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 2026 guide, InterestGuru.sg compares the 6 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.
Get your free term life insurance comparison quote today.
How Much Term Life Insurance Do You Actually Need?
Before comparing plans, it helps to know how much coverage you should be aiming for. According to the Life Insurance Association of Singapore (LIA), the recommended benchmark is:
Death and Total Permanent Disability (TPD): 9 times your annual income
Critical Illness: 4 times your annual income
For example, if you earn $60,000 a year, this works out to roughly $540,000 in death and TPD coverage, plus $240,000 in critical illness coverage. LIA’s 2022 Protection Gap Study also found that the average working adult in Singapore is underinsured by approximately $170,000, so it is worth checking your own numbers rather than assuming your existing coverage is enough.
This is only a starting benchmark. Your actual coverage needs should also factor in your outstanding mortgage, other loans, and your dependants’ living and education expenses. Use our life insurance coverage calculator to work out a more personalised figure.
Why Choose to Get Coverage Via a Term Plan?
Term insurance provides 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 constraints 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.
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 available 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 no-frills coverage.
What we like about FWD Future First:
Affordable and competitive premiums
Exclusive FWD HealthFirst Programme, free telemedicine consultation and quality healthcare services at preferred rates for all policyholders
Coverage for spouse in the event the insured passes away
Emotional Support, Legal Services and Home Care Support benefits
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
Speak with us on WhatsApp and a licensed financial adviser will work out a comparison proposal according to your needs at no cost to you.
Read the full review: FWD Future First Review
If you are also comparing FWD’s plans against each other, see our FWD insurance comparison for a full breakdown.
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