NTUC Income has just launched a new term insurance called, Mortgage Term. This is to replace the old Mortgage Protection Plan, with added coverage for terminal illness and a new loan interest rate of 1%-7%.
More importantly, the premium rates are more competitive and you do not need any mortgage loan document to buy this insurance plan. Therefore, it can be treated as decreasing term insurance, with the protection value decreases yearly at the selected interest rate till zero protection at the policy end date. The premium payable is the total policy years minus 2 years.