HSBC Life Term Protect Secure: A New Pure-Protection Term Plan

HSBC Life (Singapore) has added HSBC Life Term Protect Secure to the CompareFIRST.sg lineup — a non-participating term plan paying out on death and terminal illness. It carries no cash value, no surrender value and no maturity value; it is protection only. You choose a policy term running to age 50, 55, 60, 65, 70, 75, 80, 85 or 100 (minimum five years), and the premium payment term matches the coverage term. Two features stand out: a convertibility option (Y) and the FlexiMilestone Benefit, which lets you withdraw a lump sum of 50% of total basic-cover premiums (calculated at issue) once, during a two-year window, in exchange for reducing or ending the sum assured. Optional supplementary benefits can be attached. Premiums across the 21 quotes captured range from $241 to $825 a year (average $460). Insurer credit rating is A+ (S&P).

How it compares

The table below is measured on one common basis — age 35, male, non-smoker, premium per $100,000 sum assured — so the products are directly comparable despite different sum assureds and terms.

On this basis HSBC Life Term Protect Secure sits mid-pack: cheaper than Etiqa's Essential term cover ($177) but pricier than Great Eastern's Flexi Term ($97) and FWD's Future First ($58). The trade-off is term length and structure. The two cheaper plans are short renewable/convertible contracts — FWD's covers only 6–10 years and Great Eastern's 1–5 years — so their lower entry price reflects a much shorter commitment, with renewal premiums likely to rise with age. HSBC's 26–30 year band is closer to Etiqa's longer-dated cover, and unlike FWD's renewable plan, HSBC's product is not renewable but is convertible. Note that Etiqa's and FWD's quoted plans bundle TPD cover, while HSBC's basic cover is death and terminal illness, with TPD available only via supplementary benefits — so part of the price gap reflects different bundled coverage. HSBC also does not accept SRS or CPFIS premium payment, and underwriting is required.

Pros

• Competitive mid-range pricing at $121 per $100k SA for a 26–30 year term.
• Wide choice of expiry ages (50 to 100) with matching premium term.
• Convertibility feature allows adaptation at selected life stages.
• FlexiMilestone Benefit provides a one-time liquidity option from basic-cover premiums.
• Terminal illness benefit pays as an advance of the death benefit (capped at SGD 3 million aggregate across insurers).
• A+ (S&P) insurer credit rating.

Cons

• Not renewable, unlike FWD's 10-year renewable structure.
• No SRS or CPFIS premium payment allowed.
• Underwriting required — no simplified/no-underwriting route.
• Basic cover excludes TPD; riders cost extra and are excluded from FlexiMilestone calculations.
• Exercising FlexiMilestone reduces or terminates cover, and any sum-assured increase does not raise the benefit.
• Pricier than the short-term FWD and Great Eastern options on a per-$100k basis.

Who it may suit

This plan may suit buyers wanting straightforward death and terminal-illness protection over a long horizon — roughly 26–30 years at the illustrated age — who value a convertibility option and a defined mid-life liquidity feature, and who are comfortable with full underwriting. It is less suited to those seeking the cheapest short-term cover, renewal flexibility, TPD bundled in the base plan, or SRS/CPFIS funding.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.