What is the Cheapest Life Insurance in Singapore? The answer is Term Life Insurance.

Most people are familiar with “whole” life insurance. This is the kind of insurance where you will get back a certain amount of money when it “matures” at the end of the insured period.  However, whole life insurance is quite expensive. For example, a 35 years old non-smoker male, the premium almost $7,000 in Singapore for $200,000 sum assure.

What you may not know is that there is another form of life insurance called “term” life insurance. Similar to whole life insurance, when you get a term life policy, you pay a sum of money (the “premium”) to the insurance company for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) , and in exchange the company promises to pay out a certain amount of money should you die during the period for which you are covered under the policy.  It’s very cheap compared to whole life insurance while provides the same function of family financial protection. For example,  a 35 years old non-smoker male, the premium only $3,00 in Singapore for $200,000 sum assure which is much much lower than whole life insurance.

So if you are looking for the Cheapest Life Insurance in Singapore, term life insurance is definitely your right choice.

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