Term plan vs Life Plan

Why choose to get coverage via a term plan?

Term insurance provide the best cost to coverage ratio, at the expense of not generating a cash surrender value for your future years. As such, it is an excellent option for those that require coverage, yet facing budget issues for financial planning.

Life situations may also have changed, resulting in the need for increased coverage due to additional financial commitments for yourself or your dependents.

While generally not meant for lifelong protection, term plans can be a part of your financial portfolio to replace the financial losses to your income due to an unforeseen life condition.

Read More: How Pre-exisiting medical conditions can affect your insurance application

Related article: Term Insurance vs Whole Life (Financial analysis and benefits comparison)

How do we come up with this list?

Across all the insurance companies in Singapore, each term insurance are structured with their own product benefits and unique selling point.

The following criterias were considered in our term insurance review:

Competitiveness of insurance premium
Available options to customise and enhance coverage
Scope of coverage for Critical Illness
Scope of coverage for Early Critical Illness
Terms and conditions to qualify for an insurance claim
Product features with outstanding benefits to the policyholder

Note: This review of term insurance is not ranked in any order of priorities or preferences.

Find out the list of term life insurance avaliable in Singapore and get your FREE comparison quote today! Let us find the best deal based on your needs and budget!

Best Term Life Insurance Plan for Cheapest Premium: HSBC Life Term Protector

HSBC Life Term Protector is running a LIMITED TIME Whopping 35% Perpetual discount on their term insurance! With this, HSBC Life Term Protector will give you the highest insurance coverage with the lowest premiums amongst all term insurance in Singapore.

Based on the premium payable and its definition of coverage, HSBC Life Term Protector should comfortably beat all other peers when it comes to a no-frills coverage.

What we like about HSBC Life Term Protector

Affordable and competitive premiums
Flexible premiums terms, including paying your premiums within a limited number of years
Available in multiple currencies