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Old 31-07-2020, 06:37 PM   #4
boredboiboi
Senior Member
 
Join Date: Jun 2010
Posts: 2,174
As new PR family, My husband and I are considering insurance recently. Especially Whole life insurance and/or term insurance because of the CI definition will be changed on 26th Aug.

Background:
1. Both are healthy and non-smoker with a healthy 3 years old son.
2. Husband 36 years old + me 34 years old. Currently all have basic medical
insurance covered by company plan.
3. Annual income before tax and CPF deduction is around 120k each.
4. Expenditure roughly 4-5k/month not include mortgage.
5. Mortgage around 5K/month.

Target:
Target to get sum assured at 200k per person for death/CI/TPD after 65 or 70 years old, before 65/70 years old, prefer to be with 3 multiplier.

Could you help to suggest if the sum assured target is enough? Please feel free to send me your recommendation. Especially the insurance plan for CI or including CI.

Thanks a lot.
With your description, you surely meant a wholelife plan with multiplier boost. But why 3 and not 5? If you are looking more for protection and not cash value, u should go with boost of 5 multipler.

Rule of thumb for eci/ci is about 3 to 5 times of annual income and death/tpd is about 10 times of annual income.

I am able to give u quotes if need be.

Other consideration
1) hospital plan upgraded?
2) disability income insurance to protect you if not able to work

Last edited by boredboiboi; 31-07-2020 at 06:47 PM..
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