Singapore Term Life Insurance
Term Life Insurance
What is Term Life Insurance
Term life insurance is relatively cheap compared to whole life insurance. It is ideal if you don't have many assets or emergency reserves, but do have financial dependants. Many term policies offer a guaranteed renewable clause which means your right to renew the policy is unrestricted.
Disadvantages of term life insurance include the fact that premiums increase at the end of each renewable term because as you get older the chances of your death increase. Consequently, term life insurance may become too expensive in later years.
Situations where term life insurance may be the best option include:
- You just want life insurance protection but at a lower premium than whole life plans.
- You have other assets and investments for retirement and do not plan to use life insurance to cover that need. If fact, you do not plan to need any life insurance protection after age 60.
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