Term life insurance is an insurance that covers you in case of death following any reasons: accident, diseases, illnesses or unknown.
Should you have a family that you currently support financially, subscribing to a Term insurance is critical to ensure that it will be protected following your death.
Term life is the cheapest yet most rewarding financial protection that exists on the market.
The Term life works as long as you pay your premium according to the conditions. It will expiry the date you end the policy or if you dont pay the premium accordingly . A Term policy is not renewable. Once it expiry, you need to buy a new one to get covered again.
According to your age and the time you wish to subscribe, you can pay as low as SGD25/month for SGD500,000 coverage. In principle the Term life policy gets more expensive as you age.
It is then very important to buy a coverage as early as possible.
There is alternative to term insurance ; for instance permanent or whole life insurance. Permanent or whole lIfe insurance covers the life of the insured as long as the premium is paid. Whole Life Insurance is much more expensive and require additional term & conditions that may not be necessary for the common people.
We invite you to discuss in greater depth about which cover fits you better.