Quick Comparison
| Pick | Best for | Key feature/spec | Approx. price (annual, SGD) |
|---|---|---|---|
| AIA Secure Term Plus | Comprehensive coverage with critical illness | Term life + 37 critical illnesses; convertible to whole life | From $500 for 30-year-old, $500k sum assured |
| Aviva MyTerm | Flexible term lengths and budget control | Term lengths 5-40 years; up to $2M sum assured | From $350 for 30-year-old, $500k sum assured |
| Great Eastern Great Term | High coverage for young smokers | Level premiums; up to $3M sum assured; smoker-friendly | From $600 for 30-year-old smoker, $500k |
| NTUC Income iTerm | Low-cost entry with no medical underwriting | No medical exam up to $1M; quick online application | From $280 for 30-year-old, $500k sum assured |
| Tokio Marine Term Life | Long-term stability with fixed premiums | Level premiums for entire term; option for critical illness rider | From $450 for 30-year-old, $500k sum assured |
| Manulife Term Life | Customizable riders and family coverage | Spouse discount; 20+ riders including accident and disability | From $400 for 30-year-old, $500k sum assured |
| Singlife Term Life | Digital-first convenience and bundle savings | Fully online; bundle with Singlife savings earns 2.5% p.a. | From $320 for 30-year-old, $500k sum assured |
AIA Secure Term Plus
Solid protection with built-in critical illness coverage.
AIA Secure Term Plus is a bundled term life and critical illness plan designed for those who want a single policy for both death and illness protection. It covers 37 critical illnesses and offers a convertible option to whole life insurance. For a 30-year-old non-smoker, a $500,000 sum assured costs around $500 per year. Pros include the integrated CI coverage and conversion flexibility. Cons are slightly higher premiums compared to standalone term plans, and limited term lengths (only 10, 20, or 30 years). Best for working adults seeking comprehensive coverage in one policy. Pricing snapshot: $500/year for $500k, 30-year term.
- Pros: Built-in 37 CI conditions; convertible to whole life; reputable insurer.
- Cons: Higher cost than standalone term; fewer term length options; no spouse discount.
Aviva MyTerm
Flexible term lengths for changing needs.
Aviva MyTerm offers term lengths from 5 to 40 years, making it a top choice for young professionals who want to match coverage to specific milestones like mortgage or child education. Sum assured goes up to $2 million. For a 30-year-old non-smoker, a $500,000 policy costs about $350 per year. Pros include the ability to adjust term length and a straightforward application process. Cons: no built-in CI coverage (must add rider), and premiums increase with age. Best for those needing precise coverage duration. Pricing snapshot: $350/year for $500k, 20-year term.
- Pros: Wide term range (5-40 years); high sum assured; affordable base premium.
- Cons: No CI included; premiums not level for life; limited digital tools.
Great Eastern Great Term
High coverage for smokers without penalty.
Great Eastern Great Term allows up to $3 million sum assured and offers level premiums for the entire term. It is notably smoker-friendly, with competitive rates for smokers. A 30-year-old smoker pays around $600 per year for $500,000 coverage. Pros: high maximum coverage; smoker rates are competitive; level premiums. Cons: no online application (agent required); fewer rider options. Best for smokers or those needing high coverage. Pricing snapshot: $600/year for smoker, $500k.
- Pros: High sum assured; smoker-friendly; level premiums.
- Cons: Agent-required; limited riders; longer processing time.
NTUC Income iTerm
Budget-friendly with no medical exam.
NTUC Income iTerm is a digital-first term life plan that requires no medical examination for sums up to $1 million, making it ideal for healthy individuals who want quick approval. For a 30-year-old non-smoker, a $500,000 policy costs approximately $280 per year. Pros include the lowest price point among major insurers, no medical underwriting, and fast online application. Cons: no critical illness rider available; sum assured limited to $1 million; no conversion option. Best for young professionals on a tight budget. Pricing snapshot: $280/year for $500k.
- Pros: Lowest cost; no medical exam up to $1M; instant online approval.
- Cons: No CI rider; limited sum assured; no conversion.
Tokio Marine Term Life
Stable premiums for long-term planning.
Tokio Marine Term Life offers fixed level premiums for the entire policy term, ensuring predictable costs. It allows adding a critical illness rider for an extra charge. For a 30-year-old non-smoker, a $500,000 policy costs around $450 per year. Pros: level premiums; solid financial strength; CI rider available. Cons: no online purchase; limited term lengths (10, 20, 30 years). Best for those who prefer stable premiums and a trusted traditional insurer. Pricing snapshot: $450/year for $500k.
- Pros: Level premiums; CI rider; strong company rating.
- Cons: No online application; fewer term options; no spouse discount.
Manulife Term Life
Customizable with many riders and family discounts.
Manulife Term Life stands out for its extensive rider options—over 20—including accident, disability, and critical illness. It also offers a spouse discount, making it cost-effective for couples. For a 30-year-old non-smoker, a $500,000 policy costs about $400 per year. Pros: high customizability; spouse discount; wide range of riders. Cons: riders can increase cost; application process is agent-mediated. Best for families or those wanting tailored coverage. Pricing snapshot: $400/year for $500k.
- Pros: 20+ riders; spouse discount; flexible coverage.
- Cons: No online application; premiums rise with riders; complex policy.
Singlife Term Life
Digital-first with bundle savings.
Singlife Term Life is a fully digital term plan that integrates with Singlife's savings account, earning up to 2.5% p.a. on premiums held in the account. For a 30-year-old non-smoker, a $500,000 policy costs around $320 per year. Pros: online purchase; bundle with savings account; low premiums. Cons: no CI rider; limited sum assured (max $1.5M); no conversion. Best for tech-savvy users who want simplicity and savings. Pricing snapshot: $320/year for $500k.
- Pros: Fully online; bundle with savings account; low cost.
- Cons: No CI rider; limited sum assured; no conversion.
How to Choose
- Assess your coverage needs: Determine the sum assured based on dependents, outstanding debts (mortgage, loans), and future expenses (e.g., children's education). A common rule is 10-15 times annual income.
- Consider term length: Match the term to your financial obligations. For a mortgage, a 20-30 year term often suffices. For income replacement, consider a longer term until retirement.
- Evaluate riders: Decide if you need critical illness, accident, or disability riders. These increase premiums but provide broader protection. Compare standalone vs. bundled options.
- Check smoker status: Smokers face higher premiums. Some insurers offer competitive rates for smokers (e.g., Great Eastern), so compare across providers.
- Review conversion options: If you want the flexibility to switch to whole life later, look for plans with conversion features (e.g., AIA Secure Term Plus).
- Compare total cost over term: Look at annual premiums multiplied by term length, not just initial cost. Level premiums may be cheaper in the long run than increasing premiums.