TERM LIFE INSURANCE IN SINGAPORE
TERM LIFE INSURANCE
Term life insurance policies in Singapore cover you in the event of permanent disabilities or death. What are some of the aspects covered in term life insurance policies offered in Singapore?
- Lump sum pay-out
- Ability to cancel or reduce pay-out sum at any time.
- Ability to increase pay-out sums when circumstances require it, like taking on a mortgage, investment loan or having a child.
Term life insurance plans offer expats in Singapore a financial safety net for their families when unforeseen happen. A term life insurance plan gives you the flexibility to select the term duration and amount of coverage (i.e., $1m for 20 years). It can be amended or modified as you progress through the different phases during your stay in Singapore and throughout your life. For expats in Singapore, this can provide essential security in times of uncertainty and transitional periods.
Unsure about your coverage when it comes to term life insurance? Call our team at Expat Insurance Singapore to have a discussion.
HOW DO TERM LIFE INSURANCE POLICIES WORK IN SINGAPORE?
Term life insurance premiums are generally paid monthly or annually in return for a guaranteed lump sum pay-out in the event that death or terminal illness occurs within the contract term in Singapore. In addition, there is the added flexibility of increasing protection against a critical illness and/or a permanent disability to complement the term life coverage. This can be done by purchasing an added extra or a ‘rider’ to your current term life insurance plan in Singapore.
Have questions about riders, such as critical illness insurance in Singapore? Simply drop us your details, and we can help you with them.
PROCURING TERM LIFE INSURANCE FROM EXPAT INSURANCE SINGAPORE
Term life insurance policies in Singapore do not accumulate any cash value and are classified as a pure protection tool. This means there is no surrender value to the policy, making premiums highly affordable. You can also purchase expat-based term life insurance plans that follow you into your next overseas posting.
It is generally advised that these plans are purchased when young. This ensures lower premiums for life. Give our team in Singapore a call today to discuss this further.
Send us a message, and we can help you understand your term life insurance options and ensure you have the coverage you need.
FREE GUIDE: CRITICAL ILLNESS AND TERM LIFE INSURANCE IN SINGAPORE
Term Life GuideThe Big C: Cancer and why you need critical illness cover? Download the free guide to find out what is Term Life Insurance and how to give you and your loved ones a strong head start.
FREQUENTLY ASKED QUESTIONS
Term life insurance covers you for a fixed period based on your chosen policy, usually 10 to 30 years. On the other hand, whole life insurance provides lifelong coverage and has a surrender value. Whole life policies cost significantly more. For expats in Singapore, term life insurance is recommended as it is less expensive and offers more flexibility throughout your life stages. To find out which life insurance and protection plan in Singapore suits you better, feel free to reach out to the experts at Expat Insurance.
The younger you are, the lower the premiums for term life insurance will be. As such, it is advisable to buy term life insurance plans while young, especially if you have young children or ageing parents who are financially dependent on you.
If you are looking to buy term life insurance or are keen to learn more, drop us your details and let us help. As an experienced health insurance broker, we are dedicated to understanding your needs and connecting you to suitable insurance providers.
DO YOU NEED ANY HELP WITH TERM LIFE INSURANCE?
Trying to find a term life insurance suitable for you and your family? Call us at +65 3110 3220 or leave your details below and our friendly advisors will get back to you as soon as possible.