Updated Mar 2026: Compare Singapore’s best term life insurance policies. We analyse over 12 insurers such as Prudential, Singlife, FWD and HSBC to help you find the cheapest coverage, widest medical condition lists, and most flexible conversion options for 2026.
Get free quoteTerm life insurance is a type of life insurance that provides financial protection for a fixed period, known as the policy term. If the insured person passes away or suffers certain covered medical conditions during this period, the insurer pays a sum assured to the policyholder or their beneficiaries.
Most term life policies include death and terminal illness coverage, with optional riders for total permanent disability (TPD) and critical illness.
Because term insurance only provides protection for a specific period and does not accumulate cash value, it usually offers higher coverage amounts at lower premiums compared with permanent life insurance.
Term life policies provide a payout should these events occur
Term life insurance is commonly used to provide financial protection during periods when major financial responsibilities are highest. The policy pays a lump sum if the insured person passes away or experiences certain covered conditions during the policy term, helping dependants maintain financial stability.
Term life insurance may be suitable in the following situations:
If family members rely on your income for daily expenses, a term life insurance payout can help cover living costs and financial obligations.
Homeowners often purchase term life insurance to cover large liabilities such as housing loans. The payout can help repay the remaining loan balance if the insured person passes away during the policy term.
Term life insurance typically provides higher coverage amounts at lower premiums compared with permanent life insurance, making it suitable for individuals who need significant protection within a limited budget.
Some people use term insurance to cover financial commitments that exist for a defined period, such as raising children or paying off long-term debts.
Widest list of medical conditions covered: China Life, China Taiping, FWD, Singlife, HSBC Life
Lifetime coverage for total permanent disability: FWD, Singlife
Most customisable add-ons: HSBC Life, Income, Singlife
The table below compares major term life insurance policies in Singapore to highlight key differences in coverage features, flexibility, and protection duration.
| Insurer | Coverage | Guaranteed increase in coverage at key life events or convertibility to whole life plans | Total permanent disability coverage | Maximum no. of medical conditions covered (Optional coverage) | Unique features | Maximum term |
| AIA | Default: Death, Terminal illness Optional riders: Total Permanent Disability (TPD), Criticial Illness (CI), Early Critical Illness (ECI), Premium waivers | Convertible to whole life | Up to age 70 | 109 | Up to age 101 | |
| China Life | Default: Death, Terminal illness, TPD Optional riders: CI, ECI, Premium waivers | Option to increase | Up to age 85 | 173 | Up to age 85 | |
| China Taiping | Default: Death, Terminal illness Optional riders: TPD, CI, ECI, Premium waivers | Convertible to whole life | Up to age 85 | 149 | Up to age 85 | |
| Etiqa / Tiq | Default: Death, Terminal illness Optional riders: TPD, CI, ECI, Premium Waivers | Both options available | Up to age 86 | ~93 | Receive 12 additional monthly payouts upon diagnosis of | Up to age 100 |
| FWD | Default: Death, Terminal illness Optional riders: TPD, CI, ECI, Premiums waivers | Option to increase | Up to age 100 | 174 | Spouse free cover benefit (2 years after insured’s death) Funeral expense advance payout | Up to age 100 |
| Great Eastern | Default: Death, Terminal illness Optional riders: TPD, CI, ECI, Premium waivers | Convertible to whole life | Up to age 85 | 121 | Up to age 85 | |
| HSBC Life | Default: Death, Terminal illness Optional riders: CI, ECI, Multi-pay CI, Premium waivers | Convertible to whole life | Up to age 70 | 170 | 100% premiums refund at the end of the term if no claims were made for term to 99 USD currency option | Up to age 99 |
| Income | Default: Death, Terminal illness, TPD Optional riders: CI, ECI, Daily hospital cash, Premium waivers | Up to age 70 | 120 | Complimentary concierge service for medical needs if coverage ≥ $3M | Up to age 100 | |
| Manulife | Default: Death,Terminal illness, TPD (not all term plans) Optional riders: CI, Premium waivers | Convertible to whole life | Up to age 70 | 36 | Quit smoking incentive | Up to age 85 |
| Prudential | Default: Death, Terminal illness, TPD Optional riders: CI, ECI, Premium waivers | Up to age 70 | 86 | Inflation option | Up to age 100 | |
| Singlife | Default: Death, Terminal illness Optional riders: TPD, CI, ECI, Premium waivers, Multi-pay CI | Both options available | Up till age 99 | 135 | Other currency options | Up to age 99 |
| Singlife MINDEF group term | Default: Death, Terminal illness, TPD Optional riders: CI, ECI, Disability income, Outpatient rider | Up to age 70 | 47 | No medical checks up to $300K | Up to age 70 | |
| Tokio Marine | Default: Death, Terminal illness Optional riders: TPD, CI, ECI, Disability income | Both options available | Up to age 85 | 128 | Other currency options | Up to age 85 |
Sources: Singlife, Ray Alliance Financial Advisors
The cheapest term life insurance policy varies between individuals.
Premiums are calculated based on several factors, including:
Because premiums depend on personal risk profiles, the most cost-effective policy for one person may not be the cheapest option for another.
Based on Planner Bee’s data, the average premium paid for term life insurance is approximately S$1,110 per year, and most applicants choose policies that provide coverage until age 70.
Comparing quotes across insurers helps identify suitable coverage, and you can request a personalised term life insurance comparison with us.
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Term life insurance is commonly used in financial planning because it provides high coverage at relatively affordable premiums.
Situations where term life insurance may be suitable include:
Parents or individuals supporting family members may purchase term insurance to ensure their dependants remain financially protected if an unexpected event occurs.
Many homeowners use term insurance to cover the remaining balance of a housing loan. If the insured person passes away during the loan period, the payout can help repay the outstanding mortgage.
Term insurance generally costs less than whole life insurance for the same coverage amount because protection is limited to a specific period.
Some financial planning strategies suggest purchasing term insurance for protection while investing surplus funds in long-term investments.
The goal is to build investment assets that may eventually replace part of the insurance coverage.
Read more: How Much Life Insurance Do You Need? To figure out how much insurance you need.
Understanding common insurance terms helps policyholders compare coverage more effectively.
The sum assured is the amount paid by the insurer when a covered event occurs.
The policy term refers to the duration during which the policy provides coverage.
Riders are optional benefits added to a base policy. Common riders include:
Guaranteed renewability refers to policies that will allow you to renew the policy without questions or changes in terms as long as you pay the premiums.
Non-guaranteed insurance means the insurer could choose to stop coverage or change coverage terms even if you pay the premiums. The decision lies in both parties.
Premiums for guaranteed renewable options tend to be cheaper, so do look out for this clause before you purchase a plan.
Some term policies allow the policyholder to convert the policy into a permanent life insurance plan later without undergoing additional medical underwriting.
Referring to the period of which you need to pay your premiums to get covered. Vast majority of term plans require you to pay for as long as your policy term, but some provides a limited pay option. E.g. you could pay the premium for just 20 years and get covered up to age 99.
This form of term insurance provides a stable and constant amount of sum assured throughout the period of coverage.
This is a form of term insurance and it was designed to cover mortgage loans. As the remaining mortgage loan reduces over time, a decreasing term is used to cover the reducing mortgage sum as its sum assured reduces over time too. Note that the premiums however are not decreasing.
This is the exact opposite of a decreasing term. Designed to help meet increasing insurance needs as inflation and lifestyle needs increase over time. Some policies allow you to add this feature and the sum assured will increase at 3% or at inflation rate each year without additional need to fill in medical questionnaires. Do note that the premiums are increasing.
This refers to the period of insurance which is set to the insured’s age of choice. A common choice is “term to age 65”, which means the term plan expires when the person reaches age 65. And you will not be able to renew the plan beyond that age. This is decided at the point of purchase.
A fixed term insurance sets the period of insurance to the fixed number of years decided at the point of purchase. The premiums will be fixed for the same number of years too. There is usually an additional option for you to renew the insurance after the number of years as well without additional medical underwriting. Upon renewing at the end of the term, new premiums will be calculated based on your older age, which also means it would usually be a lot more expensive.
For those who are looking to only cover critical illness. Standalone critical illness term plans offer this option. There are options for early to advance critical illness coverage, depending on what you need. Such plans will not offer the option for disability coverage and come with limited death benefits.
Unlike standalone critical illness and term life insurance, where plans will terminate after single payout, multi-pay critical illness plans provide multiple payouts. Such plans provides up to 900% in coverage to those who are seeking to cover multiple critical illness events over their lifetime.
Singaporeans have a life expectancy of 83.5 years
As you age, the risk of becoming disabled may also increase.
Living longer means individuals may face a longer period of financial responsibilities, including supporting dependants, repaying housing loans, and preparing for retirement. At the same time, the risk of serious illness or disability can increase with age.
Term life insurance can help address this protection gap by providing financial coverage during the years when financial commitments are highest. A lump-sum payout from a term life policy can help support family members, cover outstanding liabilities, or maintain household financial stability if an unexpected event occurs.
Choosing the right coverage amount and policy duration depends on factors such as your income, financial obligations, and the number of dependants relying on your support.
The better option depends on your financial goals and budget.
Term life insurance provides coverage for a fixed period (such as 10–30 years) and is usually more affordable. It is suitable if you want high coverage at a lower cost to protect your family during key financial years, such as while paying a mortgage or raising children.
Whole life insurance provides lifelong coverage and includes a cash value component that grows over time. However, premiums are typically higher than term plans.
In general, many people choose term life insurance for affordable protection, while whole life insurance may suit those looking for permanent coverage or long-term wealth planning.
The amount of term life insurance you need depends on your financial responsibilities and the number of people who rely on your income. The goal is to ensure that your dependants can maintain financial stability if an unexpected event occurs.
A common approach is to estimate coverage based on major financial obligations and future expenses.
Key factors to consider include:
For example, a household with a housing loan and young children may require higher coverage to ensure that mortgage payments and living expenses can still be met.
Because protection needs vary for each individual, comparing policies based on your personal profile can help you determine an appropriate coverage amount.
