Buying a Term life insurance in Singapore: What to choose?
By ValueChampion  •  May 11, 2022
Buying a term life insurance can be a daunting process, with the myriad of choices available. Contrary to paying for traditional life insurance policy, term life offers lower premium payable for the term of the insurance and greater flexibility. The premium duration differs from yearly renewal, to fixed years depending on how the insurance company allocates. Generally, the yearly renewal policy will cost the least, as the insurer’s health condition may deteriorate over time and premium will most likely rise. Example: If Jon buys an FWD term life yearly renewal policy, it will cost $8.35/month. If he chooses to apply for a fixed term of 5 years, the premium payable will be $8.54/month. This works out to a difference of $11.40, assuming that the yearly renewal premium does not change for 5 years. This is often not the case as the premium will get more expensive as Jon gets older....
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By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?

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