Is this case for term life insurance for sum assured $1m for all insurance companies?

Hi anon,

Were you looking at direct purchase insurance (DPI), which caps at $400K regardless of insurer? DPI is sold without financial advice.

If you wish to buy more, speak with a financial advisor who will have access to other products.

Typically the amount of coverage you can buy is subject to some financial underwriting, but I don't see $1 million as an issue. I don't have NTUC financial underwriting guidelines off hand at the moment, but if the limit applies to you even with a non-DPI product, you still have other insurers to consider.

You might also wanna consider that when you go into NS next year, you will be eligible for the Mindef & MHA Term Life underwritten by Aviva.

The Mindef & MHA Term Life can provide coverage of up to $1 million for only $41/month or $492/year.

Furthermore, base on my understanding, the Mindef & MHA Term Life fully covers peacetime military operations, which means all your NS period / Reservist callbacks are covered too. Most term life insurance either does not cover, or has certain exclusions for claims related to military operations.

Cheers.

- Jeffrey (jeffreyleezq.com)​​​