The 5 Best Term Life Insurance Plans in Singapore (2025 Edition)

Choosing the best term life insurance plans in Singapore can feel overwhelming, especially with so many insurers offering different premiums, coverage terms and rider options. The truth is simple, there is no single “best” term insurance plan, only the most suitable term life insurance plan based on your needs, budget, and financial goals.

In this updated 2025 guide, InterestGuru.sg compares the 5 best term life insurance plans in Singapore, analysing premiums, features, early critical illness coverage, and value-for-money benefits so you can make a confident, informed decision.

The 5 Best Term Life Insurance Plans in Singapore

This list of The 5 Best Term Life Insurance Plans in Singapore is last updated on 17/11/2025.

Want the cheapest premiums for your age? Get a free comparison across all insurers and see the best plan for you instantly.

Why choose to get coverage via a term plan?

Term insurance provide the best cost to coverage ratio, at the expense of not generating a cash surrender value for your future years. As such, it is an excellent option for those that require coverage, yet facing budget issues for financial planning.

Life situations may also have changed, resulting in the need for increased coverage due to additional financial commitments for yourself or your dependents.

While generally not meant for lifelong protection, term plans can be a part of your financial portfolio to replace the financial losses to your income due to an unforeseen life condition.

Read More: How Pre-exisiting medical conditions can affect your insurance application

Related article: Term Insurance vs Whole Life (Financial analysis and benefits comparison)

How We Reviewed the Best Term Life Insurance Plans in Singapore

To determine the best term life insurance plans in Singapore, we evaluated:

• Competitiveness of premiums

• Flexibility of policy terms

• Availability of riders

• Critical illness and early critical illness coverage

• Claim definitions and exclusions

• Features that provide strong value

Most importantly, this list is NOT ranked by preference, because the most suitable plan depends entirely on your needs.

Find out the list of term life insurance avaliable in Singapore and get your FREE comparison quote today! Let us find the best deal based on your needs and budget!

Best Term Life Insurance Plan for Cheapest Premium: FWD Future First

Despite not having a perpetual discount promotion, FWD Future First still delivers one of the highest coverage levels with some of the most competitive premiums in Singapore.

Based on the premium payable and its definition of coverage, FWD Future First should comfortably beat all other peers when it comes to a no-frills coverage.

What we like about FWD Future First

• Affordable and competitive premiums
• Exclusive FWD HealthFirst Programme
• Available in multiple currencies

What we do not like about FWD Future First

• Does not pay the sum assured if claim is due to unlawful acts; for example, death penalty

Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.

Refer to: FWD Future First comparison against online plans

Best Term Life Insurance Plan for Basic Coverage: Singlife Elite Term II

Looking for basic Death and Total Permanent Disability coverage without any Critical Illness coverage? Singlife Elite Term II should be able to offer you the cheapest premiums if you do not need any coverage on Critical Illness. Singlife Elite Term II is now running a LIMITED TIME 30% Perpetual Discount on their basic coverage (Death) and Rider (Total Permanent Disability).

Interestguru.sg tips:

Just purchase your first private property? Just refinance your mortgage loan?

Do you know:

You can save some money by converting your Mortgage Reducing Term Insurance Plan to Singlife Elite Term II. Interestguru.sg encourages you to do a FREE financial portfolio review yearly, re-look into your existing policies and you could save some costs by doing some switching of plans!

Real-life case scenario for one of our clients

Mr and Mrs Tay recently purchased a private property and took up a bank loan of 1 million for a period of 30 years. They purchase a Mortgage Reducing Term Insurance Plan from the bank and was quoted a total premiums of ~$40,000 for a coverage period of 30 years, with the coverage reducing according to the remaining loan amount.

Our adviser quoted the client Singlife Elite Term II, with a 1 million Leveled coverage for Death and Total Permanent Disability for 30 years, and the total premiums is ~$26,000 for the same coverage term and a higher coverage amount. Our client saved a total of $13,000!

Contact us today for a non-obligated portfolio review for potential cost saving!

What we like about Singlife Elite Term II

• Early Critical Illness (ECI) Rider does not reduce the Death Benefit sum assured
• Total Permanent Disability (TPD) Rider provides coverage up to age 99
• Early Critical Illness (ECI) Rider provides coverage for Intensive Care Unit (ICU) and Benign/Borderline Malignant Tumour
• Covers up to 16 special conditions, one of the highest number of conditions covered among its peer

What we do not like about Singlife Elite Term II

• Slightly higher in cost when riders are added, but that is also because Singlife Elite Term II’s ECI rider payout does not reduce the Death Benefit sum assured

Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.

Refer to: Singlife Elite Term II review

Best Term Life Insurance Plan for Early Critical Illness Coverage: FWD Future First

FWD Future First is the first among its peer to offer a reset coverage benefit for their Early Critical Illness (ECI) rider. If a claim has been done for the ECI rider, the rider benefit will remain in-force until the cover ends. After a 12 months no claim period, the ECI rider will restore it’s original benefit. This feature allows you to cushion yourself against a 2nd claim for CI without having a Multipay Critical Illness Plan.

Besides that, FWD Future First is also one of the first to offer coverage for spouse in the event the insured passed away. FWD Future First also provide coverages for Emotional Support, Legal Services and Home Care Support.

To make it even better, all policyholders having a protection plan with FWD gets to sign up for FWD HealthFirst, an initiative programme which allows policyholders to access free telemed consultation and other quality healthcare services at preferred rates!

What we like about FWD Future First

• Early Critical Illness (ECI) Rider reset benefit cushion you against recurring Critical Illness
• Wide range of other benefits like Legal services, Emotional Support and Home Care Support

What we do not like about FWD Future First

• Does not pay the sum assured if claim is due to unlawful acts; for example, death penalty

Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.

Refer to: FWD Future First review

Best Term Life Insurance Plan for Limited Pay Premium Term: HSBC Life Term Protector

Yes, topping the ”best of ” chart twice, HSBC Term Protector allows you to pay your term insurance premiums for a limited number of years, taking this financial commitment off your retirement years! Choose to pay off your premiums within 15 or 20 years and get coverage comfortably till the end of the coverage term.

Of course, there are still pros and cons for paying off your term insurance within a limited period of time. Make your decision wisely!

Advantages of Limited Pay Premium Term in HSBC Life Term Protector:

• Payment of premiums settled in your active years, you do not need to worry about paying your premiums when you retired but still want your coverage.

Disadvantages of Limited Pay Premium Term in HSBC Life Term Protector:

• Change is the only constant on Earth. Your needs may change, new Term Insurance may improve and suit better for your needs. It will be a waste to switch out of your current term insurance if you have already fully paid for it.

Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.

Refer to: HSBC Life Term Protector review

Best Term Life Insurance Plan for Smaller Coverage Amount: Etiqa Essential Term Life Cover

Just started working? Topping up your gaps for your existing coverage and do not need a relatively large sum assured? Then, Etiqa Essential Term Life Cover may be the plan you are looking for.

This is one of the most competitive Term insurance if you are looking for coverage under 1 million. Nothing fantastic to rave about for this term insurance, but it works just right for a no frills and affordable term insurance.

What we like about Etiqa Essential Term Life Cover

• An affordable no frills term insurance for coverage under 1 million

What we do not like about Etiqa Essential Term Life Cover

• Total Permanent Disability (TPD) Rider coverage auto ends at Age 86, even if the rest of coverage for your term insurace plan extends beyond Age 86

Whatsapp us to let a licensed financial adviser work out a comparison proposal according to your needs at no cost to you.

Refer to: Etiqa Essential Term Life Cover review

Alternatives to Term Life Insurance in Singapore

If coverage is only required for a short time period, the insurance premium paid for a term insurance will be the lowest compared to other insurance policies.

Your age, budget, coverage period and investment risk appetite may result in alternative options that provide better value for your money.

Depending on age, budget, and long-term goals, you may also consider:

Whole Life Plans

• Lifetime coverage
• Guaranteed cash value accumulation
• Potentially cheaper in your 20s–30s

Investment-Linked Policies (ILPs)

• High coverage
• Potential for investment growth
• Flexible withdrawals

Read about: Do I really need insurance?

Related article: How much life insurance coverage do you need? (Updated)

An alternative to term insurance: Whole life plans

In your 20s or early 30s, the total premiums paid over a limited period for a lifetime coverage may end up being lower compared to a term insurance. Not only is the overall premium lower, but a whole life plan will also accumulate a guaranteed cash value that increases over time.

The accumulated cash value can be withdrawn at your later life stages for other financial goals, such as a lump sum retirement payout or a monthly income stream.

Read about: 4 Best Whole Life Plans for Protection Coverage (Updated)

An alternative to term insurance: Investment linked policies

Investment linked policies (ILPs) combines elements of insurance and investment to provide coverage and projected investment returns. An attractive feature of ILPs is that cash can be withdrawn from the available cash value within the policy.

Unlike a whole life plan, the cash value in ILPs is based on projections of investment returns. This projected financial cash values may have high fluctuations and such policies may not be suitable if you are reluctant to take on any form of risks.

Read about: 6 Best Investment Linked Policies in Singapore for Coverage and Wealth Accumulation (Updated)

Which Term Life Insurance Plan Is Most Suitable for You?

Every individual has unique financial goals, dependents, budget levels, and coverage needs.

InterestGuru.sg helps you compare across all insurers in Singapore, ensuring you get:

✔ The most affordable premiums
✔ Suitable CI/ECI coverage
✔ Proper coverage term
✔ Accurate sum assured calculations

👉 Get your FREE personalised comparison quote now; no obligations.