There was once where I almost fainted on the train. 
 Source: Giphy  
 I was out with my friend, and being adventurous, we decided to take on a 1-for-1 beer cocktail drink at Holland V. 
 It was just one drink, and while my tolerance isn’t the best, I was pretty sure that one drink wouldn’t kill me. 
 Maybe it was the mix of cheap hard liquor and beer, coupled with the incessant jerking of the MRT train, or the fact that I was sick. 
 Whatever it was, I felt my vision blurring and my surroundings caving in. 
 Thank god for my friend, who dragged me out of the train and to a nearby bench. 
 The point of the story is, we won’t know what will happen to us. 
 Be it now, or a few decades down the road. 
 That’s why some of us decide to get insurance, because when life throws shit at you, at least you’d get some sort of protection. 
 Life insurance   basically helps you with that. 
 For the initiated, life insurance protects you in the unfortunate event where something bad happens to you. 
 In the case of death, your family or loved ones will get a sum assured. 
   
 Why Should I Get Life Insurance? 
 “Do I need life insurance?” 
 If you satisfy most of these categories, getting life insurance may be something worth considering: 
 1. If You Are The Sole Breadwinner Of Your Family 
 Source: Giphy 
 This will help your spouse to sustain the current family’s lifestyle while giving him/her time to find a job. 
 2. If You Have Dependants 
 Source: Giphy 
 Meaning children who are  not financially self-reliant yet , and/or parents you provide for their retirement. 
 3. If You Have Outstanding Liabilities 
 Whether it is an education loan or mortgage loan, you should get yourself insured so as to  not pass your burden on to your family . Life insurance provides: 
 
 A  payout to your family  in an unfortunate event of your passing 
 A  form of income replacement  for your family members to tide them over the first few years 
 
 It’s arguably the best way to provide some form of income for your family when you are no longer around. 
 What Are Term Life Policies? 
 Source: Giphy 
 A term life policy is life insurance that provides coverage at a fixed rate of payments for a defined period of time. 
 As long as you pay your premiums, you’ll be covered. 
 They’re also used as a short-term solution when you feel that your existing coverage is insufficient. 
 Term Life Or Whole Life Insurance? 
 
 
 
 Whole Life  Term Life  
 
 
 
 
 Participating (Par) As long as you pay premiums, you're covered.  
 
 
 Non-participating (Non-par 15/25/30 years or even up to age 65/100  
 
 
 Investment-linked policies (ILP) 
 
 
 

 Before choosing Term Life or Whole Life Insurance: 
 
 Never lose focus on your objective – why are you buying insurance? 
 Life Insurance Association Singapore suggests that coverage of  11 times your annual earnings  is the most optimal, but it really is relative to your lifestyle. 
 
 Advantages & Disadvantages Of Term Life and Whole Life 
 
 
 
 Whole Life Term Life 
 
 
 
 
 Advantages 
 
 
 Limited Pay: Pay premium for a predetermined fixed period  
(E.g. 20 years) Premiums are cheaper per month 
 
 
 Covers for life 
(Up to age 99) Straight Forward 
 
 
 Has CASH VALUE You lose coverage the moment you stop paying your premiums 
 
 
 Disadvantages 
 
 
 Complicated NO CASH VALUE 
 
 
 

 If you would like to know more in-depth about Term Life or Whole Life insurances, you can refer to this  Seedly Article  for a more in-depth explanation of the differences between Term Life and Whole Life. 
 Here’s a comparison of the different Term Life Insurance you can get for those looking to buy term life insurance policies. 
 Do note, however, that I write this with a pinch of salt. Everyone has different needs and getting a life or term insurance is very much tailored to a person’s needs. The lowest premiums or the ones offering the highest payouts do not necessarily mean it’s the best plan for you, so make sure you research beyond this article before buying your life insurance. 
 Term Life Insurance That You May Currently Have: 
 Here are some term life insurance that’s been set-up for us by the government. 
 1. Dependants’ Protection Scheme (DPS) – By CPF 
 
 
 
 Sum assured of S$46,000 (maximum) 
 Optional 
 Automatically opted-in by the Government when you turn 21 years old 
 Premiums are deducted from your CPF 
 
 2. SAF Group Term Life Insurance Scheme 
 
 Cheap and affordable 
 Offered to all SAF NSmen age 55 and below and Dependants of the SAF NSmen 
(i.e. $41/month for S$1 million coverage) 
 
 A Cross-Comparison Of Term Life Insurance 
 Source: Giphy  
 Direct Purchase Term Life Insurance 
 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. Like the usual term life insurance, it 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. 
 Here are the premiums and coverages for the different plans: 
 5 Year Plan Tenure 
 
 
 
 Name Of Policy  Plan Tenure  Premium (From Age 25-45) Death and TPD Coverage  
 
 
 
 
 FWD Direct Purchase Term Life Insurance 5-Years S$4.61-S$7.18 S$50,000 
 
 
 5-Years S$9.40-S$25.40 S$200,000 
 
 
 5-Years S$16.70- S$36.19 S$400,000 
 
 
 Etiqa Direct Purchase Term Life Insurance 5-Years S$2.19-S$5.97 S$50,000 
 
 
 5-Years S$6.80- S$18.56 S$200,000 
 
 
 5-Years S$18.14-S$44.53 S$400,000 
 
 
 Great Eastern Direct Purchase Term Life Insurance 
 
 Apply Now 5-Years  S$3.96-S$7.67 S$50,000 
 
 
 5-Years S$9.17-S$24.00 S$200,000 
 
 
 5-Years S$18.33- S$48.00 S$400,000 
 
 
 SingLife Direct Purchase Term Life Insurance 5-Years S$2.78-S$5.58 S$50,000 
 
 
 5-Years  S$9.51-S$20.71 S$200,000 
 
 
 5-Years S$17.39-S$39.82 S$400,000 
 
 
 Etiqa eProtect Term Life Insurance 5-Years S$16.19-S$44.19 S$500,000 
 
 
 5-Years S$29.14-S$79.54 S$1,000,000 
 
 
 5-Years S$51.80-S$141.40 S$2,000,000 
 
 
 FWD Term Life Insurance 5-Years S$20.45-S$45.24 S$500,000 
 
 
 5-Years S$29.58-S$87.87 S$1,000,000 
 
 
 5-Years S$52.20-S$161.82 S$2,000,000 
 
 
 SingLife Term Life Insurance 5-Years S$24.12-S$46.95 S$500,000 
 
 
 5-Years S$40.28-S$79.03 S$1,000,000 
 
 
 5-Years S$80.58-S$158.05 S$2,000,000 
 
 
 

 20 Year Plan Tenure 
 
 
 
 Name Of Policy  Plan Tenure  Premium (From Age 25-45) Death and TPD Coverage  
 
 
 
 
 FWD Direct Purchase Term Life Insurance 20-Years S$4.61-S$12.14 S$50,000 
 
 
 20-Years S$11.14-S$42.28 S$200,000 
 
 
 20-Years S$18.44-S$67.16 S$400,000 
 
 
 Etiqa Direct Purchase Term Life Insurance 20-Years S$2.54-S$8.09 S$50,000 
 
 
 20-Years S$7.90-S$36.93 S$200,000 
 
 
 20-Years S$15.05-S$70.35 S$400,000 
 
 
 Great Eastern Direct Purchase Term Life Insurance 
 
 Apply Now 20-Years S$4.38-S$12.08 S$50,000 
 
 
 20-Years S$10.83-S$41.67 S$200,000 
 
 
 20-Years S$21.68-S$83.33 S$400,000 
 
 
 SingLife Direct Purchase Term Life Insurance 20-Years S$2.65-S$9.62 S$50,000 
 
 
 20-Years S$8.98-S$36.88 S$200,000 
 
 
 20-Years S$16.36-S$72.15 S$400,000 
 
 
 Etiqa eProtect Term Life Insurance 20-Years S$18.81-S$93.19 S$500,000 
 
 
 20-Years S$33.86-S$167.74 S$1,000,000 
 
 
 20-Years S$60.20-S$298.20 S$2,000,000 
 
 
 SingLife Term Life Insurance 20-Years  S$28.74-S$105.27 S$500,000 
 
 
 20-Years  S$47.95-S$175.82 S$1,000,000 
 
 
 20-Years  S$95.90-S$351.64 S$2,000,000 
 
 
 FWD Term Life Insurance 20-Years S$23.93-S$93.09 S$500,000 
 
 
 20-Years S$34.80-S$174.87 S$1,000,000 
 
 
 20-Years S$59.16-S$349.74 S$2,000,000 
 
 
 

 Term Life Insurance Till Age 65 
 
 
 
 
 Name Of Policy  Plan Tenure  Premium (From Age 25-45) Death and TPD Coverage  
 
 
 
 
 FWD Direct Purchase Term Life Insurance Age 65  S$6.36-S$11.44 S$50,000 
 
 
 Age 65  S$18.62-S$40.72 S$200,000 
 
 
 Age 65  S$29.93-S$66.82 S$400,000 
 
 
 Etiqa Direct Purchase Term Life Insurance Age 65  S$5.14-S$11.40 S$50,000 
 
 
 Age 65  S$15.99-S$35.46 S$200,000 
 
 
 Age 65  S$30.45-S$67.55 S$400,000 
 
 
 Great Eastern Direct Purchase Term Life Insurance 
 
 Apply Now Age 65  S$6.33-S$11.71 S$50,000 
 
 
 Age 65  S$18.67-S$40.17 S$200,000 
 
 
 Age 65  S$37.33-S$80.33 S$400,000 
 
 
 SingLife Direct Purchase Term Life Insurance Age 65  S$4.56-S$10.51 S$50,000 
 
 
 Age 65  S$16.63-S$40.42 S$200,000 
 
 
 Age 65  S$31.64-S$79.23 S$400,000 
 
 
 Etiqa eProtect Term Life Insurance Age 65  S$38.06-S$54.69 S$500,000 
 
 
 Age 65  S$68.51-S$159.86 S$1,000,000 
 
 
 Age 65  S$121.80-S$284.20 S$2,000,000 
 
 
 
   
 Which One Should I Get? 5 Years, 20 Years, or Till Age 65 Plan? 
 When it comes to determining your policy period, you can determine your policy period based on your age. 
 If you’re in your 20s, a longer-term (till age 65) policy is advisable. 
 If you’re in your 50s, you can consider a 20-year term life insurance policy. If you’re looking for a high cover, low-premium term plan, you should buy your term insurance at an earlier stage to enjoy lower premiums. Once fixed, premiums usually remain the same for the entire policy period. 
 Which One’s Best For Me? 
 
 
 
   Pros  Cons  Company Credit Rating 
 
 
 
 
 FWD Direct Purchase Term Life Insurance Competitive priced plan with lower premiums, regardless of gender.  
 
S$5,000 for funeral expenses paid by the next business day after they receive the death certificate 
 Not the cheapest plan to get for those looking for coverage till age 65.  BBB-  
 
 
 Etiqa Direct Purchase Term Life Insurance One of the  most affordable plans for young, non-smoking adults . Premiums start from $2.19.  
 
Enjoy 5% savings if you pay annually instead of monthly  Above average premiums for those looking at  age 65  plans  A- 
 
 
 Great Eastern Direct Purchase Term Life Insurance 
 
 Apply Now Best for  older Singaporeans  looking for up to age 65 plans.  
 
Premiums from $6.33 Less competitively priced for 5 to 20 year tenure plans for younger consumers.  
 
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  AA- 
 
 
 SingLife Direct Purchase Term Life Insurance Best for older consumers over 50 looking for low to mid-level coverage.  
 
Traditional online term life plan offers competitive coverage.  
 
 
 
Offers coverage up to $400,000 as well as critical illness riders.  Costs above average for most users.  BBB 
 
 
 FWD Term Life Insurance Flexible design: You can renew your policy each year, or a fixed term policy where you pay the same premiums throughout the selected period.  
 
TPD benefit and critical illness benefit available as rider.  Higher premiums greater death and TPD coverage  BBB- 
 
 
 Etiqa eProtect Term Life Insurance 5-year policy term has guaranteed renewal. Competitive premiums among $1,000,000 coverage plan for young peopl and $2,000,000 for middle-aged consumer.  No option to add critical illness rider to plan.  A- 
 
 
 SingLife Term Life Insurance Allows consumers to purchase up to S$10,000,000 of death and terminal illness coverage online.  
 Higher premiums due to high coverage.  BBB 
 
 
 

 Traditional Term Life Insurance 
 Source; Giphy 
 What’s the difference? 
 Traditional Term Life Insurance is usually purchased directly from your insurance agent. Unlike direct-purchase term life insurance, traditional term life insurance also offer benefits such as guaranteed renewal, inflation protection, an option to convert term to life insurance, and increased coverage for certain life milestones. These are on top of the usual death, total permanent disability, and terminal illness coverage. 
 Here’s a non-exhaustive list of Term Life Insurance: 
 
 
 
 Term Life Policy  Max Age for Coverage  Coverage  Additional Benefits  
 
 
 
 
 NTUC Income DIRECT - Term (renewable) 84 Death, Terminal Illness, Total Permanent Disability (before age 65) 
 
$400,000 coverage  Sum Assured 
 
 
 NTUC iterm 84 Death, Total Permanent Disability, Terminal Illness Guaranteed renewal 
 
 
 NTUC TermLife Solitaire 100 Death, terminal illness Min. S$1 million coverage, 1-time Medical concierge 
 
 
 NTUC Lady 360 64 Death  Screening benefit, illness benefit, surgery benefit, support benefit, multiple policy claims, premium waiver 
 
 
 Raffles Medical Preferred Life Protector N/A Death, total permanent disability Daily Hospital Income (some plans), Available for kids 
 
 
 AXA Term Protector Prime 99 Death, terminal illness Preferred currency, convertibility to whole life, automatic renewability, cash benefit riders for business protection 
 
 
 AIA Secure Flexi Term  101  Death, terminal illness  Terminal Cancer benefit  
Renewable term option, choice of coverage up to age 65, 75 or 100.  
 
 
 

 Things To Look Out For When Considering Buying A Term Life Insurance 
 1. The insurance’s company market reputation 
 Finding out the market reputation is important to get a sense of the insurer’s ability to settle payouts efficiently. One way of measuring this is through looking at the company’s 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. 
 Here’s a gauge on how insurance companies and their products are being rated: 
 
 
 
 
 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- 
 
 
 
 
 Source: Investment Moats 
 When buying life insurance, looking at the insurance company’s credit rating is important to ensure that you get a reliable insurer. 
 2. Conversion feature 
 If you’re looking into term life insurance, it’s good to choose one that has a conversion policy. The conversion feature would allow you to keep your coverage, in an event where you developed any medical conditions since your initial term purchase. You may not be able to qualify if you were to go back out to the market for a new policy. 
 3. Affordability 
 If you buy a policy that’s affordable, you’ll be much more likely to be able to hold onto it if you have to make any serious cuts to your budget. Life insurance is a long term investment, so make sure you choose one with a premium that you can afford in the long run. 

https://blog.seedly.sg/term-life-insurance-singapore/