Term Life Insurance in Singapore
Term life insurance is only valid over a certain time period, or term and is considered as a temporary insurance. A term life insurance fulfills the main and basic idea behind life insurance that if you die prematurely, there will be a sum of money available to take care of your family.
Basic Term life insurance – usually covers death only but many Singapore term life insurance plans offer permanent disability protection as well. If you were to suffer such a catastrophe during the period of term life insurance, the insurance company will provide a payout to your beneficiaries. If the insured dies after the term ends, there are no benefits available as the deal is over as soon as the term expires. Term life insurance in Singapore can be purchased for a stated period of time typically ranging from 5 to 30 years. The most common form of premium for term insurance is a flat-guaranteed monthly rate for the term of the insurance. Some plans have an option to renew at the end of the term period, however, the premium will be recalculated based on your age and health at that stage. Choosing a Singapore term life insurance policy may be a good option for you under the following circumstances: