eating ice cream

Term Life and Whole Life: The Differences!

Which Life Insurance Option Is Best For You?


When you realize that your family is expanding and it’s time to look into Life Insurance, the options can seem overwhelming! For many of us, the lingo and terms are unfamiliar and deciding on the best approach for your family can cause unnecessary stress and anguish. The reality is there are 2 main types of Life Insurance most families consider before purchasing.


Anna Coen, Life Insurance expert from Expat Insurance explains the 2 primary types of Life Insurance most young families consider.


Term Life Insurance

A Term Life insurance plan gives you the flexibility to select the term duration and amount of coverage you need to suit your family (i.e.: $5m for 20 Years). Term Life Insurance can be tailored to your changing needs during the different phases in your life. For expats in Singapore, this can provide essential financial security in times of uncertainty and transitional periods.


Term Life insurance premiums are generally paid monthly and in the unfortunate event that you become critically ill or die within the contract term, you will receive a guaranteed lump sum payout, allowing your family to live without financial worry.


It’s important to know that the difference between a Term Life Insurance policy and a Whole Life Insurance policy is that a Term policy does not accumulate any cash value, and is classified as a pure protection tool. This allows for premiums to be highly affordable, especially the younger you are.


Highlights of Term Life Insurance plans for expats in Singapore include:

Financial protection against premature death

Flexibility to select a specified term and specified level of cover chosen by you

Guaranteed Payout upon Death or Terminal Illness of the insured person/(s)

One of the most affordable life protection plans available


Whole Life Insurance

Whole life insurance contains both a protection element and a savings element. The protection element is for life and guarantees a lump sum payout in the event of death, whether premature or eventual, or terminal illness. The savings element of the Whole Life Insurance allows an accumulation of cash value over time, which builds up slowly, and can be used as an effective vehicle for retirement upon withdrawing some of that cash value later in life, if you so choose.


Highlights of Whole Life Insurance plans for expats in Singapore Include:

Lifetime Financial Protection

Accumulates Cash Value

Option to Withdraw Savings

Payout for Death or Terminal Illness

Optional Payout for Total and Permanent Disability

Guaranteed Payout for Critical Illness


To speak with Anna about the best Life Insurance plan for you, please click here to submit an enquiry and we will respond within 24 hours.


Authored By John Ntatsopoulos


Over the course of his 34 years career, our CEO, John, have worked predominately in the area of insurance and financial services across major APAC…


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