Why Buy Through MoneySmart?Choosing the right term life insurance in Singapore means comparing coverage, premiums, flexibility, and insurer reputation. While there is no single “best” for all, some providers stand out for value, features, and ease of purchase. Here’s how the leading options compare and what you should know before buying.
Top term life insurance plans in Singapore (2026)
Provider | Plan Name | Key Features | Unique Value/Perks | MoneySmart Review Link |
AIA | AIA Secure Flexi Term | Flexible terms (5–30 yrs), renewable, convertible to whole life | High flexibility, conversion option | |
Singlife | Singlife Elite Term II | Covers to age 99, regular or limited pay, longevity reward and surrender benefit, no medical for key life events | Longevity reward (100% premiums back at 99), money back if you surrender early, stop paying at 65 but stay covered till 99 | |
Manulife | ManuProtect Term (II) | Death and terminal illness, TPD and CI riders, renewable and convertible, flexible policy terms | Smokers pay non-smoker rates for first 3 years—quit in time and lock in lower premiums for good | |
Income | DIRECT Star Term | Death, terminal illness and TPD coverage, dread disease rider option, 5-year renewable or 20-year fixed term | Buy directly online or at branches with no financial adviser needed | |
FWD | Term Life Plus | High sum assured, fast online signup, CI/TPD riders | Spouse gets free 1-year term life cover of up to S$250,000 upon your death |
Features and riders subject to eligibility, health, and product updates. Always check provider sites or compare on MoneySmart for latest details.
Key factors when choosing a term life plan
Coverage amount:
Choose a sum assured sufficient for dependants, loans, and other financial commitments.
Policy term:
Match coverage period to major needs–e.g. to mortgage end date or children’s independence.
Convertible option:
Some term plans can convert to whole life or other policies without new medical checks.
Riders:
Add-ons like critical illness, total and permanent disability, or premium waiver enhance protection.
Ease of application:
Direct Purchase Insurance (DPI) or fully online plans (e.g. FWD) are fast and adviser-free.
Premiums:
Compare not just the initial premiums but projected increases if you renew.
Comparison snapshot: direct vs. adviser-based term insurance
Feature | Direct Purchase Term (DPI) | Standard/Adviser Term Plan |
Max coverage | Up to $400,000 (single life) | Typically up to $2M+ |
Application | 100% online, DIY | Through insurer or adviser |
Underwriting | Basic health, usually no medicals | More detailed, can be stricter |
Price | Lower (no distribution fees) | Can be higher with add-ons |
Flexibility | Fewer riders | More customisable |
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