5 reasons why term life insurance could be your perfect fit

Having term life insurance that suits you may be equivalent to having a perfect pair of everyday shoes. Here’s why it could work for you.

Shopping for life insurance is somewhat similar to buying shoes. With so many available selections, how do you find the right one that’ll take you through your days in comfort? 

If you’re after something simple and practical, term life insurance might be the answer. Here’s how it could be the perfect fit for your insurance needs.

#1 It’s straightforward

If you want basic shoes that keep your feet protected from the elements as you go about your every day, you won’t need LED clip lights, spare laces, shoe charms and other extras.

Term life insurance is just as straightforward. It gives your loved ones a sum of money if you pass on during the coverage period. In some cases, it also gives a payout if you’re diagnosed with terminal illness or total and permanent disability.

It’s the simplest form of life insurance, without complicated investment layers or other bells and whistles.

#2 Low cost, big cover

We all have that pair of trusty shoes that may cost much less than our designer limited edition shoes. Term insurance is also more affordable than whole life plans or other plans that combine protection with investment or savings.

Compared to whole life insurance, it typically costs less for the same amount of coverage. That’s because you pay purely for protection during your coverage term. It doesn’t have the cash value component of whole life plans, so you won’t get any money back when your coverage ends.

At the same time, term insurance gives coverage that can go up to S$1,000,000 or more. Whether you have just joined the workforce or starting a family, you can choose a coverage that suits you.

#3 Different “sizes”

Just as shoes come in different sizes to fit your feet, term life insurance has different coverage periods to fit your protection needs. Because it’s meant as a cost-effective solution, you might choose to be covered until you’ve paid up your home loan or until you retire. Having ample coverage during your unique “critical years” gives you the assurance that if the worst happens to you, your family will continue to be financially supported.

Singlife Elite Term offers various coverage periods, including a policy term till 99 years – meaning it’s quite likely you’ll be covered for your whole life, with chance of a payout. Should you get a term plan coverage till 99 years and pass away at the ripe old age of, say, 98, your loved ones may receive the death benefit payout as an inheritance.  

#4 The right fit

When shoes don’t quite sit right with your feet, customised arch support insoles or toe filler inserts can ensure comfort.

With a term life plan, you can add riders to your basic plan and customise it to suit your specific protection needs. For instance, you could add coverage for total and permanent disability or critical illnesses.

#5 Convertible

For most people, your trusty shoes are the ones that'll take you easily from everyday activities like grocery shopping to a work event. 

Term insurance gives the same type of flexibility. Some insurers allow you to convert your policy into a whole life policy – making term insurance a great way to start a protection portfolio when you’re young.

Like shoes, there’s no one-size-fits-all when it comes to life insurance. But term life may be your preferred option for a tailored coverage that suits your unique protection needs and budget while letting you step out with the courage and financial confidence you need to take on the world.

Don't put off life insurance

Talk to us about getting Singlife Elite Term today.

Thank you for your submission. 

Sorry, there seems to be a problem with this page. Please refresh and try again in a few minutes.

By clicking "Submit", you consent to Singapore Life Ltd. (“Singlife”) and Singlife related group of companies contacting you to provide you with information concerning Singlife and Singlife related group of companies' products and services. You also consent to Singlife using, disclosing or transferring your personal data in this form to Singlife related group of companies, third party providers or intermediaries, whether located in Singapore or elsewhere, for the above purposes and for research, audit, regulatory and compliance purposes.

For details of Singlife's Data Protection Notice, please refer to www.singlife.com/pdpa. To withdraw your consent at any time, please call Singlife at +65 6827 9933.

Enjoy reading our articles?

Subscribe to Money Banter to receive useful tips and guides on insurance and offers on products and services.

Thank you for your submission. 

By clicking “Submit”, you consent to Singapore Life Ltd. (“Singlife”) and Singlife related companies contacting you to provide you with information concerning Singlife and Singlife related companies’ products and services and special offers which may be of interest to you.
For details of Singlife's Data Protection Policy, please refer to singlife.com/pdpa. To withdraw your consent at any time, please call Singlife at +65 6827 9933. 

Important Information

Money Banter (the "Portal") is for general information only and does not take into account the specific investment objectives, financial situation, health condition and needs of any particular person. The contents of this Portal are intended merely for educational purposes and should not be construed as the giving of advice or the making of a recommendation. Nothing contained in this Portal shall constitute a distribution, an offer to sell or the solicitation of an offer to buy. We recommend that you discuss any specific matters with your financial adviser representative or legal adviser before making any decision. You are responsible for your own medical care, treatment and oversight, and any health-related content on this Portal, including, text, treatments, dosages, outcomes, charts, profiles, graphics, images, messages and forum postings are strictly information to promote general understanding of certain health topics only, do not constitute the providing of medical advice, and should not be relied upon as a substitute for professional medical advice, diagnosis or treatment. Always seek advice from a physician or other qualified health care provider regarding your medical condition or treatment and before undertaking a new health care regimen. This Portal may include information sourced from third parties and links to third party websites. We are not responsible for the accuracy or completeness of, and do not recommend or endorse such information or third party websites nor recommend or endorse any specific tests, physicians, products, procedures, opinions or other information. While we have taken reasonable care to ensure that the information on this Portal has been obtained from reliable sources and is correct at time of publishing, information may become outdated and opinions may change. Except to the extent prohibited by any law, we are not liable for any loss (including direct, indirect and consequential loss, loss of profits, loss or corruption of data or economic loss of any kind) that may result from the access or use of or reliance on the information on this Portal.  | Terms of Use | Data Protection Policy

Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.