Best Term Life of 2020: Top Protection for RM50,000

Online Term Life insurance is the best and cheapest alternative to expensive comprehensive life insurance. And to help, we’ve compiled this list of best Term Life Insurance for RM50,000 in 2020 for you.

Before diving right into the list, we briefly explain what term life insurance is and how it is different from comprehensive life insurance. Comprehensive life insurance consists typically of (1) protection, (2) savings and additional options called (3) “riders” such as medical card. We briefly explain each part below.

(1) Protection Part

The protection part of life insurance pays a large sum of money when the person dies through a natural cause or accident. Death protection is the main reason many Malaysians buy life insurance. The government supports you to protect your family from financial loss with a tax deduction on life insurance. 

(2) Savings Part

The savings part of life insurance helps the owner of the insurance to save money for the future. The money is paid out at the end of the insurance period in one go. Most often, this money is used for retirement. Another use of the saved money is children’s education or housing loans. Depending on the purpose of the savings, insurance companies give the insurance a different name. The savings part of insurance is one of the main reason why life insurance can be costly. 

(3) “Riders” Part

The last part are “riders” that offer additional protection against unforeseen events. Most often the riders are medical card or critical illness. Riders can add significantly to the price of insurance, so you want to be careful, when you  add them. However, they are optional, and you can always choose not to buy them. 

Term Life Insurance does not have savings 

As mentioned above the “Savings” part in regular insurance can be the most expensive part of life insurance. Term Life insurance does not have a saving’s part. You only pay for the protection against death and accident. Not having a savings part, makes Term Life insurance very cheap and affordable, because insurance companies will charge you a fee for managing your money. This fee is called the management fee and can be as high as 6%. 

Term Life insurance is best when you want to protect your family from financial chaos when the main money earner in the family dies. We do not wish for such an unfortunate event, but it is crucial to plan for it because even though unlikely, it can happen.

How to compare prices between insurance companies?

If you want to compare prices between insurance companies, then you need to ensure that the personal details are the same, because the cost of insurance will depend on the specific details of the person who want to be insured. The prices below will give you an indication of what the insurance can cost. To get the exact price for you, click on the link to get a free price quote from the insurance company. Here are the details we used to calculate the cost of our sample customer. 

  • Age: 30 years old
  • Gender: Male
  • Height: 175cm
  • Weight: 65kg
  • Health condition: no. 

Most likely you will not fit that specific profile, so that you need to calculate the price for yourself. However, you can use the rates below as an indication of how expensive a company is. 

Best Online Term Life for RM50,000 at glance

  1. eLife Protector+ by AXA Life
  2. eSsential Life by Sun Life
  3. HLA Term Cover 10 by HongLeong Assurance
  4. Great Term Direct by Great Eastern (no offer for RM50k)
  5. Prudirect Protect by Prudential (no offer for RM50k)

You do not need to be an expert to use AXA eProtector+ webpage. It is simple and easy to buy the insurance.

Best Term Life of 2020

1. AXA eLife Protector+ 

Cheapest and easiest to buy

Cheapest protection for RM 50,000

Double sum insured for accidental death

No medical examination. Only 4 health questions.

Only available to Malaysians

RM7.92 per month for RM50,000

AXA Insurance is one of the few Malaysian insurance companies that have embraced the web. AXA has started Malaysia’s first medical card eMedic very successfully and is now offering a very good term life insurance. Besides offering the cheapest price for our model customer, eLife Protector+ also offers double the sum insured, when the insured person dies in an accident, so instead of RM 50,000, the family will get RM 100,000. This product is only available to Malaysians.

Short facts

  • Min Age: 16 years ol
  • Max Age: 55 years old
  • Sum Insured Option: 50k, 100k, 200k, 300k, 400k, 500k
  • Number of health question: 4

Sun eSsential Life webpage is simple and can be purchased with a few clicks.

2. Sun eSsential Life

Cheap and most flexible

2019 Winner Best Life insurance

Wide range sum insured from RM50k to RM500k

2x sum insured for diseases like dengue fever

Offers a takaful version called Sun eSsential-i

No double sum insured for accidental death

RM 8.00 per month for RM50,000

Sun Life insurance is 2019 winner of the Best Life Insurance Award based on the response of over 10,000 Malaysians. One reason for the win, is the wide range of life insurance products that Malaysians can buy online: Sun eSenstial Life, Sun eCritical Shield and Sun eMediCare Income. Similar to AXA, Sun Life offers a wide range of insurance sum  from RM50k to RM500k. In addition to the conventional insurance, Sun Life Malaysia Takaful offers the same products as Shariah compliant takaful products. Downside is that Sun eSenttial Life does not offer double sum insured for accidental death.

Short facts

  • Min Age: 18 years ol
  • Max Age: 59 years old
  • Sum Insured Option: 50k, 100k, 200k, 300k, 400k, 500k
  • Number of health question: 2

We found the webpage from HongLeong Assurance difficult to navigate,

3. HLA Term Cover 10 by Hong Leong Assurance

Consistent premium

Premium stays the same over 10 years

Renewable for 10 years

Difficult webpage

RM9.45 per month for RM50,000

HongLeong is offering its Term Life insurance under the name Term Cover 10. The unique product feature is that the price for the insurance is fixed for 10 years. This is different from other Term Life insurance where the price might increase over the years. After 10 years, you can renew the policy for another 10 years, if the insured person is younger than 65 years old. We found that the webpage is a bit difficult to use, so that you need to play around to get the price for your specific details.

Short facts

  • Min Age: 16 years old
  • Max Age: 60 years old
  • Sum Insured Option: 50k, 300k, 500k
  • Number of health question: 4

Important Documents

Great Eastern asks a lot of information before you can purchase the insurance.

4. Great Term Direct by Great Eastern

No protection for RM50,000

Unfortunately, Great Eastern does not offer a Term Life Insurance for RM50,000. The starting sum insured is RM100,000 and can go up to RM500,000.

Prudential’s webpage allows you to calculate the price with 5 simple key information.

5. PRUDirect Protect by Prudential

No protection for RM50,000

Prudential also does not provide protection for RM50,000. The lowest insurance sum you can select is RM100,000. The highest amount you can select is RM100,000 .

Summary Best Online Term Life for RM50,000 at glance

  1. eLife Protector+ by AXA Life
  2. eSsential Life by Sun Life
  3. HLA Term Cover 10 by HongLeong Assurance
  4. Great Term Direct by Great Eastern (no offer for RM50k)
  5. Prudirect Protect by Prudential (no offer for RM50k)