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Old 03-08-2020, 01:33 PM   #6
TerenceZTH
Junior Member
 
Join Date: Jul 2020
Posts: 4
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.
I think if your are looking for 3x of $200k before 65 each base on your annual income is enough in the sense we often use 3-5years of annual income to calculate the insured amount.

From your target I think this plan from AIA call Guaranteed Protect Plus(II) might be suitable for you, it has Death, TPD and CI coverage with 2x 3x or 5x multiplier before age 65 or 75. And I think 1 good think is its you can choose to pay for only 12years or 15 years or until 65, so you do not need to worry about the payment after retire and it covers you for life. You can check it out this plan.

additional I will recommend you to get some Personal accident plans for your son as he is very young and maybe some saving planing for his education next time.

Hope all this can help you and give you more ideas, feel free to discuss more.
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