Affordability of Term insurance

Know the difference in annual premiums if you were to purchase a term insurance when you are younger and how much it would be when you are older.

Fundsupermart Jan 08, 2016 23115

Insurance@FSM have shown how affordable term insurance can be and how much savings you can receive for the first few years of the policy. Now, we want you to know the difference in annual premiums if you were to purchase a term insurance when you are younger and how much it would be when you are older.

With that in mind, we hope that the comparison table below will allow you to have an idea on how affordable that Term Life insurance can be for you and your loved ones.

In the comparison table, we shall consider the example of a Male, Non-smoker:

  • Policy coverage till 65 years old for NTUC and Manulife, 70 years old for TokioMarine
  • SGD $1 million Death and Total Permanent Disability (TPD) Coverage.

*#Annual premiums in SGD $

Age
NTUC Income
Manulife
Tokio Marine
25
$1359.85
$937
$1156
30
$1675.90
$1202
$1411
40
$2604.80
$2016
$2406
50
$3888.10
$3701
$4097

Example for Female, Non-Smoker:

*#Annual premiums in SGD $

Age
NTUC Income
Manulife
Tokio Marine
25
$1015.10
$684
$1156
30
$1283.25
$948
$997
40
$2058.95
$1410
$1631
50
$3064.50
$2276
$2598

*Premiums reflected on the table are tabulated on 7th January 2016.

#This is a simple illustration that does not take into account client risk profiles, financial objectives and other types of commitment.

From the illustrations, you can deduced that age matters a lot on the amount of premiums that you will have to pay. The younger and the healthier you are, the cheaper the premiums will be.

We would like to emphasise that buying insurance is a lifelong commitment. Here at Insurance@FSM, we have a team of dedicated advisers to help you to review your financial objectives, long term commitments before evaluating on which product is the most suitable to your profile. You may drop us an enquiry at advisory@fundsupermart.com and our team will be happy to assist you.



Font Size: A- A A+ A++

Related Articles

Buzz & Promotions