Singapore Life Term Life is a term plan which has very flexible coverage terms and has a target market ranging from mass market to high net-worth. Similar to most term plans, the primary coverage of Singapore Life Term Life is its death benefit. There are also choices to enhance coverage via a range of optional riders, primarily through their critical illness and disability riders. Adding the riders can extend coverage from only death to disability and even critical illnesses. Do note that these riders accelerate the death benefit and are not an additional benefit.
One unique feature of Singapore Life Term Plan is the ability to provide insurance coverage for a period of 1 year up to 99 years old. This is one of the broadest range available in the market, and the plan also offers an auto-renewal feature without additional underwriting (subject to maximum renewal age). This allows those with budget constraints the option of going for a 1-year renewable term for maximum coverage at the most affordable rate upfront.
The image is taken from www.singlife.com
Application for Singapore Life Term Life Plan is also administratively convenient as the process is mostly digital and you can get the underwriting results almost immediately. Currently, there are three currencies offered under Singapore Life Term Plan: SGD, USD and AUD.
Pros of Singapore Life Term Life
- One of the highest non-medical underwriting limit of up to S$2mil
- Flexibility to choose policy term ranging from 1 year all the way to age 99
- Guaranteed renewal until maximum renewal age
Cons of Singapore Life Term Life
- Limited range of optional riders available to supplement basic death coverage
- Early Critical Illness rider not available for this plan
To find out how Singapore Life Term Life compares to other plans in the market
To learn more about the other cons of Singapore Life Term Life
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Besides Singapore Life Term Life insurance, you may also want to explore a unique term insurance that provides coverage for multiple critical illnesses here.