There can be many reasons why you would need a temporary increase in coverage. Such as becoming a parent, buying a home, getting married, etc.

Such milestones in life command a higher level of commitment as you are taking on more financial responsibility, this could heavily impact your loved ones should they have to bear the cost of it if the unexpected happens.

For example, taking up a big loan on your new home and not being able to pay for it due to the loss of income from the main breadwinner’s passing away, becoming severely disabled, or falling extremely ill.

In such cases, term life plans shine as they give your family much-needed financial protection should the unexpected occur.

In this article, we take a look at what are the best term life plans in the market worth considering so you can make an informed decision.

What makes the best term life plans?

There isn’t one best term life plan as they each have unique benefits. However, some key benefits you should look out for are:

• Competitiven edge of premiums with regards to its coverage
• The option of riders to provide a comprehensive coverage
• How easy it is to make a successful claim
• Additional benefits that value adds to you

Through vigorous filtering, we have chosen these 3 term life plans to be the best in the market:

• Best term life plan with multi-pay critical illness coverage – Aviva MyProtector Term II
• Best term life plan with hospitalisation benefits rider – NTUC Income TermLife Solitaire
• Best term life plan with disability income rider – AXA Term Protector

Note: These are not ranked in any order, each is best for its specific features and benefits.

Best Term Life Plan for – Manulife ManuProtect Term II

What you can expect from Manulife ManuProtect Term II:

• Death and Terminal Illness Coverage
• You can choose to be covered for a term of 5 years or 10 years and renew every 5/10 years from then (premiums increase with every renewal)
• You can choose to be covered for a term of 11 to 40 years (premiums stay the same throughout the term)
• You can choose to be covered up to age 65, 75 or 85 (premiums stay the same throughout)
• If you choose a 5-year or 10-year term, you are guaranteed renewals without proof of good health
• The above options all allow you to convert your term plan into another Manulife policy
• Quit Smoking Incentive – Smokers can enjoy non-smokers premiums for the first 3 years and continue having the discounted rates if they quit smoking

Optional riders available are:

• Total and Permanent Disability Cover Rider
• Critical Illness Cover Rider
• Early Critical Illness Waiver Rider

Best Term Life Plan with Multi-pay Critical Illness Coverage – Aviva MyProtector Term II

What you can expect from Aviva MyProtector Term II:

• Death and Terminal Illness Coverage
• You can choose to be covered for a renewable term of 5 or 10 years (premiums increase with every renewal)
• You can choose to be covered for 11 years up till age 85 at one-year intervals (premiums stay the same throughout)
• If you chose a 5 or 10-year term, you may renew the policy without proof of good health
• You can increase your coverage without proof of good health at these life milestones (marriage, divorce, becoming a parent, adopting a child, graduate from university, purchased a property)
• Option to convert this policy to an Aviva whole life or endowment plan

Optional riders available are:

• TPD Advance Cover – Total and Permanent Disability lump-sum cover
• ECI Cover – Early Critical Illness lump-sum cover
• CI Advance Cover – Critical Illness lump-sum cover
• Multipay CI Cover – Multiple-pay Critical Illness lump-sum cover
• CI Premium Waiver – Future premiums are waived if you’re diagnosed with a critical illness

Best Term Life Plan with Hospitalisation Benefits Rider – NTUC Income TermLife Solitaire

 

What you can expect from NTUC Income TermLife Solitaire:

• You can choose to be covered from 5 years to age 85
• Guaranteed renewals at the end of the policy term without proof of good health
• Coverage starts from a minimum of S$500,000
• Signature Hospital CashAid rider gives you:
  • Daily cash per day of hospitalization
  • 2x the daily cash if admitted to ICU
  • 10x the daily cash if you undergo surgery or suffer from an infection needing 5 days stay in the ICU
  • Receive 1x the daily cash each time you get hospitalized

Optional riders available are:

• Hospital CashAid – Hospitalisation Benefits
• Disability Accelerator – Total and Permanent Disability Cover
• Dread Disease Accelerator – Critical Illness Cover
• Total Protect – Early Critical Illness Cover
• Payor Premium Waiver – Future premiums waived for your loved ones if you pass on
• Dread Disease Premium Waiver – Future premiums waived if you are diagnosed with a critical illness

Best Term Life Plan with Disability Income Rider – AXA Term Protector

What you can expect from AXA Term Protector:

• You can choose to be covered for a renewable term of 5 to 30 years (5-year intervals)
  • For the above option, you can choose to pay a lump-sum premium for 5, 10, or 15 years term
  • Or pay for as long as your term lasts
• You can choose to be covered up till age 50 to 75 (5-year intervals) or up till age 99
  • For the above option, you can choose to pay over 15 or 20 years
  • Or pay for as long as your coverage lasts
• Flexibility to convert your term plan to another AXA policy
• Coverage and premiums increase yearly to match inflation

Optional riders available are:

• Early Critical Illness Payout
• Critical Illness Payout
• Total and Permanent Disability Payout
• Disability Cash Benefit – Yearly payout in the event you become disabled
• Critical Illness Plus – Cash payout upon diagnosis of critical illness without affecting other coverages
• Personal Accident Benefit – Cash payout if you become injured in an accident or pass away
• Guaranteed Survival Payout – If you choose a coverage term of age 99, receive the sum assured if you outlive the policy

How do I choose what term life plan is best for me?

These term life plans each have their different riders and additional benefits. Find out which one you are more likely to need or is nice to have and that should more or less set you on the right path.

Alternatively, financial planning can be extremely complicated and you may not know exactly what it is that you may want or need. Purchasing the wrong insurance plan could lead to heavy financial loss and regret.

In which case, fill-up the form and an experienced financial advisor will be in contact with you to discuss your financial plans, completely free of charge!

Get your quote within 24 hours!

InsuranceFirst.sg compares and bring you the best 3 insurance quotes across all insurers in Singapore. Be it for your savings or protection needs, we got you covered!

Preferred insurer (if any): None Aviva Manulife NTUC Income Prudential AIA AXA Great Eastern Tokyo Marine

Preferred insurer (if any): None Aviva Manulife NTUC Income Prudential AIA AXA Great Eastern Tokyo Marine

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