranteed long-term renewability.

• Coverage Term: Fixed terms of 10, 15, 20, 25, 30, 35, or 40 years, or coverage up to age 64, 74, 84, or 100 (last birthday).
• Base Coverage: Death and terminal illness. The sum assured is paid as a lump sum, and the policy ends upon payout.
• High Sum Assured: Minimum S$500,000, maximum S$20 million per life — one of the highest coverage ceilings among term plans, suited to high-income earners and business owners.
• Guaranteed Renewability: Renew up to age 100 without further medical underwriting, provided no claims have been made and the insured is age 74 (last birthday) or below.
• Optional Riders: Six riders available, including TPD (Disability Accelerator), critical illness and dread disease coverage (Total Protect, Essential Protect), hospital cash (Hospital CashAid), and premium waiver riders.
• Medical Concierge: Policies with a base sum assured above S$3 million enjoy a complimentary one-time medical concierge service, including arranged check-ups and transport.
• Solitaire Club: Automatic enrolment brings privileges such as vouchers on new policies and event invitations.

Income TermLife Solitaire In-Depth Review

Etiqa Essential Term Life Cover

• Policy Term Options: 5 years renewable term up to 90 years old, 10 years term until 86 years old, or coverage term until 100 years old.
• Flexibility to Increase Sum Assured: Can increase without showing health status at specific life milestones – graduation, marital status change, property purchase, birth/adoption of a child, enrolment into tertiary education.
• Guaranteed Convertibility Benefit: Option to convert term insurance to Etiqa’s participating policy of endowment or whole life insurance without showing health status.
• Supplementary Riders:
  • Advanced CI (Critical Illness) Rider: Pays out basic sum assured for any of the 36 advanced stage critical illnesses.
  • Early CI (Critical Illness) Rider: Pays out basic sum assured for any of the 35 early and intermediate stage critical illnesses, waives future premiums for remaining sum assured for CI if early/intermediate CI claims are paid, provides 12 months of monthly payouts upon advanced stage CI diagnosis, covers 23 special conditions.
  • Extra Disability Care Rider: Pays out basic sum assured for total and permanent disability occurrence before the policy anniversary of 86 years old.
  • Extra Secure Waiver Rider: Waives future premiums upon diagnosis of 37 advanced stage critical illnesses before 86 years old or when premium ends.

Read More Here:

Etiqa Essential Term Life Cover Review

HSBC Life Term Protector

HSBC Life Term Protector (formerly AXA Term Protector) is one of the most customisable term plans in the market, positioned around long-term flexibility, inflation protection, and an extensive critical illness rider ecosystem. It’s a strong pick for those wanting coverage to age 99 or protection that keeps pace with rising costs.

• Coverage Term: Renewable terms of 5 to 30 years, or level terms up to age 50, 55, 60, 65, 70, 75, 85, or 99.
• Base Coverage: Death and terminal illness, with TPD, CI, and ECI available as riders.
• Indexation Option: Automatically increase your sum assured each year in line with Singapore CPI or a fixed 5%, whichever is higher, to counter inflation — available for term-to-age plans.
• Super CritiCare Rider: Multi-pay CI rider paying up to 600% of the sum assured across multiple claims, including cover for re-diagnosed cancer, recurrent heart attack, and stroke at any stage, plus a complimentary yearly Diabetes Care Programme.
• Multi-Currency Option: Choose coverage and premium payment in SGD, USD, EUR, GBP, or AUD.
• Guaranteed Survival Payout Rider: For the term-to-age-99 option, receive the prevailing sum assured if you outlive the policy — effectively ensuring the policy doesn’t lapse without a payout.
• Policy Conversion: Convert to another pure protection plan before age 60 without underwriting.
• Two Tiers: Term Protector covers sums assured up to S$1,999,000; Term Protector Prime covers S$2,000,000 and above.

Read More Here:

HSBC Life Term Protector Review

Read More Here:

Tokio Marine Term Assure II Review

China Taiping i-Protect (and i-Assure99)

China Taiping has been established in Singapore since 1938 and consistently offers some of the most affordable term premiums in the market. i-Protect is its core term plan — a genuine no-frills, pure-protection option for the price-conscious. For those wanting a guaranteed legacy payout, China Taiping also offers i-Assure99, a hybrid whole-life-style plan worth knowing about.

• Lowest Premiums: i-Protect is regularly cited as among the cheapest term plans in Singapore for pure death and terminal illness cover.
• Coverage Term: Policy terms from 11 to 40 years, or coverage up to age 65, 75, or 85.
• Base Coverage: Death and terminal illness, with TPD available as an optional rider.
• Guaranteed Renewability: Renew a 5- or 10-year term up to age 85 without further underwriting.
• Policy Conversion: Convert part or all of the plan into another China Taiping life plan (whole life, endowment, or ILP) before age 65, without further medical evidence.
• Comprehensive CI Rider: The optional EarlyCare rider covers an extensive list of early, intermediate, and advanced-stage critical illnesses — among the widest CI condition lists available.
• i-Assure99 (hybrid alternative): A non-participating plan offering coverage to age 99 with a guaranteed payout of 100% of the sum assured at age 99, plus a surrender value available after age 80. Premium payment options are to-age-65 or to-age-99. Note this is structured as a whole life plan, not pure term — it carries cash value, so premiums are higher than i-Protect.

Read More Here:

China Taiping i-Protect Term Plan Review

AIA Secure Flexi Term

AIA Secure Flexi Term is a flexible term plan built around long coverage duration and a distinctive cancer benefit. Its standout features are coverage that can extend far beyond the typical age-75 cutoff, and a terminal cancer benefit — the first of its kind in the market.

• Coverage Term: Renewable terms of 5, 10, 20, or 30 years, or level terms up to age 65 or 75. Renewable option can extend coverage up to age 101.
• Base Coverage: Death, terminal illness, and terminal cancer — an uncommon inclusion, giving an additional claim scenario beyond standard death and TI cover.
• Guaranteed Level Premiums: Premiums stay the same throughout your chosen policy term, based on your entry age.
• Policy Conversion: Convert to a whole life, endowment, or investment-linked plan before age 70 without further medical underwriting.
• AIA Vitality Integration: Link the plan to AIA Vitality for up to 15% premium discount by meeting health and wellness goals.
• Optional Riders: Add TPD, Critical Illness, and Early Critical Cover riders for broader protection.

Read More Here:

AIA SECURE FLEXI TERM Product Information

Manulife ManuProtect Term II

ManuProtect Term II is an affordable, flexible term plan that works around your budget and protection needs. Its standout feature is the Quit Smoking Incentive, which can meaningfully lower long-term costs for smokers who quit.

• Coverage Term: Renewable & Convertible (5–10 years) or Level & Convertible (11–40 years), or coverage up to age 65, 75, or 85.
• Base Coverage: Death and terminal illness, with TPD and CI available as riders. Minimum sum assured from S$75,000.
• Quit Smoking Incentive: Smokers with a sum assured of S$500,000 or above can qualify for non-smoker premium rates from the fourth policy year, on proof of having quit — a significant long-term saving.
• Guaranteed Renewability: Renew up to age 85 without further medical underwriting.
• Policy Conversion: Convert to another Manulife life plan before age 65 without underwriting.

Read More Here:

ManuProtect Term II (Term Insurance) Review

Conclusion

In conclusion, term insurance is a simple and cost-effective way to provide life insurance coverage for a specific period of time. It’s an ideal option for individuals who are looking for a temporary solution to protect their loved ones and ensure that they are financially secure in the event of the policyholder’s death. However, it’s important to carefully consider the length of the term and the death benefit amount to make sure that the policy meets the policyholder’s needs and budget.

It’s important to note that the various types of term life, renewable term and reducing term life insurance is a specialized type of insurance and may not be suitable for everyone’s needs. It’s best to consult with a financial advisor or insurance professional to determine if a reducing term life insurance policy is right for you.

Got a query? Contact us below today to see how much cover you require and learn about how Term Insurance’s flexibility and how it can work around your needs and concerns.

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