Competitve Online Term Insurance Generator
Term Insurance PremiumEnter your description
Term : Years
Death Coverage: $0
TPD Coverage: $0
Advanced CI Coverage: $0
Early & intermediate CI: $0
IMPORTANT NOTICE: This tool belongs to the owner of sgcompareinsurance.com and is not endorsed by the insurers. The information provided through the tool is for illustrative purposes only and shall not constitute, be taken as or substitute any professional advice. The calculations and information used have not been verified or validated by the insurers. The tool above and any information derived from it shall not constitute a recommendation or offer to purchase any insurance products.
Furthermore, any application or proposal for any insurance products is and will be subject to underwriting at the sole discretion of the respective insurers. The insurers shall not be bound by any projections or estimations generated by this website and the user(s) of this website acknowledge that the owner and the insurers shall not be liable for loss or damage arising out of the use of the tool above.
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What is term insurance?
As the name suggests, term insurance provides insurance coverage for a specific period. Most insurers in Singapore provides term insurance coverage of 10, 20 and 30 years. There are insurers offer term insurance coverage until age 85 while a handful provides coverage until age 99. There is no cash value for most term insurance in Singapore so it is purely for coverage.
What does term insurance covers?
Term insurance can cover death, total permanent disability, critical illnesses such as major cancer and heart attack. In addition to the above, several insurers provide coverage for early-stage critical illnesses and relapse of critical illnesses.
Why should I get term insurance?
Term insurance provides an avenue to obtain huge insurance coverage (e.g. S$1 million death coverage) at an affordable price. This is very effective for mortgage protection and insurance protection for parents with child(ren) for a period of 20 to 30 years.
How much death coverage should I have?
There is no right or wrong answer to this question as it depends on the individual. We have listed 2 examples below to illustrate
For a young adult who just join the workforce, We would recommend death coverage by adding up the following
- Amount of outstanding education loan +
- [30% to 50% of his/her annual income] x [number of years till the younger parent reaches 85 or 90]
For a young parent with kids, We would recommend death coverage by adding up the following
- Amount of outstanding loan (car, house, credit line etc) +
- [His/her annual income – person expenditure (approx 20% to 40%)] x [number of years till the youngest child becomes financially independent at 25 (son) and 22 (daughter)]
Please note that the above 2 examples are purely for illustration purpose only and do not constitute, be taken as or substitute any professional advice.
How much critical illnesses coverage should I have?
Again, it depends on the individual. Our recommended guideline would be a function of monthly income
- 12 to 15 month of their monthly income for early-stage critical illness coverage. Many early-stage critical illnesses can be cured/recovered between 3 to 6 months. However, the patient may wish to rest at home for another 6 to 9 month before they join back the workforce.
- 24 to 36 month of their monthly income for an advanced stage critical illness coverage. Again, we would like stress that the above critical illness coverage guidelines are purely for illustration purpose only and do not constitute, be taken as or substitute any professional advice.
How much will my term insurance cost?
Most Singaporean has limited resources (both time & money) and that’s why the online term insurance premium generator (click here) is built to show you the competitive insurance premium based on your desired coverage.
It only takes less than 3 minutes to get a premium estimation. There is a 20% perpetual discount for death coverage of above S$1 million! Follow the 8 steps below
- Select your current age (not age next birthday)
- Select your gender
- State if you are smoker or non-smoker
- Select the number of years you wish to be covered for
- Select the amount of death coverage
- Click “Yes” if you wish to include coverage for Total Permanent Disability (TPD)
- Select the amount of coverage for critical illnesses (advance stages)
- Select the amount of coverage for early-stages (include intermediate stages) critical illnesses you wish to have
Alternatively, you can also contact us here for a term insurance discussion.