How much does a $1,000,000 life insurance policy cost per month?

When considering a $1,000,000 term life insurance policy in Singapore, it’s helpful to know that premiums typically range widely depending on your age, gender, health profile, and the policy’s term. For healthy, non-smoking adults in their 30s and 40s, you can expect lower monthly costs, with rates becoming higher as you age or if you choose a longer coverage period. 

Your exact premium will be determined by the insurer after evaluating your application, but knowing the main drivers can set fair expectations.

Typical monthly costs (term life)

For a $1,000,000 term life insurance policy with a 20-year term, premiums in Singapore generally rise with age and vary between males and females. The numbers below (based on Singlife Elite Term II) offer an indicative comparison for healthy, non-smoking individuals:

• Premiums increase with age. Insurers offer the lowest premiums to those starting young.

• Numbers used above are illustrative. Actual premiums differ by insurer, so it’s essential to compare quotes based on your unique profile.

Gender

Male Female

Do you smoke?

No Yes

I would like to be covered for

S$150,000

S$150,000S$1,000,000

Based on the Basic Financial Planning Guide, the recommended coverage for Death and Total Permanent Disability Protection is 9x your annual income.

Fill in your details to get a premium estimate.

What drives the price?

• Age: Younger policyholders are charged lower premiums as the risk of a claim is lower.

• Health and smoking status: Non-smokers and those with strong health profiles benefit from lower premiums.

• Policy term length: Choosing a longer term (e.g., 30 years instead of 10) generally increases the premium.

• Policy type: Term life insurance costs much less than whole life insurance, which builds cash value over time.

• Riders and add-ons: Adding critical illness, disability, or accident cover increases your monthly cost.

• Occupation and lifestyle: High-risk jobs or hobbies may result in higher premiums.

• Sum assured: The higher the amount insured, the higher the premium.

Getting an accurate quote

To get a tailored quote for your $1,000,000 life insurance policy in Singapore, have these key details ready:

• Your age and gender

• Smoking status (smoker or non-smoker)

• Health history and any medical conditions

• Type of plan preferred (term, whole life, etc.)

• Policy term length (10, 20, 30 years, etc.)

• Any additional coverage (e.g., riders for critical illness)

• Your occupation and lifestyle (especially if high-risk)

• Desired sum assured

Having this information on hand will help financial advisers or insurers provide you with a more accurate, personalised premium estimate. Providing detailed, honest data ensures you receive a realistic and achievable quote for your needs.