FWD Term Life Plus: A Comprehensive Overview

FWD Term Life Plus is a non-participating term life insurance plan offered by FWD Singapore Pte. Ltd., designed to provide pure protection for policyholders. As a term life product, it offers coverage for a specified period without accumulating cash value, surrender value, or bonuses. The primary benefit is the payment of the sum assured upon the death of the insured or a diagnosis of terminal illness within the policy term. A distinctive feature of this plan is the "Spouse Benefit," which allows the legal spouse to receive a complimentary one-year insurance policy (with a sum insured up to 50% of the main policy’s value) without underwriting, provided they are aged 55 or under. Additionally, the plan includes an option to increase the sum assured without new medical underwriting upon specific life events, such as marriage, childbirth, or purchasing a home, subject to certain limits and conditions.

How it compares

The following comparison uses data from CompareFIRST.sg as of July 2026, standardized for a 35-year-old male non-smoker. All figures represent the annual premium per $100,000 sum assured.

Premium Positioning: FWD Term Life Plus is positioned in the mid-to-higher premium range among these peers. At $368 per year per $100,000 sum assured, it is significantly more expensive than Etiqa’s ePROTECT ($75) and China Life’s Term Guardian ($111). It is also approximately 47% more expensive than Manulife’s ManuProtect Term Lite (II) with TPD Plus ($250). However, the coverage term bands differ; FWD’s band is listed as 26 to 30 years, whereas Manulife covers 31 to 35 years. This suggests that direct premium comparisons should be viewed alongside the specific duration of coverage required, as longer terms typically command higher premiums due to increased risk exposure over time.

Feature Differentiation: While competitors like Etiqa and China Life offer lower entry costs, they may lack the additional value-added services present in FWD’s product. For instance, FWD includes a complimentary Spouse Benefit rider (one-year term) and a "Life Event" sum insured increase option without underwriting. Manulife’s comparison includes a TPD Plus rider, which adds disability coverage not explicitly detailed in the base premium of the other listed products in this specific table context. FWD does not offer renewability or convertibility features, aligning it with the standard structure of pure term life plans like Etiqa and China Life.

Pros

• Spouse Benefit: Offers a complimentary one-year insurance policy for the legal spouse (aged 55 or under) upon the death or terminal illness of the insured, providing immediate support to the family without additional cost or underwriting.
• Flexible Sum Insured Increase: Allows policyholders to increase their coverage without new medical evidence upon qualifying life events (e.g., marriage, birth of a child, home purchase), provided the application is made within 90 days and before age 50.
• Funeral Financial Assistance: Provides an advance payment of S$5,000 for funeral expenses while a death claim is being assessed, offering immediate liquidity to beneficiaries.
• TPD and Critical Illness Riders: Available as optional add-ons to provide coverage for total and permanent disability or critical illnesses, with benefits paid from the sum assured.

Cons

• Higher Premium Cost: The annual premium ($368 per $100k SA) is notably higher than comparable term life products from Etiqa ($75) and China Life ($111).
• No Renewability or Convertibility: The policy does not offer the option to renew coverage after the term ends or convert it into a permanent life insurance plan, which may leave coverage gaps if needs persist beyond the initial term.
• Limited Spouse Benefit Duration: The complimentary spouse policy is strictly limited to one year and cannot be renewed or extended, offering only short-term support.
• No SRS/CPFIS Payment: Premiums cannot be paid using Supplementary Retirement Scheme (SRS) funds or CPF Investment Scheme (CPFIS) accounts, limiting payment flexibility for some Singaporeans.

Who it may suit

FWD Term Life Plus may suit individuals who prioritize comprehensive family support features over the lowest possible premium cost. It is particularly appropriate for young professionals or parents who anticipate significant life changes (such as marriage or having children) in the near future and value the ability to increase coverage without undergoing further medical underwriting. The inclusion of the Spouse Benefit makes it an attractive option for those wishing to provide immediate, hassle-free protection for their partners in the event of a tragedy. However, consumers strictly seeking the most cost-effective pure protection with no frills may find cheaper alternatives like Etiqa or China Life more suitable.

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.