Best Term & Whole Life Insurance 2020

We researched dozens of life insurance policies in Singapore and analysed their pricing and benefits. Because life insurance policies are complex products, you can use our guide below to compare different types of life insurance policies based on product type and coverage provided.

Picking the Best Life Insurance

We researched all the life insurance products available in Singapore to help you discover the life insurance policies that are available for you, their features and whether they may be a fit for you. As with all long-term commitments, you should be sure to discuss your preferred life insurance product with your financial advisor before purchasing.

Traditional Term Life Insurance

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal

Plan:
Aviva MyProtector
MyProtector-Term Plan II
TM Term Assure II
TM Term Assure II
AXA Term Protector Prime
AXA Term Protector Prime
Coverage:Death, TPD & Terminal IllnessDeath, TPD & Terminal IllnessDeath, TPD & Terminal Illness
Term:
  • 5, 10 years (renewable), 11 years up to age 85
  • 5, 10 year renewable
  • From 11 years to age 85
  • 5, 10, 15, 20, 25, or 30 years
  • Up to age 50, 55, 60, 65, 70, 75 or 99
Features:One of the cheaper plans on market, Can increase coverage at key life events, Interim accidental death benefit, convertibility featureChoice of currency, Convertibility option, increase coverage at milestonesPreferred currency, Convertibility to whole life, Automatic renewability, Inflation protection (for pay to term plans)

Term life insurance is a type of life insurance that will pay out a specific sum if you die during the time you are insured. In general, it is most beneficial for young couples who want to ensure their young children will have financial support in the event of the parent's untimely death.

One of the most important things you have to look at when deciding which term life policy best suits you is to look at the term periods. Term life insurance comes in renewable and non-renewable terms. You can purchase a traditional term life policy with between 5 year (renewable) and 30 year maturities or up to ages between 55-99 (non-renewable).

You'll have to look at features next. Unlike whole life insurance, you'll only get a payout if you die or are diagnosed with a terminal illness. However, some insurers offer additional benefits and riders. These benefits can include guaranteed renewal, inflation protection, a convertibility option (converting to a whole life policy) or increased coverage for certain life milestones. Riders can include permanent disability coverage and premium waivers. Looking at your lifestyle and concerns and matching them with the benefits and riders offered can help you further narrow down your options.

Though term life insurance is fairly straightforward, it still requires a considerable amount of research to find the best plan for your needs. This is why we strongly recommend reaching out to our advisors at PolicyPal, to help you get the best coverage for you.

Term Life Policy
Aviva MyProtector
MyProtector-Term Plan II

  • Policy Term:5, 10 years (renewable), 11 years up to age 85
  • Features: Covers Death, TPD & Terminal Illness, One of the cheapest plans available, Can increase coverage at key life events, Interim accidental death benefit, Convertibility option
TM Term Assure II
TM Term Assure II

  • Policy Term: 5, 10 year renewable, From 11 years to age 85
  • Features: Covers Death, TPD & Terminal Illness, Choice of currency, Convertibility option, increase coverage at milestones
AXA Term Protector
AXA Term Protector Prime

  • Policy Term: 5, 10, 15, 20, 25, or 30 years, Up to age 50, 55, 60, 65, 70, 75 or 99
  • Features: Covers Death & Terminal Illness, Preferred currency, Convertibility to whole life, Automatic renewability, Inflation protection (for pay to term plans)

Term life insurance is a type of life insurance that will pay out a specific sum if you die during the time you are insured. In general, it is most beneficial for young couples who want to ensure their young children will have financial support in the event of the parent's untimely death.

One of the most important things you have to look at when deciding which term life policy best suits you is to look at the term periods. Term life insurance comes in renewable and non-renewable terms. You can purchase a traditional term life policy with between 5 year (renewable) and 30 year maturities or up to ages between 55-99 (non-renewable). As you get older and renew your term life plans, you should expect your premiums to rise, due to the increase in your age, potential health degeneration and other lifestyle factors.

You'll have to look at features next. Unlike whole life insurance, you'll only get a payout if you die or are diagnosed with a terminal illness. However, some insurers offer additional benefits and riders. These benefits can include guaranteed renewal, inflation protection, a convertibility option (converting to a whole life policy) or increased coverage for certain life milestones. Riders can include permanent disability coverage and premium waivers. Looking at your lifestyle and concerns and matching them with the benefits and riders offered can help you further narrow down your options.

Though term life insurance is fairly straightforward, it still requires a considerable amount of research to find the best plan for your needs. This is why we strongly recommend reaching out to our advisors at PolicyPal, to help you get the best coverage for you.

Traditional Whole Life Insurance

ValueChampion Promotion: Get up to 20% off your life insurance premiums when you purchase your policy through our advisors at PolicyPal

Plan:
Aviva MyWholeLife Plan III
Aviva MyWholeLife Plan III
Income VivoLife
Income VivoLife
AXA Life Treasure
AXA Life Treasure
Coverage:Death, TPD, Terminal IllnessDeath, TPD, Terminal IllnessDeath, TPD, Terminal Illness
Pay Premiums:Single, Between 5-25 years5-25 years up to age 64/8410, 15, 20, 25 or 30 years
Features:Cash value,4x sum multiplier, potential bonus payouts, supplemental retirement income, retrenchment benefit; wide range of optional ridersCash value, 3.5x sum multiplier; Unique 5-year payment plan; 200% sum assured upon accidental death; 6-month retrenchment waiverCash value; up to 7x sum multiplier; 14x sum assured accidental death benefit, Increase coverage @ milestones, Critical illness rider

Whole life insurance products are quite complex and will require you to consider a number of factors, ranging from your lifestyle and financial needs to your ability to make premium payments. The first thing you'll do is narrow down the type of whole life insurance plan you want. Traditional whole life insurance is divided up into three portions: participating (par), non-participating (non-par) and investment-linked policies (ILP).

Participating whole life policies provide guaranteed and non-guaranteed benefits. The guaranteed benefits are the sum assured (the payout you get upon an insured event happening). Non-guaranteed benefits are bonuses you may receive in addition to the sum assured, which depend on the performance of the insurer's fund. On the other hand, non-participating policies only provide guaranteed benefits (i.e. the sum assured). Investment-linked policies are a combination of life insurance coverage and an investment component. Unlike par and non-par plans, you choose the investment funds rather than the insurer so you bear all the investment risk. Investment-linked policies are generally riskiest life insurance products.

While term life insurance will be the better (and cheaper) option for most people, there may be cases where you'll want greater protection. This includes people who want financial protection for their dependants, want supplemental retirement income or want to leave a financial legacy for future generations. For instance, if you want a savings feature (such as a cash value) with your policy so you can get more than just your sum assured at the end of the term, you can look into a participating whole life policy. On the other hand, if you want the flexibility to invest in the funds you want and have a long investment window (i.e. you are young, working and are experienced with investing), you may look into ILPs.

For all types of whole life insurance plans, we recommend getting coverage that is at least 10-15x your annual income. You should also take into consideration your debt obligations, financial obligations for your children, and lump sum benefits for your beneficiaries. Due to the complex nature of whole life insurance products, we recommend speaking with a financial advisor. Speak to our advisors at PolicyPal to get the best whole life insurance policy for you.

Whole Life Policy
Aviva MyWholeLife Plan III
Aviva MyWholeLife Plan III

  • Coverage: Death, TPD, Terminal Illness
  • Premium Payment: Single, Between 5-25 years
  • Features: Cash value,4x sum multiplier, potential bonus payouts, supplemental retirement income, retrenchment benefit; wide range of optional riders
Income VivoLife
Income VivoLife

  • Coverage: Death, TPD, Terminal Illness
  • Pay Premiums: 5-25 years up to age 64/84
  • Features: Cash value, 3.5x sum multiplier; Unique 5-year payment plan; 200% sum assured upon accidental death; 6-month retrenchment waiver
AXA Life Treasure
AXA Life Treasure

  • Coverage: Death, TPD, Terminal Illness
  • Pay Premiums: 10, 15, 20, 25 or 30 years
  • Features: Cash value; up to 7x sum multiplier; 14x sum assured accidental death benefit, Increase coverage @ milestones, Critical illness rider

Whole life insurance products are quite complex and will require you to consider a number of factors, ranging from your lifestyle and financial needs to your ability to make premium payments. The first thing you'll do is narrow down the type of whole life insurance plan you want. Traditional whole life insurance is divided up into three portions: participating (par), non-participating (non-par) and investment-linked policies (ILP).

Participating whole life policies provide guaranteed and non-guaranteed benefits. The guaranteed benefits are the sum assured (the payout you get upon an insured event happening). Non-guaranteed benefits are bonuses you may receive in addition to the sum assured, which depend on the performance of the insurer's fund. On the other hand, non-participating policies only provide guaranteed benefits (i.e. the sum assured). Investment-linked policies are a combination of life insurance coverage and an investment component. Unlike par and non-par plans, you choose the investment funds rather than the insurer so you bear all the investment risk. Investment-linked policies are generally riskiest life insurance products.

While term life insurance will be the better (and cheaper) option for most people, there may be cases where you'll want greater protection. This includes people who want financial protection for their dependants, want supplemental retirement income or want to leave a financial legacy for future generations. For instance, if you want a savings feature (such as a cash value) with your policy so you can get more than just your sum assured at the end of the term, you can look into a participating whole life policy. On the other hand, if you want the flexibility to invest in the funds you want and have a long investment window (i.e. you are young, working and are experienced with investing), you may look into ILPs.

For all types of whole life insurance plans, we recommend getting coverage that is at least 10-15x your annual income. You should also take into consideration your debt obligations, financial obligations for your children, and lump sum benefits for your beneficiaries. Due to the complex nature of whole life insurance products, we recommend speaking with a financial advisor. Speak to our advisors at PolicyPal to get the best whole life insurance policy for you.

Cheapest Direct Purchase Term Life Insurance

Term insurance offers protection for a fixed amount of time and will only pay out the sum assured if death, terminal illness or total and permanent disability occurs within the period insured. Term Life Direct Purchase Insurance (DPI) is a life insurance scheme that lets consumers purchase a term life insurance plan directly through the insurer without going through an intermediary such as a financial advisor. Similar to a traditional term life policy, Direct Purchase term life insurance will offer no cash value when the policy ends or if it is ended prematurely. Its benefits are fairly standard, including up to S$400,000 of death, terminal illness until age 85 and total permanent disability coverage until age 65. You can also get a critical illness rider. Below we discuss some DPI plans from a few leading insurers in Singapore.

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$3.26S$3.92S$6.71
20-YearsS$3.41S$5.31S$12.14
Age 65S$5.47S$7.68S$11.84
S$200,0005-YearsS$9.80S$12.68S$24.64
20-YearsS$10.79S$18.66S$46.57
Age 65S$17.32S$25.57S$44.53
S$400,0005-YearsS$18.14S$23.23S$44.53
20-YearsS$19.91S$33.70S$80.53
Age 65S$32.69S$48.24S$76.78
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

FWD Direct Purchase Term Life Insurance

  • DPI Term Life plan that offers competitive premiums for those looking for S$300,000-S$400,000 of coverage
  • Promotion: "VLIFE10" for 10% off & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$4.61S$4.83S$7.18
20-YearsS$4.61S$6.00S$12.14
Age 65S$6.36S$7.96S$11.44
S$200,0005-YearsS$9.40S$12.88S$25.40
20-YearsS$11.14S$18.10S$42.28
Age 65S$18.62S$27.67S$40.72
S$400,0005-YearsS$16.70S$20.18S$36.19
20-YearsS$18.44S$28.19S$67.16
Age 65S$29.93S$43.85S$66.82
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

FWD's DIRECT-Term Life insurance offers death and total & permanent disability coverage (TPD) of up to S$400,000 and offers the opportunity to buy a critical illness rider. You can get the plan for 5 years, 20 years or until you are 65. FWD offers competitive prices for its S$300,000 and S$400,000 plans, with its premiums 10-25% cheaper than the market average for 5 and 20-year plans regardless of your gender. You will also receive S$5,000 for funeral expenses paid by the next business day after they receive the death certificate. However, FWD is not the cheapest option for 25-year olds or those who are looking for plans with coverage of up to age 65. FWD's umbrella company, FWD Group Financial Services, currently has a credit rating of BBB-.

  • DPI Term Life plan that offers competitive premiums for those looking for S$300,000-S$400,000 of coverage
  • Promotion: "VLIFE10" for 10% off & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$4.61S$4.83S$7.18
20-YearsS$4.61S$6.00S$12.14
Age 65S$6.36S$7.96S$11.44
S$200,0005-YearsS$9.40S$12.88S$25.40
20-YearsS$11.14S$18.10S$42.28
Age 65S$18.62S$27.67S$40.72
S$400,0005-YearsS$16.70S$20.18S$36.19
20-YearsS$18.44S$28.19S$67.16
Age 65S$29.93S$43.85S$66.82
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

FWD's DIRECT-Term Life insurance offers death and total & permanent disability coverage (TPD) of up to S$400,000 and offers the opportunity to buy a critical illness rider. You can get the plan for 5 years, 20 years or until you are 65. FWD offers competitive prices for its S$300,000 and S$400,000 plans, with its premiums 10-25% cheaper than the market average for 5 and 20-year plans regardless of your gender. You will also receive S$5,000 for funeral expenses paid by the next business day after they receive the death certificate. However, FWD is not the cheapest option for 25-year olds or those who are looking for plans with coverage of up to age 65. FWD's umbrella company, FWD Group Financial Services, currently has a credit rating of BBB-.

Etiqa Direct Purchase Term Life Insurance

  • DPI Term Life plan that offers some of the cheapest premiums for young non-smoking millenials, especially for women
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.19S$3.13S$5.97
20-YearsS$2.54S$4.14S$8.09
Age 65S$5.14S$7.38S$11.40
S$200,0005-YearsS$6.80S$9.74S$18.56
20-YearsS$7.90S$15.44S$36.93
Age 65S$15.99S$22.97S$35.46
S$400,0005-YearsS$12.95S$18.55S$35.35
20-YearsS$15.05S$29.4S$70.35
Age 65S$30.45S$43.75S$67.55
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Direct-Etiqa Term Life provides 5-year, 20-year and until age 65 plans with death and total & permanent disability (TPD) coverage between S$50,000 and S$400,000. It is one of the cheapest options on the market for young non-smoking consumers in their 20-30's, as its premiums range between 20-40% below average for this profile. It is especially affordable for females, as their 5-year plans with S$50,000 of coverage cost less than S$1.50 per month. However, those looking for up to age 65 plans, S$400,000 plans and older consumers may see premiums hover around the market average. Furthermore, Etiqa offers an option to pay annually to save another 5% compared to paying monthly. Etiqa's credit rating according to Fitch is A-.

  • DPI Term Life plan that offers some of the cheapest premiums for young non-smoking millenials, especially for women
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.19S$3.13S$5.97
20-YearsS$2.54S$4.14S$8.09
Age 65S$5.14S$7.38S$11.40
S$200,0005-YearsS$6.80S$9.74S$18.56
20-YearsS$7.90S$15.44S$36.93
Age 65S$15.99S$22.97S$35.46
S$400,0005-YearsS$12.95S$18.55S$35.35
20-YearsS$15.05S$29.4S$70.35
Age 65S$30.45S$43.75S$67.55
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Direct-Etiqa Term Life provides 5-year, 20-year and until age 65 plans with death and total & permanent disability (TPD) coverage between S$50,000 and S$400,000. It is one of the cheapest options on the market for young non-smoking consumers in their 20-30's, as its premiums range between 20-40% below average for this profile. It is especially affordable for females, as their 5-year plans with S$50,000 of coverage cost less than S$1.50 per month. However, those looking for up to age 65 plans, S$400,000 plans and older consumers may see premiums hover around the market average. Furthermore, Etiqa offers an option to pay annually to save another 5% compared to paying monthly. Etiqa's credit rating according to Fitch is A-.

Great Eastern Direct Purchase Term Life Insurance

  • DPI Term Life plan with cheapest up-to-age 65 plan premiums for older citizens
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$3.96S$4.83S$7.67
20-YearsS$4.38S$6.08S$12.08
Age 65S$6.33S$8.08S$11.71
S$200,0005-YearsS$9.17S$12.67S$24.00
20-YearsS$10.83S$17.67S$41.67
Age 65S$18.67S$25.67S$40.17
S$400,0005-YearsS$18.33S$25.33S$48.00
20-YearsS$21.68S$35.33S$83.33
Age 65S$37.33S$51.33S$80.33
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Great Eastern's Direct-Great Term Life insurance is one of the cheapest options for older Singaporeans looking for up-to-age-65 plans, regardless of the amount you want to be insured for. For instance, a 55-year old consumer looking for an up to 65-year old plan will see premiums that are around 30% below the market average. On the other hand, Great Eastern is less competitively priced for 5 and 20-year plans and for younger consumers. Furthermore, age is defined as age at next birthday, as opposed to other plans that define your age as the age of your previous birthday, decreasing your total coverage by one year. Great Eastern's latest credit rating from S&P is AA-. If you'd like to apply for this plan or learn more, speak with one of our advisors at PolicyPal.

  • DPI Term Life plan with cheapest up-to-age 65 plan premiums for older citizens
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$3.96S$4.83S$7.67
20-YearsS$4.38S$6.08S$12.08
Age 65S$6.33S$8.08S$11.71
S$200,0005-YearsS$9.17S$12.67S$24.00
20-YearsS$10.83S$17.67S$41.67
Age 65S$18.67S$25.67S$40.17
S$400,0005-YearsS$18.33S$25.33S$48.00
20-YearsS$21.68S$35.33S$83.33
Age 65S$37.33S$51.33S$80.33
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

Great Eastern's Direct-Great Term Life insurance is one of the cheapest options for older Singaporeans looking for up-to-age-65 plans, regardless of the amount you want to be insured for. For instance, a 55-year old consumer looking for an up to 65-year old plan will see premiums that are around 30% below the market average. On the other hand, Great Eastern is less competitively priced for 5 and 20-year plans and for younger consumers. Furthermore, age is defined as age at next birthday, as opposed to other plans that define your age as the age of your previous birthday, decreasing your total coverage by one year. Great Eastern's latest credit rating from S&P is AA-. If you'd like to apply for this plan or learn more, speak with one of our advisors at PolicyPal.

SingLife Direct Purchase Term Life Insurance

  • DPI Term Life plan that offers competitive premiums for older individuals looking for low to mid coverage
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.78S$3.24S$5.58
20-YearsS$2.65S$4.26S$9.62
Age 65S$4.56S$6.63S$10.51
S$200,0005-YearsS$9.51S$11.34S$20.71
20-YearsS$8.98S$15.44S$36.88
Age 65S$16.63S$24.91S$40.42
S$400,0005-YearsS$17.39S$21.08S$39.82
20-YearsS$16.36S$29.25S$72.15
Age 65S$31.64S$48.20S$79.23
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

SingLife's Direct-Term Life insurance offers quite competitively priced plans for older consumers looking for low to mid-level coverage. Its Direct Purchase option offers death and total & permanent disability (TPD) coverage up to S$400,000 and also offers a critical illness rider. Its credit rating is currently BBB. If you'd like to apply for this plan or learn more, speak with one of our advisors at PolicyPal.

  • DPI Term Life plan that offers competitive premiums for older individuals looking for low to mid coverage
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Read our Full Review
Sum AssuredPlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$2.78S$3.24S$5.58
20-YearsS$2.65S$4.26S$9.62
Age 65S$4.56S$6.63S$10.51
S$200,0005-YearsS$9.51S$11.34S$20.71
20-YearsS$8.98S$15.44S$36.88
Age 65S$16.63S$24.91S$40.42
S$400,0005-YearsS$17.39S$21.08S$39.82
20-YearsS$16.36S$29.25S$72.15
Age 65S$31.64S$48.20S$79.23
*Premiums are for Non-Smoking Males and do not include the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

SingLife's Direct-Term Life insurance offers quite competitively priced plans for older consumers looking for low to mid-level coverage. Its Direct Purchase option offers death and total & permanent disability (TPD) coverage up to S$400,000 and also offers a critical illness rider. Its credit rating is currently BBB. If you'd like to apply for this plan or learn more, speak with one of our advisors at PolicyPal.

Cheapest Direct Purchase Whole Life Insurance

A whole life insurance policy provides lifetime financial protection, sometimes offers a non-guaranteed bonus and can build up cash value over time. Upon death or terminal illness, your policy will pay out a lump sum plus any of the bonuses accumulated. If you want a whole life policy that you can purchase online without going through an intermediary, you can consider a Direct Purchase Whole Life insurance plan. Since DPIs are standardised, you can purchase up to S$200,000 in death and coverage.

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$58S$80S$123
Age 85S$56S$75S$107
S$100,000Age 70S$110S$154S$238
Age 85S$105S$143S$208
S$150,000Age 70S$165S$231S$315
Age 85S$158S$215S$312
S$200,00Age 70S$217S$305S$474
Age 85S$207S$284S$412
*Premiums are subject to change. Accurate as of 09/2018

Etiqa Direct Purchase Whole Life Insurance

  • Below average premiums, with potential savings of 2.3% when opting to pay for plan annually
  • Current Insurer Credit Rating: A-
  • Read our Full Review
Sum InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$54.12S$74.42S$114.17
Age 85S$51.39S$68.07S$96.56
S$100,000Age 70S$108.25S$148.85S$228.35
Age 85S$102.79S$136.14S$193.12
S$150,000Age 70S$162.37S$223.27S$342.52
Age 85S$154.18S$204.21S$289.68
S$200,000Age 70S$216.49S$297.70S$456.70
Age 85S$205.57S$272.28S$386.24
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

Etiqa's Direct-Whole Life premiums are slightly below average. It offers up to age 75 and up to age 85 plans and will cover you up to S$200,000 until your death or a specified maturity date. There is also a cash value and reversionary bonus accumulation attached to the plan and you can add a critical illness rider. If you choose to pay your premiums annually, you will save around 2.3%. Etiqa's current credit rating is A-.

  • Below average premiums, with potential savings of 2.3% when opting to pay for plan annually
  • Current Insurer Credit Rating: A-
  • Read our Full Review
Sum InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$54.12S$74.42S$114.17
Age 85S$51.39S$68.07S$96.56
S$100,000Age 70S$108.25S$148.85S$228.35
Age 85S$102.79S$136.14S$193.12
S$150,000Age 70S$162.37S$223.27S$342.52
Age 85S$154.18S$204.21S$289.68
S$200,000Age 70S$216.49S$297.70S$456.70
Age 85S$205.57S$272.28S$386.24
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

Etiqa's Direct-Whole Life premiums are slightly below average. It offers up to age 75 and up to age 85 plans and will cover you up to S$200,000 until your death or a specified maturity date. There is also a cash value and reversionary bonus accumulation attached to the plan and you can add a critical illness rider. If you choose to pay your premiums annually, you will save around 2.3%. Etiqa's current credit rating is A-.

AXA Direct Purchase Whole Life Insurance

  • Competitively priced plan for older consumers
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Current Insurer Credit Rating: AA-
Sum InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$54.83S$75.50S$115.04
Age 85S$53.17S$69.96S$101.04
S$100,000Age 70S$101.33S$142.75S$221.75
Age 85S$98.00S$131.58S$193.75
S$150,000Age 70S$152.00S$214.13S$332.63
Age 85S$147.00S$197.38S$290.63
S$200,000Age 70S$198.50S$281.33S$439.33
Age 85S$191.83S$259.00S$383.33
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

AXA's Direct Purchase Life insurance is competitively priced for older consumers looking for up to age 70 plans. You will be protected against death and terminal illness until age 99 and in the event you suffer total and permanent disability, you will receive the sum assured and any accumulated bonuses. You can get a plan either up to age 70 or age 85, with the up to age 85 plans being slightly cheaper. AXA's current credit rating is AA-. If you'd like to apply for this plan or learn more, speak with one of our advisors at PolicyPal.

  • Competitively priced plan for older consumers
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Current Insurer Credit Rating: AA-
Sum InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$54.83S$75.50S$115.04
Age 85S$53.17S$69.96S$101.04
S$100,000Age 70S$101.33S$142.75S$221.75
Age 85S$98.00S$131.58S$193.75
S$150,000Age 70S$152.00S$214.13S$332.63
Age 85S$147.00S$197.38S$290.63
S$200,000Age 70S$198.50S$281.33S$439.33
Age 85S$191.83S$259.00S$383.33
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

AXA's Direct Purchase Life insurance is competitively priced for older consumers looking for up to age 70 plans. You will be protected against death and terminal illness until age 99 and in the event you suffer total and permanent disability, you will receive the sum assured and any accumulated bonuses. You can get a plan either up to age 70 or age 85, with the up to age 85 plans being slightly cheaper. AXA's current credit rating is AA-. If you'd like to apply for this plan or learn more, speak with one of our advisors at PolicyPal.

Term Life Insurance Options You Can Buy Online

FWD, Etiqa and SingLife also let you purchase traditional term life insurance policies online with death and terminal illness coverage that goes beyond the S$400,000 DPI limit. You may have the option of purchasing either a total & permanent disability or critical illness rider as well.

FWD COVID-19 Insurance

  • 100-day term life plan that provides death coverage against COVID-19
One-time Premium: S$28.00
BenefitsLimits
Policy Term100 days
COVID-19 Death BenefitS$50,000
COVID-19 Death Benefit (Frontliners)S$100,000
ICU Daily Cash Allowance (14 days)S$100/day
Post-Hospitalisation BenefitS$800

FWD's COVID-19 insurance is a short term life insurance policy that provides S$50,000 of death coverage. For people looking for short-term protection strictly for the duration of this pandemic, the coverage, non-committal policy term and flat fee of S$28 can make FWD's COVID-19 insurance an attractive choice. The death benefit for frontline workers is also doubled to S$100,000. Beyond the death benefit, there are also a couple of peace of mind benefits, such as an ICU daily cash allowance and a post-hospitalisation benefit to help you pay for outpatient treatment not covered by the government.

Please note that you will not be eligible to purchase this policy if you previously tested positive for COVID-19, have experienced COVID-19 symptoms, have been self-isolated or traveled in the past 30 days. There is also 14-day waiting period before the policy benefits kick in.

  • 100-day term life plan that provides death coverage against COVID-19
One-time Premium: S$28.00
BenefitsLimits
Policy Term100 Days
COVID-19 Death BenefitS$50,000
COVID-19 Death Benefit (Frontliners)S$100,000
ICU Daily Cash Allowance (14 days)S$100/day
Post-Hospitalisation BenefitS$800

FWD's COVID-19 insurance is a short term life insurance policy that provides S$50,000 of death coverage. For people looking for short-term protection strictly for the duration of this pandemic, the coverage, non-committal policy term and flat fee of S$28 can make FWD's COVID-19 insurance an attractive choice. The death benefit for frontline workers is also doubled to S$100,000. Beyond the death benefit, there are also a couple of peace of mind benefits, such as an ICU daily cash allowance and a post-hospitalisation benefit to help you pay for outpatient treatment not covered by the government.

Please note that you will not be eligible to purchase this policy if you previously tested positive for COVID-19, have experienced COVID-19 symptoms, have been self-isolated or traveled in the past 30 days. There is also 14-day waiting period before the policy benefits kick in.

FWD Term Life Insurance

  • Term life plan that offers up to S$3,000,00 of death and terminal illness coverage that you can buy online
  • Promotions: "VLIFE10" for 10% off & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our Full Review
Death & TPD Coverage (Fixed Term)Plan TenureAge 25Age 35Age 45
S$500,0005-YearsS$20.45S$25.23S$45.24
20-YearsS$23.93S$36.11S$93.09
S$1,000,0005-YearsS$29.58S$42.63S$87.87
20-YearsS$34.80S$64.38S$174.87
S$2,000,0005-YearsS$52.20S$78.30S$161.82
20-YearsS$59.16S$118.32S$349.74
*Premiums are for Non-Smoking Males, includes the TPD rider of 100% of the Death coverage, but excludes the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

FWD offers traditional Term Life plans that let you purchase up to S$3,000,000 in death and terminal illness coverage online. You can either get this as a renewable option, where you can renew your policy each year, or a fixed term policy where you pay the same premiums throughout the selected period. With a flexible design, this policy makes both the total & permanent disability benefit and critical illness benefit available as a rider.

  • Promotions: "VLIFE10" for 10% off & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Term life plan that offers up to S$3,000,00 of death and terminal illness coverage that you can buy online
  • Promotions: "VLIFE10" for 10% off & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our Full Review
Death & TPD Coverage (Fixed Term)Plan TenureAge 25Age 35Age 45
S$500,0005-YearsS$20.45S$25.23S$45.24
20-YearsS$23.93S$36.11S$93.09
S$1,000,0005-YearsS$29.58S$42.63S$87.87
20-YearsS$34.80S$64.38S$174.87
S$2,000,0005-YearsS$52.20S$78.30S$161.82
20-YearsS$59.16S$118.32S$349.74
*Premiums are for Non-Smoking Males, includes the TPD rider of 100% of the Death coverage, but excludes the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

FWD offers traditional Term Life plans that let you purchase up to S$3,000,000 in death and terminal illness coverage online. You can either get this as a renewable option, where you can renew your policy each year, or a fixed term policy where you pay the same premiums throughout the selected period. With a flexible design, this policy makes both the total & permanent disability benefit and critical illness benefit available as a rider.

Etiqa eProtect Term Life Insurance

  • Term Life plan you can purchase online for up to S$2,000,000 of coverage, with competitive premiums for younger and middle-aged consumers
  • Read our Full Review
Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$16.19S$23.19S$44.19
20-YearsS$18.81S$37.19S$93.19
Age 65S$38.06S$54.69S$88.81
S$1,000,0005-YearsS$29.14S$41.74S$79.54
20-YearsS$33.86S$66.94S$167.74
Age 65S$68.51S$98.44S$159.86
S$2,000,0005-YearsS$51.80S$74.20S$141.40
20-YearsS$60.20S$199.00S$298.20
Age 65S$121.80S$175.00S$284.20
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

Etiqa's eProtect term life plans provides between S$401,000 and S$2 million of death, terminal illness and total & permanent disability coverage. eProtect term life policy terms are either 5-years (as a guaranteed renewable), 20 years or up to age 65. We found its premiums to be especially competitive among S$1,000,000 coverage plans for young non-smoking consumers and S$2,000,000 coverage plans for middle-aged consumers. However, there is no option to add a critical illness rider to this plan.

  • Term Life plan you can purchase online for up to S$2,000,000 of coverage, with competitive premiums for younger and middle-aged consumers
  • Read our Full Review
Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$16.19S$23.19S$44.19
20-YearsS$18.81S$37.19S$93.19
Age 65S$38.06S$54.69S$88.81
S$1,000,0005-YearsS$29.14S$41.74S$79.54
20-YearsS$33.86S$66.94S$167.74
Age 65S$68.51S$98.44S$159.86
S$2,000,0005-YearsS$51.80S$74.20S$141.40
20-YearsS$60.20S$199.00S$298.20
Age 65S$121.80S$175.00S$284.20
*Premiums are for Non-Smoking Males and are subject to change. Accurate as of 09/2018

Etiqa's eProtect term life plans provides between S$401,000 and S$2 million of death, terminal illness and total & permanent disability coverage. eProtect term life policy terms are either 5-years (as a guaranteed renewable), 20 years or up to age 65. We found its premiums to be especially competitive among S$1,000,000 coverage plans for young non-smoking consumers and S$2,000,000 coverage plans for middle-aged consumers. However, there is no option to add a critical illness rider to this plan.

Income iTerm Term Life Insurance

  • Term life plan you can purchase online with up to S$499,999 of death, TPD and terminal illness coverage
  • Promotion: Apply for any regular premium life plans and get up to $1,200 worth of CapitaVouchers
Death & TPD Coverage (Fixed Term)Plan TenureAge 25Age 35Age 45
S$150,0005-YearsS$10.90S$13.05S$24.25
20-YearsS$11.90S$19.45S$49.85
Age 64S$21.45S$32.85S$46.35
S$250,0005-YearsS$16.50S$19.75S$36.75
20-YearsS$18.00S$29.50S$75.50
Age 64S$32.50S$49.75S$70.25
S$450,0005-YearsS$51.80S$74.20S$62.20
20-YearsS$60.20S$33.40S$127.75
Age 64S$55.00S$84.20S$118.85
*Monthly Premiums are for Non-Smoking Males, Prices are subject to change. Accurate as of 02/2020

Income's iTerm term life insurance plan offers up to S$499,999 of death, terminal illness and total and permanent disability coverage. You can buy this plan online without going through a financial advisor. You can choose coverage terms between 5-35 years (in increments of 5) or choose to be covered up to the ages of 54, 64, or 74, with the ability to renew until age 84. There are also 4 riders you can get with iTerm, including a dread disease rider that will enhance your coverage to include cover for 32 dread diseases (for instance, major cancers, terminal illness, blindness or coma).

  • Term life plan you can purchase online with up to S$499,999 of death, TPD and terminal illness coverage
  • Promotions: Apply for any regular premium life plans and get up to $1,200 worth of CapitaVouchers
Death & TPD Coverage (Fixed Term)Plan TenureAge 25Age 35Age 45
S$150,0005-YearsS$10.90S$13.05S$24.25
20-YearsS$11.90S$19.45S$49.85
Age 64S$21.45S$32.85S$46.35
S$250,0005-YearsS$16.50S$19.75S$36.75
20-YearsS$18.00S$29.50S$75.50
Age 64S$32.50S$49.75S$70.25
S$450,0005-YearsS$51.80S$74.20S$62.20
20-YearsS$60.20S$33.40S$127.75
Age 64S$55.00S$84.20S$118.85
*Monthly Premiums are for Non-Smoking Males, Prices are subject to change. Accurate as of 02/2020

Income's iTerm term life insurance plan offers up to S$499,999 of death, terminal illness and total and permanent disability coverage. You can buy this plan online without going through a financial advisor. You can choose coverage terms between 5-35 years (in increments of 5) or choose to be covered up to the ages of 54, 64, or 74, with the ability to renew until age 84. There are also 4 riders you can get with iTerm, including a dread disease rider that will enhance your coverage to include cover for 32 dread diseases (for instance, major cancers, terminal illness, blindness or coma).

SingLife Term Life Insurance

  • Term Life plan you can purchase online for up to S$10,000,000 of death and terminal illness coverage
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Read our Full Review
Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$24.12S$26.71S$46.95
20-YearsS$28.74S$45.56S$105.27
S$1,000,0005-YearsS$40.28S$44.47S$79.03
20-YearsS$47.95S$75.85S$175.82
S$2,000,0005-YearsS$80.58S$88.93S$158.05
20-YearsS$95.90S$151.70S$351.64
*Premiums are for Non-Smoking Males, includes the TPD rider of 100% of the Death coverage, but excludes the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

SingLife's term life insurance policy allows consumers to purchase up to S$10,000,000 of death and terminal illness coverage online with the option to purchase total & permanent disability or critical illness riders. The premiums for SingLife's higher coverage plans are pricier for younger consumers compared to other insurers offering similar online plans, but the amount of coverage that you can purchase can be a benefit that may be worth the higher price. Speak to one of our advisors at PolicyPal if you'd like to apply for this product.

  • Term Life plan you can purchase online for up to S$10,000,000 of death and terminal illness coverage
  • Apply for this plan through our partner PolicyPal by clicking "Get a Quote"
  • Read our Full Review
Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$500,0005-YearsS$24.12S$26.71S$46.95
20-YearsS$28.74S$45.56S$105.27
S$1,000,0005-YearsS$40.28S$44.47S$79.03
20-YearsS$47.95S$75.85S$175.82
S$2,000,0005-YearsS$80.58S$88.93S$158.05
20-YearsS$95.90S$151.70S$351.64
*Premiums are for Non-Smoking Males, includes the TPD rider of 100% of the Death coverage, but excludes the Critical Illness rider. Prices are subject to change. Accurate as of 09/2018

SingLife's term life insurance policy allows consumers to purchase up to S$10,000,000 of death and terminal illness coverage online with the option to purchase total & permanent disability or critical illness riders. The premiums for SingLife's higher coverage plans are pricier for younger consumers compared to other insurers offering similar online plans, but the amount of coverage that you can purchase can be a benefit that may be worth the higher price. Speak to one of our advisors at PolicyPal if you'd like to apply for this product.

Methodology

To accurately represent the life insurance products featured on this page, we gathered quotes for non-smoking males and females of a variety of ages. We then compared how each insurer's premiums compared to their peers in order to see which plan offered more competitive rates for different demographics. For continuity's sake, premiums for non-DPI term life plans that are purchasable online included total & permanent disability riders since these plans are similar to DPI plans which already include total & permanent disability in their base coverage. For plans where pricing wasn't available, we separated plans based on the category of life insurance they fell under as well as the different features offered.

Insurance Companies Sampled
FWDEtiqaIncome
ManuLifeSingLifeAIA
AXAAvivaGreat Eastern
PrudentialTokio MarineRaffles Medical

Disclaimer

Regardless of the policy you are thinking of getting, analysing all of your life insurance options and speaking to a licensed financial advisor is key to making sure you are getting the right plan. We do not claim to endorse, promote or recommend any product on this page. All products listed here are examples of different types of life insurance and their benefits and is meant to be for educational purposes only.

Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, focusing on insurance. She holds an International Business Management diploma and a B.A. in Economics from New York University. Her prior working experience includes work in the capital markets sector.

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