Compare the Best Term Insurance Plans in Singapore (2026)

Singlife Elite Term II

Singlife, formerly Aviva, has consistently priced its term insurance plans to be among the most competitive in the market. Over the years, it has offered substantial perpetual discounts, securing its spot as one of the strongest players in the term insurance category.

Term insurance plans across providers tend to be quite similar in terms of benefits and coverage definitions, making them easy to compare side by side. This means that price often becomes the deciding factor.

Singlife Elite Term II is its flagship term insurance product. Staying true to its tradition, it continues to feature perpetual premium discounts.

The basic plan provides coverage for death and terminal illness. It also offers flexibility in the coverage period, with options for renewable terms of 5 or 10 years, or fixed terms from 11 years up to age 85, or even to age 99.

As is typical with term insurance plans, Singlife Elite Term II offers the option to add riders for additional coverage. These include total and permanent disability (TPD), critical illness (CI), and early critical illness (ECI) riders.

What is unique about Singlife Elite Term II is that you can include Singlife’s multipay CI coverage as a rider. This multipay CI offers comprehensive protection against critical illness and is available as a standalone plan. By adding it as a rider to the term policy, you can enjoy a reduced overall premium.

For the term-to-age-99 option, in addition to the regular option of matching your premium payment term to your policy term, you can also choose limited-pay options, allowing you to pay over 5 or 10 years or extend payments to age 65 or 75.

Promotion: For regular-pay policies with a minimum sum assured of $500,000, there is a 30% perpetual discount on death and TPD coverage, and a 10% perpetual discount on the advanced CI rider. There is also a 20% first-year premium discount on other eligible CI riders.

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HSBC Life Term Protector & Term Protector Prime

HSBC Life, previously known as AXA, is another strong competitor in the term insurance market and is also offering perpetual discounts.

HSBC Life Term Protector provides base coverage for death and terminal illness.

The primary difference between Term Protector and Term Protector Prime is their basic sum assured limit. Term Protector covers amounts up to $1,999,000, while Term Protector Prime provides coverage for amounts starting from $2,000,000.

Although Term Protector offers renewable options (which will be withdrawn with effect from 18 November 2024), its fixed “to-age” terms tend to be more cost-effective. You can choose coverage up to specific ages, such as 50, 55, 60, 65, 70, 75, 85, or even 99.

To enhance your coverage, HSBC Life Term Protector allows you to add various riders. Options include riders for TPD, CI, and ECI.

One unique feature is the guaranteed survival payout rider, available with the term-to-age-99 option. With this rider, if you reach age 99 and live beyond it, the coverage amount is paid out, effectively ensuring the policy doesn’t “expire.” This feature is especially appealing for those aiming to leave a legacy behind for their dependants and wanting greater assurance.

Promotion: Enjoy up to a 35% perpetual discount on eligible policies and riders. The promotion ends on 31 March 2026.

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Income Insurance TermLife Solitaire

Income Insurance, formerly known as NTUC Income, has retained its competitive edge in the term insurance market following its recent corporatisation.

Income Insurance’s TermLife Solitaire offers essential coverage for death and terminal illness.

For policy terms, you may select fixed terms of 10, 15, 20, 25, 30, 35, or 40 years. There are also options to extend coverage up to specific ages: 64, 74, 84, or 100 (last birthday).

Additional riders, such as coverage for TPD, CI, and ECI, can be added to the plan.

As there are no limited-pay options, the premium payment term must align with the policy term.

Promotion: Enjoy a 35% perpetual discount on the base premium of the policy. Additionally, for policies with a minimum annual premium of $500 and above, receive 55,000 STAR$^® (equivalent to $55 eCapitaVouchers). This promotion ends on 31 March 2026.

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Manulife ManuProtect Term II

Manulife ManuProtect Term II provides basic coverage for death and terminal illness.

You may choose renewable terms or a level term ranging from 11 to 40 years, or select coverage lasting until ages 65, 75, or 85.

The plan allows for TPD and CI riders, although it does not include an option to add ECI coverage.

A unique feature of this plan is its “Quit Smoking Incentive.” Typically, smokers face much higher premiums on life insurance policies than non-smokers due to associated health risks. However, with this incentive, smokers can benefit from non-smoker rates for the first three policy years. If, by the third policy anniversary, the insured provides proof that they have quit smoking, their premiums will continue at the non-smoker rate going forward. This feature not only encourages smokers to obtain coverage without incurring excessive costs but also offers a strong incentive to quit smoking.

Promotion: Policies signed by 31 March 2026 may be eligible for an 8% perpetual premium discount on the base policy and TPD rider.

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FWD Future First

FWD first made its mark in the market years ago, focusing on travel and car insurance that was easily accessible online. FWD positioned itself as a cost leader, building a reputation for affordability. It has since expanded into other insurance product categories.

FWD Future First offers basic coverage for death and terminal illness. You can choose a renewable term of 10 years or a fixed term ranging from 5 years to age 100.

As with other insurers, you can enhance the protection by adding TPD, CI, and ECI riders.

A unique feature of FWD’s term plan is the FWD Exclusive Recovery Programme. If the insured passes away, the recovery programme can provide practical assistance, emotional support, and professional services to the family. For example, the family has access to legal services, as FWD will cover up to three legal advice sessions with a legal advisor, up to a total of $5,000 for all sessions.

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AIA Secure Flexi Term

The base coverage of AIA Secure Flexi Term provides protection against death and terminal illness.

You can choose from renewable terms of 5, 10, 20, or 30 years, or opt for fixed coverage up to ages 65 or 75.

The plan offers additional coverage through TPD and CI riders, though it does not include an ECI option for policies with coverage to age 65 or 75.

A unique feature of this policy is its terminal cancer benefit, provided specific conditions are met. This allows an additional claim scenario when neither death nor terminal illness benefits apply and when no additional riders are attached.

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Tokio Marine TM Term Assure II

Tokio Marine TM Term Assure II’s base coverage includes protection against death and terminal illness.

You can choose coverage terms of either 5- or 10-year renewable terms, or select fixed coverage from 11 years up to age 85.

As with other providers, you have the option to add riders for TPD, CI, and ECI.

Promotion: For level term policies (coverage from 11 years up to age 85), enjoy a 40% premium discount for the first three years on the base policy and TPD rider. This promotion ends on 31 March 2026.

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