You don't need any life insurance unless you have at least one dependent and cannot self-insure.
Provided you do need life insurance, you've found the lowest premium on Comparefirst.sg (I can reverse engineer and confirm that). If you're eligible for group life insurance (such as MINDEF/MHA) you'll want to check that as well, but otherwise that's a winner.
A $400,000 term life policy is fully SDIC insured. There's a tiny chance Etiqa could fold, then SDIC would step in. Although you'd be protected, that event would be a little "untidy." If you want to reduce that tiny risk further you could pay $8/year more for the same coverage from Tokio Marine, which has a higher credit rating.
An age 65 term tends to work rather well since it's usually long enough to get your kids (if you have them) into young adulthood. One "rule of thumb" is to buy enough coverage so that, combined with household assets, your spouse/partner would have enough to cover your remaining mortgage (though would not accelerate repayment as long as the interest rate is low) and to put your kids through university, with the assumption that he/she would either stay in the workforce (if already there) or re-enter the workforce after about 12 months. The fixed nominal sum assured is usually OK, even with inflation, as long as you're building wealth.
Some people buy a couple term policies and "layer" them, e.g. $200K to age 67 and $200K to age 60. The total premium is similar, but that approach might align better with your wealth and dependents' trajectories.
Your spouse/partner might also need some life insurance, especially if you're a dual income household and if you're genuinely financially dependent on each other.
Bear in mind that CareShield Life is coming into force soon, and you ought to factor CSL into your TPD coverage needs. Some insurers let you buy a term life policy that includes different assured sums for death and TPD, and you might decide to do that to blend with CSL. Neither TPD nor CSL are DII, however.
