Getting term insurance

As I've mentioned before, term insurance is possibly the cheapest way to get maximum protection without hefty premiums. Its more efficient as the premiums you pay go directly into getting maximum coverage unlike other investment linked or endownment plans.

The downside however, is the limited period or fixed term of the plan. However, most people get term insurance as a complimentary plan, alongside other whole-life insurance plans. They do well to give additional coverage during the most critical points in your life (young children still studying, aging parents etc).

For me as the quintessential Singapore male, the best term insurance has to be the SAF Group Insurance scheme underwritten by Aviva. For a mere S$81.20 a month or S$974.40 a year, I get S$400,000 coverage for term life and Total Permanent Disability and S$300,000 for Critical Illnesses.

To me, this is the ultimate form of peace of mind - Knowing that your dependents and loved ones will be well-taken care of should anything *touch wood* happen to you. Which is what insurance should be all about.

*A caveat though - Only Singaporean males who have served national service qualify for this. So, apologies to the ladies. But my take on term insurance applies nonetheless.