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Singapore’s Term Life Insurance Comparison Table
It is difficult to compare insurance policies between different companies.
To provide greater transparency, we launched this comparison table so that consumers can compare term life insurance policies across insurers in Singapore and make informed decisions when insuring themselves and their loved ones.
There are large price differences between the insurers. This comparison has been updated since November 2015.
We consider the following example of a Male, Non-Smoker:
Policy coverage till 70 years old
S$1million Death and Total Permanent Disability (TPD) Coverage
Annual premiums (S$):
Age | |||||||||||
Credit Rating | A- | AA- | AA- | Fitch BBB- | AA- | A+ | AA- | AA- | AA | BBB | A+ |
30 | $1,123 | – | $1,250 | $1,050 | $1,480 | $1,326 | $1,197 | $1,465 | $1,447 | $1,199 | $1,370 |
35 | $1,481 | – | $1,738 | $1,490 | $1,760 | $1,743 | $1,674 | $1,823 | $1,800 | $1,525 | $1,670 |
40 | $1,968 | – | $2,247 | $1,720 | $2,100 | $2,397 | $2,413 | $2,273 | $2,462 | $1,973 | $2,510 |
45 | $2,577 | – | $2,911 | $2,740 | $3,190 | $3,213 | $3,052 | $3,219 | $3,152 | $2,636 | $2,830 |
For a Female, Non-Smoker,
Annual premiums (S$):
Age | |||||||||||
Credit Rating | A- | AA- | AA- | Fitch BBB- | AA- | A+ | AA- | AA- | AA | BBB | A+ |
30 | $881 | – | $878 | $770 | $900 | $859 | $845 | $992 | $941 | $879 | $950 |
35 | $1,098 | – | $1,174 | $870 | $1,230 | $1,148 | $1,179 | $1,269 | $1,114 | $1,078 | $1,140 |
40 | $1,454 | – | $1,450 | $1,200 | $1,610 | $1,564 | $1,643 | $1,500 | $1,396 | $1,346 | $1,650 |
45 | $1,778 | – | $1,823 | $1,780 | $2,200 | $2,040 | $1,996 | $2,135 | $1,794 | $1,724 | $2,080 |
*With information from www.diyinsurance.com.sg and comparefirst. Figures are compiled on 1st March 2018. **Prices reflected in the table reflect ongoing existing promotions and discounts which are in the knowledge of. Data is generated based on date of birth on 1st January. ***Prices are not reflected for certain products due to individual product specification limitations.
You are advised to approach a financial advisor for his/her opinion on the features, details and current quotes of the products, to determine your needs or if you are considering to purchase, surrender or restructure your existing insurance policies.
We have used the following parameters for these reasons:
S$1 million sum coverage: For those of us who are supporting our families, having S$1 million life coverage to provide for our dependents is not unthinkable. To find out how much you need, use this simple calculator.
Coverage until 70 years old: There comes a time in our life when our dependents (Eg. spouse and children) are no longer dependent on us and our existing assets and savings would be sufficient to provide for them should anything unexpected happen to us. 70 years old is a good estimate for how long we should cover ourselves with life insurance until.
Read more about The Case for Term Insurance. Backed by key people with almost 2 decades of experience, all staff from DIYInsurance are salaried based. Not being remunerated on a commission-basis means there is no hard-selling and over-selling.
View the $500k term life insurance and critical illness comparison table, and compare the Term Life Insurance.
Credit Ratings Explained
Credit Rating: An insurance company credit rating is the opinion of an independent agency regarding the financial strength of an insurance company. An insurance company’s credit rating indicates its ability to pay policyholders’ claims.
S&P/Fitch Rating | Rating description |
AAA | Prime |
AA+ | High Grade |
AA | |
AA- | |
A+ | Upper Medium Grade |
A | |
A- | |
BBB+ | Lower Medium Grade |
BBB | |
BBB- |
This article is contributed by DIYInsurance and was first published here on 2nd March 2018. DIYInsurance (Do It Your-way Insurance) is Singapore’s First Life Insurance Comparison Web Portal started in June 2014 by Providend Ltd to empower people to make informed decisions about their own insurance purchases.
(By DIYInsurance)
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