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Term Life Insurance: Malaysia vs. Singapore — What’s the Difference? [Real Case Comparison] 

Many foreigners working in Singapore — especially Malaysians — actually don’t realize that:

Term Life Insurance (or Mortgage Insurance) in Singapore is not only affordable, but also very foreigner-friendly!

Recently, I’ve had several Malaysian clients proactively reach out to ask about term life insurance options in Singapore.
They were surprised to discover: The premiums they pay in Malaysia are actually more expensive than those in Singapore!

But why is that?

In Malaysia, term life insurance is often bundled with investment-linked products, such as ILPs or unit-linked plans.
These plans do offer some cash value, which can help offset a few months’ premiums during financial hardship,
but the annual premiums are also much higher—making them unsuitable for people who simply want “pure protection.”

In contrast, Singapore allows you to keep protection and investment completely separate.
If you’re just looking for a simple, straightforward, and cost-effective insurance policy,
then term life insurance in Singapore might suit you better.

Table above shows the difference between Malaysia and Singapore term life insurances.

Real Case Comparison

Below is a comparison chart I’ve compiled based on real policy documents from my clients,
so you can easily see the key differences between Malaysian and Singaporean term life insurance:

Although the premium payment terms are different in the above cases, the total premium for term life insurance in Singapore is still cheaper than in Malaysia.

In fact, the main purpose of buying term life insurance is to obtain sufficient coverage and protection. The second consideration is whether the premium is sustainable in the long run.
With these two factors in mind, you’ll be able to determine which protection plan suits you better.

Secure your protection first, and then you can use the remaining funds for investments—ideally in a globally diversified portfolio.

Frequently Asked Questions

Q1: If I buy term life insurance in both countries, will I be compensated twice in the event of a claim?

Yes, you can. As long as the policies are bought separately and not declared as duplicate coverage,
you can claim from both. This double coverage can help ease your family’s financial burden.

Q2: I’m a Malaysian. Can I buy term life insurance in Singapore directly?

Yes, you can! You don’t need a work pass to buy term life insurance in Singapore.
You also don’t have to fly in—it can all be done remotely with an e-signature and payment via credit card.

Q3: Is life insurance in Singapore expensive?

It depends on your age. Term life insurance is actually one of the most affordable types of life coverage.
For example, a healthy 30-year-old male can get SGD 1 million coverage up to age 85
for approximately SGD 1,000 per year.

That’s roughly RM 3,300 for RM 3,300,000 in coverage.
The payout leverage is very high—definitely value for money.

If you’d like to know more about life insurance in Singapore, feel free to contact me:
WhatsApp: +65 8680 2340
WeChat: Lidwinabq

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Lidwina Teo 维娜

With over 5 years of experience in client service industries, I come to understand and appreciate the importance of high-quality customer service and customer experience. The key is to always prioritize the best interests of customers, ensuring their needs and expectations are met with professionalism.

The passion for client service extends into my current role where I strive to deliver personalized financial planning services. With more than 150 business partners in our company, I can help you achieve your financial goals by analyzing various financial products and offering tailored financial advice. 

Contact me now to request for a quotation or schedule a coffee session for further discussion. See you soon!

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
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  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
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  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
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  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品，或达成交易或参与任何特定的投资策略，也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意，不得将这些文件全文或部分发布，传播，复制或分发给其他人。
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  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策