Purchase Term Life Insurance Online – What is life insurance? These are plans you can put in place to keep your life and your family’s finances afloat in the event you become disabled, sick or die. Learn about the 2 general types of life insurance: term and whole life. Bring you into partnership with FWD Insurance.
Learn the basics: what life insurance is, the key benefits and differences between the common types of life insurance – term and whole life.
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First, what is life insurance? Life insurance plans offer you and your family a lump sum payment in the event that you are diagnosed as disabled, terminally ill, seriously ill (an optional feature) or in the event of your death.
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Before you start buying life insurance and faking your own death to become an overnight millionaire, think again. Life insurance plans are important, especially if you have family members – spouse, elderly parents, children – depending on you. A lump sum payment will help them stay afloat, meet financial needs such as school fees, daily expenses and loans. In short, your life insurance policy provides for the family members you leave behind to survive in the event you pass away.
Term insurance plans usually offer you a lump sum payment in case of disability, terminal illness, critical illness (optional) and death. You pay a fixed premium monthly or annually for the entire period (or period) it covers – usually up to 75 years.
Like term insurance, whole life insurance offers you a lump sum payment in case of disability, terminal illness, critical illness (optional) and death. You pay premiums until a certain age, usually 70, but you can enjoy cover up to 99 or 100. If you survive your plan, you can get some money back.
So both term and whole life insurance offer you the same type of coverage. The key difference between the two is the number of years you are insured for. What are the other similarities and differences?
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People who buy term or whole life insurance want to protect their family’s financial stability in the event they become disabled, terminally ill or die.
Both term and whole life insurance plans offer you (or your family) a lump sum payment in the event that you are diagnosed with permanent disability, terminal or critical illness and death.
You can now buy term or whole life insurance plans with the prefix “Direct” online without the help of an agent. Insurers such as FWD, AIA, Aviva, AXA and Income all offer ‘Direct’ plans.
A term insurance plan only covers you for a fixed number of years (usually until age 75), while a whole life plan covers you until you are 99, 100, or you die.
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If you (fortunately!) outlive your term insurance, your plan will end and you won’t get any money back. However, whole life insurance can offer you some money back.
Term vs whole life insurance? Which suits you better? Consider coverage, deductibles, and most importantly, the premiums you have to pay. At the end of the day, you shouldn’t be paying thousands in premiums just to eat instant noodles all day.
You have a new BTO and mortgage payments that are scarier than your in-laws. You’ve just started your career, don’t earn as much as you’d like, and S$4,800 in annual premiums for life is definitely out of the question. Instead, the monthly premium of S$34 for term insurance may be more manageable.
With the rising cost of raising a child in Singapore, you need to take care and consider your coverage. Childcare costs include pediatrician visits, school fees, out-of-pocket expenses, enrichment classes, health insurance, laptops and mobile devices, and dental costs, etc. Quality of life?
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With more children comes more… expenses. An estimate by SmartParents shows that it will cost at least S$670,000 to raise your child up to the age of 22 – and double that if you have two children, etc. Regularly reassess whether your life insurance payout provides enough coverage for all your children.
Let’s say your mother retires at age 62 and needs S$3,000 a month to maintain a modest lifestyle – giving her S$468,000 worth of retirement funds to last her until age 75. Parents are retired. You want to make sure your aging parents are well taken care of in their retirement years, especially if (unfortunately) you won’t be around to see them through their golden years.
The first thing is to understand that there is no need to take out reinsurance, even if it sounds like a good idea – especially for your husband (don’t try to poison him after a fight).
In the unfortunate event that you die or become permanently disabled, terminally or critically ill or have died:
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How much is your house worth? How much are you paying for it and how much is your husband paying for it? At the very least, you want to make sure that the life insurance payout will fully cover your portion of the mortgage.
What amount would at least help your husband cover household expenses including school fees etc.
Look at your weekly and monthly household expenses. Include any car loans and anticipated tuition and fees for your child(ren). If you intend to pay university fees for your child, do that too.
Are your parents ready for retirement? Do they have outstanding car or mortgage loans? Are they planning to travel? Are they sick and require long-term medical treatment?
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Your premium (the amount you pay monthly or annually) is determined by your age, any pre-existing medical conditions you have (or your immediate family members), the number of years you want to cover and the lump sum you want your family to receive on end Most insurers also require you to undergo a full medical when you apply – which will cost you between S$100 and S$500. Does it sound complicated? Basically, think of your insurance premiums as installments – if you buy an expensive double-door fridge on installments, your monthly payments will be higher. Buying a basic refrigerator for your family’s needs will make your payments more affordable.
The younger you are when you buy term insurance, the cheaper your premiums will be. Also, the older you are, the more expensive you are – and that’s because you’re more likely to be sick and near the end of your life.
If you have a medical history, it is likely that your insurance company will not offer you coverage for your pre-existing conditions (that is, they will not allow you to apply for this treatment). If they offer coverage, it will come at a cost – higher premiums.
Term insurance plans offer you coverage for a fixed period of time (or term). You can choose a guarantee of only 5 years, 20 years, but usually up to 75 years.
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How much life insurance should you have? Don’t just enter a fancy number. You need to do some math to make sure you have all your liabilities covered. Still not sure? An easy way is to take your annual income and multiply it by 10.
FWD Essential Life Term Insurance Plan stands out only because you can buy it directly online (without the help of any insurance agents) and it does not require any medical examination. Yes, saved a few hundred dollars.
Yes, you can buy your own term insurance plan online without the help of any insurance agents. Most major insurance companies in Singapore offer “Direct Purchase Insurance (DPI)” term or whole life insurance that you can buy online.
There are 2 ways to buy insurance online in Singapore – through insurance company websites or through comparison sites alias (which very often offer you promotions and gifts). Here is a step-by-step guide. We’ll use the FWD Essential Life insurance plan as an example.
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Click on FWD Life Insurance Plan. A new window will open and you will find a summary of the FWD Essential Life policy. Read the key features that have been simplified for you.
Select “Get a Quote” at the top left of the page. A new window will open and you will be asked to answer a few questions – male or female, smoker or non-smoker, date of birth, sum assured and NRIC.
You’ll then see your monthly and annual quote clearly in front of you – whether it’s the premiums or the price you’ll pay for your plan.
Although you are not required to go for a full medical check-up, you must declare that you have no diagnosed diseases such as cancer, diabetes, high blood pressure, etc.
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You can then download the final policy and read it – you’ll want to look at the main benefits and any exclusions (usually
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