Singapore Term Life Insurance
Term Life Insurance
What is Term Life Insurance
Term life insurance is relatively cheap especially if you don't have many assets or emergency reserves, but do have financial dependents. 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 dying 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 the lowest rate possible.
- 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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