Singaporean’s Ultimate Comparison: Term Life Insurance
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Singaporean’s Ultimate Comparison: Term Life Insurance

Eeny, meeny, miny, moe, which term life insurance should I get-oh?

While embarking on your personal finance journey, and after facing your dilemma of getting term life insurance or whole life insurance, you’ve finally reached your next destination. Here.

You are able to browse through Direct Purchase Term Insurance quotations offered by various insurance companies with the help of:

List of Term Life Insurance Providers

InsurerProduct (Summary)
Etiqa InsuranceEtiqa Term Life
FWD SingaporeTerm Life
HSBC InsuranceValueTerm
Singapore LifeTerm
AXA InsuranceAXA Term Lite
Tokio Marine Life InsuranceTM Basic Term
NTUC IncomeTerm
Great Eastern LifeGreat Term
AvivaAviva Term Life
ManulifeManuAssure Term
PrudentialPRUprotect term
AIA SingaporeAIA Term Cover

With so many term life insurance products available, this is a total nightmare for someone indecisive like me.

This is a disclaimer to let you know that this post was not sponsored at all, and all opinions are our own. We just want to help by giving you an unbiased opinion!

So, Which Term Life Insurance Should You Get?

Real user reviews on financial products

TL;DR; on average, insurance for Males are 33% more expensive.

Singaporean’s Ultimate Comparison: Term Life Insurance

Today’s Case Study, Coverage of Term Life

  • Sum Assured: S$400,000
  • Duration: Up to age 65
  • Covers Death and Total Permanent Disability (TPD)

*Credit Rating from Fitch is used if S&P rating is not available.

Profile Used for the following Quotations

  • 26 years old
  • Non-smoker

Term Life Insurance for Females

Who offers the lowest premium for Term Life Insurance?

  • For age 25: Etiqa Insurance;
  • For age 30: Etiqa Insurance;
  • For age 35: Etiqa InsuranceFWD Singapore, and Tokio Marine Life Insurance.
 EtiqaFWDHSBCSingapore LifeAXATokio MarineNTUCAvivaGreat EasternManulifePrudentialAIA
Credit Rating*A-BBB-A+BBBAA-A+AA-A-AA-AA-AA-AA-
(Fitch)(Fitch)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)
Age 25224260264268281288296306308366496525
Age 30272316328322324328346361364448564611
Age 35384384420401400384418478460505688695

*Credit Rating from either S&P or Fitch, whichever is available.

Term Life Insurance for Males

Who offers the lowest premium for Term Life Insurance?

  • For age 25: FWD Singapore and Tokio Marine Life Insurance;
  • For age 30: Etiqa Insurance;
  • For age 35: Etiqa Insurance.
 EtiqaFWDHSBCSingapore LifeAXATokio MarineNTUCAvivaGreat EasternManulifePrudentialAIA
Credit Rating*A-BBB-A+BBBAA-A+AA-A-AA-AA-AA-AA-
(Fitch)(Fitch)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)(S&P)
Age 25348344384362381344397391448492684687
Age 30380404468438445404465422528604756764
Age 35500504592551568504587614616735952872

Premiums for Males vs Females

If you are planning to get insurance with your spouse from the same company, you might want to rethink your decision.

  • Great Eastern Life is 45% more expensive for Males
  • Aviva is only 17% more expensive for Males
InsurerPremium for Females
(S$)
Premium for Males
(S$)
% More expensive for Males than Females
Etiqa27238040%
FWD31640428%
HSBC32846843%
Singapore Life32243836%
AXA32444537%
Tokio Marine32840423%
NTUC34646534%
Aviva36142217%
Great Eastern36452845%
Manulife44860435%
Prudential56475634%
AIA61176425%

*Note: This table only compares premium between males and females age 30.

Why Are Premiums for Males More Expensive?

According to the Department of Statistics Singapore, females tend to outlive their male counterparts by at least 4 years.

With that, the payout for male insurance happen much earlier than female so insurance for males tend to be more expensive.

Quick Explanation on Crediting Rating

Credit Rating is a gauge of the insurance company to fulfil their financial obligations/commitments based on their history.

S&P / Fitch's Credit RatingGrade
PrimeAAA
High GradeAA+
AA
AA-
Upper Medium GradeA+
A
A-
Lower Medium GradeBBB+
BBB
BBB-

Don’t Be Fooled by CHEAP Premiums!

Ultimately, you get what you paid for. You don’t go paying $300 for a flight expecting first class services and amenities.

Food for Thought

With that said, I shall leave you with a food for thought. Personally, I would consider the credit rating of the insurance company before purchasing from them. I would definitely need to be confident that they will be able to pay out in any case of anything, right? What do you think?

I hope this article has helped you in your next step to securing your life protection while you are embarking on your personal finance journey.

If you have any questions, feel free to ask us on the Seedly Community Platform, we are more than happy to help!

Till then, I’ll see you in the next one!

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